The historic rush of gold and other raw materials seems to have no brakes. Geopolitical tensions, public debt and the “debasement trade” are behind the surge in values.
A few days from historic exceeding of 5000 dollars per ouncegold made a further leap, reaching i 5500 dollars on Thursday morning. Despite the decline in the afternoon, it is not only the price of the noble metal par excellence that is flying, but also that of other raw materials, such as silver, platinum and copper.
At the basis of this new (and apparently unstoppable) “gold fever” is what financial analysts call “debasing trade”, that is the escape from fiat currencies (dollar, yen, etc.) in favor of investments in safe haven assetsof which gold represents the most classic example.
The gold rush continues
The attractiveness of gold seems to have no limits at the beginning of 2026, a few days after the first historic milestone of over 5000 dollars an ounce, the noble metal immediately set a new record, surpassing, even if only for a few minutes, the 5600 dollars.
To give a sense of the extraordinary nature of this “fever”, just think that from the creation of the Gold Standard (which fixed the price of gold to a given quantity of dollars) to today, it took 108 years for the price of gold to reach $1000 the ounce.
This happened following the great financial crisis of 2008. Since then, the price has fluctuated between 1000 and 2000 dollars until 2024. Then the explosion, with the gold metal which from January 2024 to today has gone from just over 2000 dollars to 5500 today, an increase of over 170%.
Raw materials are also flying
But it’s not just gold that flies. Comparable increases were also recorded for other less noble metals, such as silver, copper and platinum, as well as raw materials such as copper, nickel and tin.
Let’s take silver for example. Today it reached an all-time record of 120 dollars an ounce, then stabilized around $117with an increase of more than 420% since January 2024 when it was trading under $30.
Then there is the copperwhich reached 6.3 dollars per ounce, marking a +280% compared to the beginning of 2024. The platinum exceeded 2,800 dollars an ounce (+220%), while the palladium it almost reached 4,000 dollars (+190%).
The general wave seems to reflect the same distrust in fiat currencies that generated the gold rush, and therefore the search for “protection” in raw materials.
Central banks increase gold purchases
«Gold is the inverse of confidence», so he expressed himself Max Belmont of First Eagle Investment Management, interviewed by Bloomberg. «It is a hedge against unexpected inflation spikes, unexpected market declines and resurgences of geopolitical risks».
Risks which, to date, all seem to be incredibly real, not only for private investors, but also for governments.
The most recent data from World Gold Council confirm that 2025 was another year of heavy purchases by central banks, with 863 tons of purchased noble metal. In first place the Polandwith 102 tons, follow Kazakhstan (57 tons), Brazil (43), Türkiye (26.7) e China (24.9).
The market value of all gold purchased worldwide in 2025 (including investors, central banks and jewelry) has reached a record high of 555 billion dollars.
The causes of the “gold rush” will remain
The underlying reasons that are supporting this rally appear destined to persist in the short/medium term. A structurally weaker dollar It greatly helps American exports, the increase of which is one of the main objectives of the Trump administration.
Geopolitical tensions are now continuous and persistentUkraine, Venezuela, Iran, Taiwan, it is now difficult to even keep them all in mind.
The levels of public debt highly high in developed countries are now an established fact, while expansionary fiscal policies represent factors that are unlikely to dissolve in the short term.
As highlighted by analysts at IG Internationalgold does not need a specific crisis to continue rising, but simply for the world to continue behaving as it has done so far.
