Gold has moved back up to $4,500, heading back to record levels from December. The price strength has a lot to do with politics.

A year ago, we said politics would have a greater role in determining investor attitudes toward precious metals in 2025 and beyond.

This has been the case in 2025 with gold, silver, and platinum at record levels and palladium more than doubling.

Going into 2026, it continues to be the case and will likely continue for the foreseeable future.

Our expectation has been that gold would be stronger in the first quarter of this year and then possibly plateau.

We don't expect it to, but gold could fall back to $3,700 and still be in a short-term upward trend.

Economically, a lot of data coming out in January and February may be economically hostile and could add fuel driving precious metals prices higher.

We've seen momentum traders and short-term speculative people coming into gold and silver markets.

Given political developments and breakdown of US relationships with allies and trading partners, issues will keep investors interested in precious metals this year.

Silver is similar - heading back toward record levels. This is not a silver event but a global event centered on economics and politics.

Platinum prices are at record levels today at $2,419, rising primarily on investment demand like gold and silver.

Palladium more than doubled last year and is very high again, though not back to 2021-2022 records.

Current precious metals markets have similarities to 1979-1980 and 2010-2011, but a better example might be 2008-2009.

Historical precedents may not be as relevant due to significant changes in the financial system and levels of debt.