Gold and silver have shown a sharp rise: gold reached $4,540 per ounce, while silver exceeded $76 on Comex and trades above $80 on the Shanghai market. This market behavior has attracted the attention of analysts and commentators who discuss potential implications for investors and the global economy. This article compiles key facts about prices, expert opinions, and main risks noted by market participants.
Record High Prices for Gold and Silver
In the post-Christmas period, gold climbed to $4,540 per ounce, while silver on Comex surpassed $76 per ounce. On the Shanghai market, silver commands even higher premiums—over $80 per ounce—indicating regional differences in demand and supply. These price levels reflect strong demand for physical metals and raise questions about future market dynamics; a detailed analysis of the causes can be found in the article on records and reasons for the rise.
Expert Opinions on Metal Price Growth
Peter Schiff points out the disconnect between metal prices and mining company stocks: while miner shares stagnate amid rising metal prices, the market sends mixed signals. He emphasized, "When the bulls don’t believe the rally, it has a long way to go," suggesting potential for further price movement.
Michael Gayed, an ETF manager, described the situation as abnormal and warned that it should alarm investors, highlighting increased uncertainty. Meanwhile, strategist NoLimit linked the current dynamics to a loss of trust in the financial system and drew parallels with previous crises.
There are also more extreme forecasts: Jim Rickards predicted gold could reach $10,000 and silver $200 by 2026. These estimates diverge from consensus expectations and represent a worst-case scenario; additional views on forecasts are presented in Avi Gilburt’s 2026 outlook.
Risks to the Economy
One key issue is the risk of delivery defaults: refiners converting 1,000-ounce bars into kilogram bars for the Shanghai market are operating at full capacity. Analysts warn that throughput limits could create gaps between paper and physical markets.
Some market participants view the massive inflow into precious metals as a possible signal of economic weakness, comparing the current situation to previous periods of financial instability. Such comparisons do not offer a definitive forecast but indicate growing concern among analysts and investors; more on the reasons behind price increases is discussed in the article why prices rose in 2025.
Why It Matters
If you are a miner with 1–1000 devices living in Russia, the direct link between rising gold prices and your daily operations is usually weak: metal prices rarely directly affect ASIC farm operations. However, market turbulence can indirectly impact access to financing, liquidity, and investor sentiment, potentially influencing equipment trading and electricity demand.
It is important to understand that the main local risk is not the gold and silver prices themselves, but possible disruptions in global supply chains and increased market uncertainty, which can affect currency rates and the cost of imported equipment. Therefore, even small miners should monitor news about deliveries and market reactions.
What to Do?
- Monitor liquidity and settlements: maintain sufficient cash reserves or buffers to cover electricity costs and equipment maintenance to withstand periods of price volatility.
- Review supply contracts and delivery timelines for equipment and spare parts; consider potential delays and limited availability amid high uncertainty.
- Optimize energy consumption and equipment maintenance: regular servicing reduces the risk of unplanned downtime and additional repair costs.
- Diversify sales channels for mining output—keep multiple platforms and withdrawal methods to reduce dependence on a single market.
FAQ
What recent price levels have been recorded for gold and silver? Gold reached $4,540 per ounce, silver exceeded $76 on Comex, and on the Shanghai market, silver prices surpassed $80 per ounce.
What indicates that the metal rally might continue? One sign is the stagnation of mining company stocks amid rising metal prices; some commentators believe this suggests the rally still has room to grow.
What risks are associated with the current price increase? Analysts note the risk of delivery defaults due to overloaded refiners, which could create a gap between paper contracts and the physical market.
What forecasts do individual experts provide? Among extreme estimates is Jim Rickards’ forecast that gold could reach $10,000 and silver $200 by 2026; other experts express caution or concern about the current dynamics.