Gold soars to all-time high, biggest daily dollar gain ever

Kitco News ^ | 1/28/26 | Jim Wyckoff

[Presbyterian Reporter]

(Kitco News) - Gold and silver prices are strongly higher in afternoon trading Wednesday, with gold leading the way this time, powering to an all-time high of $5,360.60, basis April Comex futures, as of this writing, and scoring the largest daily price gains ever, in dollar terms. The precious metals are supported by safe-haven demand as the U.S. dollar wobbles on the foreign exchange market. April gold was last up $197.20 at $5,317.20. March silver prices were up $5.59 at $111.52.

Gold and silver markets have shown no significant price reactions in the immediate aftermath of the Federal Reserve’s two-day Open Market Committee (FOMC) meeting that began Tuesday morning ended this afternoon with the Fed keeping U.S. interest rates steady, at 3.5% to 3.75%, as expected, and after three successive quarter-point rate cuts. The FOMC statement said the U.S. unemployment rate has stabilized and that the U.S. economy has expanded at a solid pace. However, the statement said U.S. jobs gains have been low and inflation remains somewhat elevated. Traders are now awaiting Fed Chairman Powell’s remarks at his press conference, which will be closely parsed by the marketplace for any clues regarding the trajectory of monetary policy in the coming months, including Fed officials’ further comments on inflation.

CME Group is raising margins on Comex silver futures after prices surged to a record high this week. Margins will rise to 11% of so-called notional from the current 9% for non-heightened risk profile, the exchange said in a statement on Tuesday. The heightened risk profile margins will be raised to 12.1% from the current 9.9%, it said. Platinum and palladium futures’ margin also will be hiked. The change takes effect from Wednesday’s close and follows a “normal review of market volatility to ensure adequate collateral coverage,” the CME said.

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TOPICS:
KEYWORDS: dollardebasement; gold; inflation

[Presbyterian Reporter]

COMEX SILVER MARGINS---

"""CME Group is raising margins on Comex silver futures after prices surged to a record high this week. Margins will rise to 11% of so-called notional from the current 9% for non-heightened risk profile, the exchange said in a statement on Tuesday. The heightened risk profile margins will be raised to 12.1% from the current 9.9%, it said."""

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At a silver price of $120 per ounce, the margin on a 5000 ounce contract will be about $72,000.

COMEX is trying to tamp down the price surges.

[Presbyterian Reporter]

As of today there are 72,544 FEB 2026 futures contracts outstanding. (Open Interest)

https://www.cnbc.com/quotes/@GC.1

The First Notice Day for the FEB26 contract is Friday, January 20,2026.

Those folks who are short the FEB26 contract could get a notice to deliver 100 ounces of gold on Friday.

If those folks do not have 100 ounces of gold to deliver, they have to buy a FEB26 contract to cover their short position.

That is why gold is going up more than silver today.

[know.your.why]

Good God! Its up almost $300! What is driving this insanity??

[Presbyterian Reporter]

oops-—The First Notice Day for the FEB26 contract is Friday, January 30,2026.

[Presbyterian Reporter]

“””Good God! Its up almost $300! What is driving this insanity??”””

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see my post #2 and #4

[Presbyterian Reporter]

Also take a look at this chart. Use the 1 month time period.

https://www.cnbc.com/quotes/@GC.1

On about January 19th those folks who were short the FEB26 Gold Futures Contract started to get scared and began buying FEB26 Gold Futures Contract to liquidate their short position.

The gold price on January was about $4600. We are now at about $5400

[Wuli]

A lower dollar is good for U.S. exports and bad for foreign imports. It is also a negative for U.S. citizens traveling abroad (money to be spent in foreign places does not go as far) and good for all hospitality industries in the U.S. - foreigners visiting the U.S. are getting a cost bargain.

With a lower dollar we should see less of a trade deficit with more exports and fewer imports, and a boomlet in the domestic U.S. travel, leisure and hospitality businesses from a gain in foreign visitors.

[George from New England]

Someday this will all be shorted.

[Mount Athos]

thanks

[Midwesterner53]

This is not going to end well.

[butlerweave]

That Gold Bubble is going to be Heavy , man

[zeestephen]

Re: "The U.S. dollar wobbles on the foreign exchange market."

Baloney.

The US Dollar has been trading between 96-100 for the last EIGHT months.

[Blood of Tyrants]

I believe the prices are due to speculators running the price up. It’s a bubble that will pop.

[kvanbrunt2]

The SPDR GLD is an easy way to own the metal.

[Mount Athos]

what do you think of gldm

[PIF]

spot silver now $116.74

[PIF]

Silver Price Forecast for 2026–2031
As of January 28, 2026, silver is trading at $116.48 per ounce, reaching a record high of $117.69 in early 2026. Market analysts predict continued strong growth in the coming years.

End of 2026: Forecasted to reach $1,726.51 (+1,400.74% from current levels), according to CoinCodex.

End of 2030: Projected to hit $3,292.46 (+2,761.91% from current levels), based on long-term models.

2031: Expected to reach $3,292.46, with a cumulative growth of over 2,760% from today.

[dynachrome]

Looks kind of like a pump and dump. See who is naked when the tide goes out.

[cornfedcowboy]

Your projections are insane……and probably correct.

[Mr. Blond]

Quantitative Easing. Don’t be sitting on cash, buy assets.