The global commodities market has entered a state of 'self-propelled frenzy' this week as gold and silver both shattered long-standing psychological and technical barriers. On Tuesday, 27 January 2026, spot gold prices extended their record-breaking run past $5,100 (£4,010) per troy ounce, while silver—often derided as 'the devil's metal' for its volatility—briefly breached $116 per ounce before settling near the $110 mark.
The unprecedented rally represents a continuation of the 'debasement trade,' a phenomenon where investors flee sovereign currencies in favour of hard assets. In 2025 alone, gold prices soared by 64%, but it is silver that has delivered the most dramatic returns, more than tripling in value over the past 12 months, according to The Washington Post.
