1. Gold: new all-time highs

At January 21, 2026, gold was consolidating close to its all-time highs. On the international market, the spot price broke through the $4,800/oz barrier for the first time, with a recent high around $4,878/oz before returning to the $4,750-4,800/oz zone. Futures in New York are also trading in record territory, after a gain of around 5-6% since the start of the year.

In local currency on some retail markets, prices reflect this bullish tension: in India, for example, an ounce of gold converted into rupees reached a new peak this Wednesday, in the wake of the rising dollar-gold and the weakness of the local currency. In Europe, these levels are translating into unprecedented prices per gram, even if variations in the euro/dollar exchange rate are cushioning the shock slightly in relation to other currencies.

2. Silver: spectacular rally

Silver confirms its status as gold's "high beta". Spot prices hit an all-time high close to $95/oz, before stabilizing around $94-95/oz on January 21. Market data show an increase of over 30% since the beginning of January, following an already sharp jump at the end of 2025.

March silver futures are trading at around $94-95/oz, following a series of high-amplitude sessions, with daily variations regularly exceeding 4-5%. The gold/silver ratio remains compressed compared with its recent history, confirming silver's outperformance since mid-2025.

3. Macroeconomic and geopolitical factors

The session of January 21, 2026 is part of the continuation of a bullish movement triggered in 2025 by a combination of well-identified factors:

• Trade and geopolitical tensions: new threats of US tariffs, particularly on Europe and the so-called "Greenland" issue, are fuelling a climate of risk and driving investors towards safe-haven assets.
• Geopolitical uncertainties in the broadest sense (Middle East, US/allied relations, regional conflicts), boosting demand for physical gold and gold ETFs.
• Monetary policies and inflation: after a cycle of rate hikes, markets are now anticipating a more gradual normalization by central banks. Medium-term inflation expectations remain high, supporting the theme of protecting purchasing power through precious metals.
• Institutional flows: several recent analyses point to massive purchases by central banks and institutional investors, with a view to diversifying away from dollar-denominated assets. Information not verified for exact flows, but consistent with dynamics observed on long positions.
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4. Impact on individual investors (as at 21/01/2026)

For a French investor, the current situation is characterized by :

• Highest prices: at these levels, any new allocation to gold or silver must be thought through from a long-term perspective, accepting the risk of rapid corrections of 10-20% if tensions ease or central banks adopt a more restrictive tone.
• A confirmed diversification role: despite the verticality of the movement, gold remains a relevant hedging tool against geopolitical shocks and scenarios of persistently high inflation. The key is the size of the position: for an individual, a gradual allocation (in stages) is today more prudent than a one-off investment.
• Volatility potential for silver: silver, which is more closely linked to industry (renewable energies, electronics), amplifies gold's movements. At over $90/oz, the metal offers strong swing potential, but also increased risk for cautious profiles.
• Physical/paper differential: premiums on certain coins and bullion can widen in times of tension over physical supply. Careful comparison of buy/sell spreads is recommended, and preference should be given to established circuits.

5. News item: safe-robbery in Germany

Against a backdrop of soaring prices, precious metals also remain a target for organized crime. In Germany, a spectacular robbery of a savings bank in Gelsenkirchen, committed during the holiday season at the end of 2025 but widely documented in January 2026, saw criminals break through the wall of the safe from an underground parking lot, before emptying over 3,000 safety deposit boxes.

Authorities estimate the potential loss to be in the tens of millions of euros in cash, gold and jewelry. The investigation, still ongoing as of January 21, 2026, underlines the professionalization of this type of crime, in an environment where the value stored in the form of gold and jewelry in bank vaults has never been so high.

For private individuals, this incident serves as a reminder of an essential point: the question of security (home, bank safe, distribution of storage locations, insurance) is as much a part of a wealth strategy when holding precious metals as the purchase price.