Gold and Silver Hit the Ground Running as 2026 Opens With Global Turmoil

Two weeks into 2026, the global backdrop is already defined by instability. Geopolitical tensions are escalating. Political pressure on financial institutions is intensifying. Affordability concerns are worsening. Markets are being asked to digest an extraordinary amount of uncertainty in a very short period of time.

Against that backdrop, precious metals have wasted no time asserting themselves.

Silver surged more than 6 percent in a single session this week, climbing above $90 an ounce and pushing its year-to-date gain to roughly 29 percent. That move follows a historic 2025, when silver prices rose 141 percent for their strongest annual performance since 1979.

Gold has followed a similar path. Prices moved higher again this week, trading well above $4,600 per ounce, and are already up more than 22 percent in the opening weeks of the year. In 2025, gold posted its best annual gain since 1979 as well, rising roughly 65 percent.

The year began with a series of geopolitical shocks. President Trump recently threatened “strong action” if Iranian authorities begin hanging anti-government protesters. This comes just over a week after Venezuelan President Nicolás Maduro was captured by U.S. forces on January 3 during a military operation.

At the same time, the Trump administration has launched a criminal investigation into the sitting chair of the Federal Reserve, raising concerns about the future independence of the central bank. The administration has also taken a confrontational stance toward banks and institutional investors, targeting key profit drivers amid worsening affordability pressures.

Historically, moments like this drive investors toward tangible assets. When confidence in policy stability, monetary discipline, or geopolitical calm erodes, physical assets tend to benefit. Gold, in particular, has long been viewed as protection against inflation, rising deficits, political risk, and currency debasement.

Recently, it’s been a major money-maker as well. After a historic 2025 that saw gold soar over 60%, the precious metal is already up over 5% this year. The U.S. dollar and Treasury prices moved lower as well, reviving what many analysts refer to as the “debasement trade.” When confidence in paper assets weakens, gold and silver tend to look comparatively undervalued.

Supply and demand fundamentals are reinforcing that trend.

Despite rising tariffs, China has expanded exports to new markets, driving its trade surplus to record levels. That has increased demand for metals used in electronics and manufacturing. At the same time, the rapid expansion of artificial intelligence has fueled massive investment in data centers, which require large quantities of silver and other industrial metals.

Those rising input costs are beginning to ripple through the broader economy, particularly as consumers continue to face higher living expenses. Even energy prices, which remained subdued for much of last year, have begun moving higher alongside other commodities.

For investors focused on long-term preservation rather than short-term noise, the message from the opening weeks of 2026 is clear. Precious metals are responding not to a single headline, but to a convergence of geopolitical risk, monetary uncertainty, and real-world supply constraints.