GOLD & SILVER CONTINUE SETTING NEW RECORD HIGHS

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	Silver Leading Gold as Both Hit New Record Highs on Safe-Haven Demand
	Gold prices are higher and silver prices are posting strong gains up near midday Wednesday. . . . (Jim Wyckoff, KITCO News)
	Spot Gold Above $4,620/oz After U.S. New Home Sales Rise 3.8% in September, Fall 0.1% in October
	Gold prices are trading just off session highs on Tuesday morning after the latest data showed the U.S. housing market improved beyond expectations . . . . (Kitco News)
	Perth Mint & British Royal Mint See Solid Bullion Demand U.S. Mint Sees Sharp Decline
	Unprecedented investment demand helped drive gold and silver prices to record highs in 2025 . . . . (Niels Christensen, Kitco)
	Silver May Break $125 Oz In 2026 Shanghai Shortages Could Cause ‘Force Majeure’ Price Shock
	With silver prices trading above $76 per ounce – and up 2.5x on the year – investors are beginning to get nervous about a potential reversal... Ernest Hoffman

Last week was exciting for Gold investors, as prices reached a new all-time high of $4,645 on Wednesday before dropping to $4,530 on Friday. Gold closed the week at $4,590 per ounce, up $90 for the week.

Risk aversion remains elevated in the world’s financial markets amid a negative geopolitical environment that includes unrest in China and an aggressive U.S. approach to acquiring Greenland. Continued concerns about killings in Iran and the ongoing Russia/Ukraine war are adding to global uncertainty and increasing Gold’s safe-haven demand.

In the U.S., economic data showed that the Producer Price Index (PPI) rose 0.2% month-over-month in November, accelerating from a 0.1% increase in October and matching market expectations. Core PPI, which excludes food and energy, was unchanged on the month, slowing sharply from a 0.3% rise in October and undershooting the consensus forecast of a 0.2% increase. On an annual basis, headline producer inflation climbed to 3.0% from 2.8%, surpassing expectations of 2.7%.

U.S. retail sales rose 0.6% month-over-month in November, the largest gain since July, rebounding from a revised 0.1% decline in October and exceeding forecasts of a 0.4% increase. The rise was driven by a rebound in auto sales following a slowdown caused by the expiration of federal tax incentives on electric vehicles, as well as strong holiday shopping.

Gold spent last week trading above and below the $4,600 per ounce level, with excellent trading volume across most of the world’s largest precious metals exchanges. I look for Gold to continue its rally, reaching $4,800–$4,900 within the next few months. Gold has not shown the same explosive rally as Silver, so I believe any correction may be limited to 1–3%.

Key U.S. Economic data to watch this week:
The week of January 19th to January 23rd 2026

• Wednesday, Jan. 21st: Dec. Pending Home Sales
• Thursday, Jan. 22nd: Jan. Initial Jobless Claims, Q3 GDP
• Friday, Jan. 23rd: Jan. Consumer Sentiment

Today: President Trump’s threat of a 10% tariff on eight European countries that do not support the U.S. takeover of Greenland is driving precious metals higher. In many European financial markets, there is growing concern about a potential trade war between the U.S. and multiple European nations. This conflict is pushing Gold prices higher, with Gold reaching a high of $4,739.

Last week was another highly volatile market for Silver. Prices traded between $79.85 and $93.40 per ounce, an extraordinary high-to-low range. Silver does not want to sell off; any sharp correction is met with strong buying, and prices quickly rally back.

Last week, for the first time, I saw selling coming from India, with price support coming from the U.K. and the U.S. This is very surprising, as India, importing over 4,000 metric tons annually, has been a major source of the recent rally. Is Silver due for a major correction? Yes, but it may not occur until prices reach $100 per ounce. I am currently in India, and many Mumbai Silver traders are optimistic about Silver becoming a monetized metal by Indian banks and the central bank.

Today: Silver saw some light selling in early overseas trading last night, but when news of Trump’s new European tariff threats hit, Silver immediately jumped $4 per ounce. Silver reached a high of $95.85 during trading in London.

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Barry Stuppler has been a professional numismatist for over 60 years and is considered one the nation’s foremost experts in rare coins and precious metals. Mr. Stuppler is a past President of the American Numismatic Association (ANA) and Professional Numismatists Guild (PNG). He is currently chairman of the Federal and California State Gold & Silver Political Action Committees, and president of the
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