Editor’s Note
This article captures the intense volatility currently gripping precious metals markets, as described by a seasoned fund manager. The dramatic swings highlight the complex and often punishing dynamics at play for investors.
A public fund manager vividly described the recent wild swings in the precious metals market.
In January 2026, the international spot market for gold and silver once rallied for eight consecutive trading days. The spot prices of gold and silver on the London Metal Exchange (LME) soared to highs of approximately $5,600 per ounce and $120 per ounce, respectively, representing gains of 30% and 67% compared to their opening prices at the beginning of the month. However, the trend reversed sharply by the end of January. On January 30, gold and silver plunged to lows of $4,683 per ounce and $74 per ounce, marking the largest single-day drop in 40 years. Subsequently, prices rebounded in the first week of February, climbing back above $5,000 per ounce and $90 per ounce at one point. After several days of fluctuations, as of 18:00 on February 6, prices were reported at $4,867 per ounce and $73 per ounce, respectively.