Last week, the market experienced significant volatility. On Monday, silver surged over 7%, surpassing $85 per ounce and hitting a new all-time high. Gold was not to be outdone, approaching the $4600 per ounce mark. What's going on? Ultimately, investors are seeking safe havens — as soon as news broke that the Department of Justice was investigating the Federal Reserve Chair, everyone wanted to move their money into hard assets.

This week has truly been a rollercoaster. Silver, under the impact of a substantial increase in margin requirements (a 97% rise in just 14 days) and massive index rebalancing sell-offs (estimated by Citigroup to be close to $6.8 billion), plummeted by 17%. The rebound on Monday marked a conclusion to this episode.

What’s next? HSBC’s precious metals analysts predict that, influenced by geopolitical tensions and fiscal concerns, gold could break through $5000 per ounce in the first half of 2026. However, the key factor remains Asia’s physical demand — this force has consistently outweighed the selling pressure from the paper market, becoming the backbone of the market.