Precious metals "mad cow" are rising again! Silver hits $90, creating a historical record high, as risk aversion boosts gold prices.

Notice that, due to weaker than expected U.S. inflation data, which supported further rate cuts, combined with ongoing geopolitical tensions, silver prices hit a new historical high and gold prices also rose accordingly. This white metal surged by 3.5% at one point, reaching $89.9965 per ounce, while gold prices approached historical peaks. The U.S. core inflation rate for December was not as high as feared, although economists noted that data was artificially suppressed due to record government shutdown at the end of last year. Gold prices near historical highs Following a strong rally last year, precious metals had a strong start in 2026. Concerns over possible criminal charges against Fed Chairman Powell raised worries about the independence of monetary authorities. Global central bank governors expressed their support for Powell, while JPMorgan CEO Jamie Dimon stated that political intervention could backfire. Safe-haven demand also increased due to U.S. President Donald Trump arresting a Venezuelan leader, re-threats to claim Greenland, and violent protests in Iran that could overthrow the Islamic regime. Citigroup analysts raised their price forecasts for gold and silver in the next three months to $5,000 and $100 per ounce, respectively. Silver outperformed gold last year, benefiting from short squeezes in October and ongoing supply constraints in London markets, with gains of nearly 150%. Traders are awaiting the results of the U.S. "232 investigation," which could result in tariffs on silver. Concerns over potential taxation have led to metals being stuck in U.S. warehouses, further tightening global inventories. As of 10:25, spot gold rose by 0.8% to $4,621.92 per ounce. Silver rose by 3.2% to $89.7457, while platinum and palladium also increased. The U.S. dollar spot index held steady after a 0.2% increase on Tuesday.