publication
2026-01-19 09:16
We start the penultimate week of January by setting new price records on the gold and silver markets. Both metals are nominally the most expensive in history, and silver prices are trying to approach the level of one hundred dollars per troy ounce. The pretext for these increases is the political and media storm around Greenland.
On Monday morning, dollar prices of gold and silver reached new all-time highs. The royal metal traded at a whopping $4,697.760 per ounce. At that point, it was a jump of almost a hundred dollars per ounce from the price at Friday's close of the futures market.
By 09:13, the gold rate against the US dollar had fallen to USD 4,677.50/oz, which was still an increase of 1.8%. This reaction is explained by the inflaming political situation between the USA and Europe. In response to the “Declaration of Eight” in support of Danish control over Greenland, US President Donald Trump announced the imposition of 10 percent tariffs on checked products from these eight European countries.
This is an obvious escalation of the political ad in the West and an increasingly far-reaching undermining of the post-war order, under which Western Europe was de facto under the hegemony of the United States. Meanwhile, gold is increasingly seen as a safeguard against the collapse of the dollar-centric global monetary system.
Silver also rose following gold and was over 5% more expensive on Monday morning than on Friday evening. Despite this, the price of the white metal only slightly recovered from the previous week's peak, climbing to USD 94.35/oz. But after 9:00 a.m. silver was trading at $93.09/oz.
The white metal has been heating up investors' emotions for several months now, being the fastest-rising asset in the world. Silver is currently nearly 200% more expensive than a year ago and has been rising at an alarming rate for two months, breaking all-time nominal records. You can read more about the white metal in the article titled “Silver at $100 an ounce?”
New price records for both precious metals also appeared in “zloty” terms. After conversion into Polish currency, an ounce of gold costs approximately PLN 17,0000 for the first time in history. However, the “stock exchange” price of silver climbed to PLN 342/oz. In practice, however, it is impossible to buy physical metal at these prices. The cheapest gold ounce bullion coins currently cost approximately PLN 17,500. zloty. Due to the 23% VAT rate, the same coin made of pure silver is valued by sellers at at least PLN 430.
