The collapse of the dollar sent gold and silver prices skyrocketing. $200 per ounce by morning

The oldest investors do not remember such a pace of growth of dollar gold prices. Just from midnight to morning, an ounce of gold increased by over $200! This is not so much a manifestation of the strength of the royal metal as the flight of capital from the American currency.

In my opinion, we are observing historical events and the formation of a new monetary order on the precious metals markets. An order in which the US dollar will no longer play a dominant role. Investors from all over the world are now looking for a safe currency and, by process of elimination, they choose gold.

The latter gained 4% on Wednesday morning, reaching a price of USD 5,325.46 per troy ounce. In nominal terms, this means an absolutely record increase in the price of an ounce of the “barbaric relic” by over $200. And just a few days ago we were excited about the increase exceeding USD 100/oz. daily.

As of today, the dollar gold price record is USD 5,344.70/oz. And yet, only on Monday, the yellow metal broke the USD 5,000 barrier for the first time. In January alone, gold gained 22.4% against the dollar after strengthening by nearly 65% ​​in 2025, recording the highest annual rate of return in 46 years. This means that an ounce of the “barbaric relic” is now 90% more expensive than it was a year ago. However, it is not gold that is gaining, but the dollar and other “paper” currencies that are dramatically losing their value and purchasing power.

“Gold may continue to gain in value as the growing isolation of the U.S. on the international stage convinces many investors to reduce their dollar holdings and switch to the metal,” Vincent Mortier, chief investment officer at Amundi, said in an interview on Bloomberg Television. Mortier is convinced that the sudden appreciation of gold is the result of the escape from the US dollar and other fiat currencies, which are being created at an alarming rate after February 2020.

Even despite the significant strengthening of the Polish zloty against the dollar, gold prices in Poland are reaching historic records. On Wednesday morning, an ounce of the royal metal was valued at approximately PLN 18,500. Polish zlotys. This is 19% more than at the end of 2025 and 66% more than a year ago. Of course, at this “exchange” price we are not (and have never been) able to buy physical gold. An ounce gold investment coin currently costs at least PLN 19,000. For comparison, in September 2024 you could buy the same coin for less than PLN 10,000.

Silver below the all-time record

Traditionally, silver prices rise even faster than gold. An ounce of the white metal gained 6.5% on Wednesday morning, reaching a price of USD 112.82/oz. A day earlier, the white metal rose over 9% after a highly volatile Friday session, when it set an all-time nominal record high of $117.69/oz.

While in the case of gold we are talking about a change in the global monetary order, silver has become a speculative bomb in recent months. Let me remind you that only in January the “poorer cousin of gold” earned over 50% after an increase of 25% in December and over 17% in November. As a result, silver prices in dollars doubled in just over two months. In my opinion, this trajectory is unsustainable in the long run. Therefore, in the short – and perhaps also medium – term, silver is exposed to a deep and dynamic correction.

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