Silver Rises Over 120% YTD 
Gold continues to dominate commodities trading, reaching a peak of $3,500 per ounce in April and currently trading around $3,320. Investors are pouring money into gold-backed ETPs due to uncertainties surrounding Trump’s trade tariffs, economic policies, and global geopolitical risks. While JP Morgan projects gold to exceed $4,000 within a year, some analysts are growing cautious. LBBW expects prices to reach only $3,000 by year-end, citing increased mining supply and already high speculator positions. HSBC’s technical analyst warns that gold’s price has diverged significantly from its 200-week moving average, suggesting potential consolidation ahead.
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Gold vs Silver: The Liquidity Difference That Matters
Liquidity isn’t just about whether you can sell—it’s about how fast, how cleanly, and at what cost. Gold and silver both trade globally, but they don’t behave the same way when markets are stressed or timing matters. Gold maintains tight spreads and deep buyer networks even under pressure, while silver’s liquidity becomes complicated as dollar values increase. Understanding these practical differences helps investors allocate intelligently and avoid costly surprises when they need to act.
February 6, 2026
