Editor’s note (1:07 p.m.): After trading opened, gold jumped more than $182 to about $6,789 per ounce, while silver climbed to nearly $133.
Gold and silver prices surged to historic levels this week, with bullion markets remaining highly volatile as investors continue to seek safe-haven assets amid economic and geopolitical uncertainty.
In Canadian dollars, gold pushed beyond $6,600 per ounce, while silver climbed above $130 per ounce, reaching a weekly peak of more than $132 on Tuesday. After the sharp advance, silver pulled back to about $125 before rebounding toward $129 in early morning trading today.
Silver’s strength has been building rapidly. The metal closed Jan. 21 at close to USD $94 per ounce, underscoring the speed and scale of the recent rally and renewing discussion about whether silver could soon challenge the $100-per-ounce level in U.S. pricing.
Market observers point to silver’s dual role as both a precious metal and an industrial commodity as a key factor behind its sharp price swings, particularly during periods of heightened investor demand and economic uncertainty.
Speaking Tuesday evening at a presentation to members of the Simcoe Currency Club, Canadian Coin News editor Mike Walsh and Trends editor Michael Findlay addressed the recent surge in precious metals. Findlay told attendees he anticipates the upward momentum in gold and silver prices will continue for the foreseeable future, citing sustained demand and ongoing market instability.
Gold, meanwhile, has remained comparatively steadier, reinforcing its traditional role as a store of value. Its advance has been supported by currency movements, inflation concerns, central bank policy expectations and global tensions, all of which have helped keep demand for bullion elevated.
For bullion holders, collectors and dealers, the current price environment highlights both opportunity and caution. While rising prices have renewed interest in physical precious metals, the sharp intraday movements seen so far in January serve as a reminder of the risks associated with volatile markets.
As 2026 unfolds, gold and silver remain firmly in focus, with market participants watching closely to see whether recent highs can be sustained or surpassed in the months ahead.