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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Why Silver’s Volatility Isn’t A Warning — It’s The Signal
Silver’s wild price swings aren’t a sign the market is broken. They’re a hallmark of how silver reprices during major shifts. Understanding silver price volatility can help investors avoid panic and stay positioned for what comes next.
February 3, 2026
