Gold Surges Past $5,000, Silver Tops $100 in Precious Metals Rally

Gold (GC=F) broke above $5,000 per ounce on January 26, a major milestone analysts attribute to a "debasement trade" as investors hedge against global debt concerns and a falling U.S. dollar. Silver (SI=F) also reached a record, surpassing $100 per ounce. Goldman Sachs raised its year-end gold price target to $5,400, citing private investor diversification. The Brookings Institution's Robin Brooks described the rally as "breathtaking and profoundly scary," linking it to fears governments will inflate away debt. Gold is up 15% year-to-date, following a 65% surge in 2025. Platinum and copper have also hit record highs.