Silver Rises Over 120% YTD 
Daily News Nuggets | Today’s top stories for gold and silver investors
February 3rd, 2026 | Brandon Sauerwein, Editor
Precious Metals Claw Back After Historic Crash
Gold and silver staged a dramatic comeback Tuesday after Friday’s historic crash wiped out weeks of gains. Gold climbed as much as 6.2% to near $4,950 per ounce, while silver surged more than 10% above $87 as the dollar weakened and risk appetite returned.
The metals had soared in January on speculative momentum, geopolitical tensions, and Fed independence concerns. Chinese funds and Western retail investors built massive positions. Call-options buying and leveraged ETFs amplified the rally. Then it collapsed during Asian trading Friday. Silver posted its biggest daily drop ever. Gold had its worst day since 2013.
Despite the chaos, major banks remain bullish. UBS called the selloff healthy, offering better entry points. Deutsche Bank stuck with its $6,000 gold target. The real question: will Chinese buyers return after Lunar New Year? China’s state banks are tightening gold investment controls. That adds uncertainty to the comeback.
The rebound lifted more than just bullion prices.
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Mining Stocks Surge After Brutal Selloff
Gold miners rallied Tuesday as bullion rebounded from its historic collapse. Endeavour Silver jumped 7.5% in premarket trading. Coeur Mining added 7.7%. Hecla Mining and First Majestic Silver both surged around 8%.
The bounce came as analysts reassured investors the selloff was a positioning reset, not a structural shift. Deutsche Bank said the fundamentals remain intact. This holds despite Friday’s brutal 10% gold plunge and silver’s 30% wipeout.
Barclays echoed the view. Geopolitical uncertainty and central bank buying should support precious metals. The miners’ strong rebound suggests dip-buyers see opportunity, not a reason to exit.
While precious metals grabbed headlines, another critical minerals story was unfolding in Washington.
Trump Launches $12B Mineral Reserve to Break China’s Rare Earth Grip
President Trump unveiled “Project Vault” Monday — a $12 billion strategic stockpile. The reserve aims to shield manufacturers from volatile mineral prices and reduce China dependence. It pairs a record $10 billion Export-Import Bank loan with $1.67 billion in private capital. The funds will secure critical minerals like cobalt, gallium, lithium, and rare earths. These are essential for EVs, semiconductors, and defense systems.
More than a dozen companies have joined, including GM, Boeing, Stellantis, Corning, and Google. Three commodities trading firms will handle procurement. Participating manufacturers commit to buying materials at fixed prices. They can draw from the stockpile during supply disruptions, then replenish later. This design dampens price volatility.
The initiative counters Chinese dominance in critical minerals. Beijing controls 70% of global mining and 90% of processing. That stranglehold gives China leverage in trade disputes and the ability to choke U.S. supply chains. Rare earth mining stocks jumped on the announcement.
Trump wasn’t done with trade news Monday.
Trump Slashes India Tariffs to 18% — Details Still Missing
On Monday, President Trump announced a tariff deal with India, slashing rates to 18% from 50% — but critical details remain missing. The agreement was unveiled via Trump’s Truth Social post. It requires India to halt Russian oil purchases. India must also buy over $500 billion in U.S. goods over five years. That includes energy, coal, and agricultural products.
Indian markets celebrated the news. Shares notched their best day in nine months. The rupee jumped 1.36% — its strongest gain since 2018. Exporters in gems, leather, and auto components cheered renewed competitiveness. The deal eliminates India’s disadvantage versus Asian peers. Vietnam and Indonesia face 19-20% tariffs.
But confusion persists. Neither government released formal terms. Indian refiners haven’t been ordered to stop Russian crude imports. The Kremlin says it’s heard nothing about a halt. Moody’s warned an immediate cutoff could disrupt India’s economy. It could also tighten global oil supplies, raising prices. A joint statement is expected soon.
Back home, a Fed official addressed what all this economic activity means for inflation.
Fed Official Defends Rate Cuts as “Insurance” While Inflation Cools Slowly
Richmond Fed President Tom Barkin defended the central bank’s 1.75 percentage points of rate cuts Tuesday. He framed them as “insurance” to support the labor market. The Fed is tackling the “last mile” in returning inflation to 2%.
Inflation has remained above target since 2021 — nearly five years. It currently sits one percentage point too high. Barkin called the sustained miss serious. Today’s inflation significantly influences tomorrow’s expectations, he noted. Still, he expects the economy to stay resilient in 2026. Deregulation, tax reductions, and confident businesses are powering growth.
Encouraging signs are emerging. Customers are resisting price hikes, constraining firms’ pricing power. Rising productivity helps companies absorb higher input costs without passing them to consumers. Barkin spoke to 75 companies since year-start. Most aren’t doing layoffs at scale. Demand and margins remain healthy. He’s not a policy voter this year. But his comments signal patience with the Fed’s current pause.
