Gold Breaks $5,000. Silver Clears $100.

If you’ve glanced at the precious metals charts this week and thought “that can’t be right” — it is.

Gold has now broken through the $5,000 barrier, reaching a new record high of $5,116 per ounce. Silver has followed with equal enthusiasm, pushing beyond $100/oz and hitting highs of $110 per ounce, levels that would have seemed fanciful even only 3 months ago.

Not exactly subtle moves. But the drivers behind them are familiar: rising political risk, trade tension, a softer US dollar, and investors reaching for the assets that don’t rely as much on the system.

Investors have been piling into safe-haven assets amid a fresh round of uncertainty in the US, driven by renewed tariff threats and political friction.

The markets were already volatile after the row over Greenland escalated last week before seemingly settling down after Trumps appearance at the World Economic Forum in Davos. Whilst the threat of a trade war with Europe was withdrawn, only a few days later Donald Trump has signalled he could impose 100% tariffs on Canada if they “make a deal with China”. To compound things, a stronger Japanese yen has also helped drag the dollar lower, with markets increasingly alert to possible intervention and investors trimming dollar exposure ahead of this week’s Federal Reserve meeting. There’s also speculation that Japanese investors may repatriate capital by selling US Treasuries and US dollars, a move that can pressure the dollar further. A softer dollar tends to provide support for gold and silver, as both become more attractive globally.

Perhaps the most telling signal of the shifting environment which is influencing the market, is that even where gold is stored is becoming a headline. German lawmakers have called on Berlin to repatriate 1,236 tonnes of gold currently held in US Federal Reserve vaults, citing uncertainty and unpredictability under President Trump’s administration.

Then, away from the global stage, the US is once again facing the prospect of a government shutdown. This would be the second shutdown in months, with Democrats threatening Department of Homeland Security funding following the weekend shooting of a man in Minneapolis by federal immigration agents.

It’s not the specific events that matter most. It’s the pattern: political instability, policy uncertainty, and markets left guessing.

With the above themes in mind, its perhaps no surprise that the London Bullion Market Association (LBMA) annual precious metals forecast survey, showed analysts projecting gold could rise as high as $7,150, with an average forecast of $4,742 in 2026. Forecasts are never facts. But when the market has already reached these levels, it tells you something important: the old assumptions are being rewritten in real time.

Gold breaking $5,000 and silver clearing $100 aren’t normal market moves. But then, this isn’t a normal backdrop.

Trade tensions are rising daily, political risk is escalating, the dollar is weakening, and investors are doing what they often do in these moments: moving toward assets that feel safer, are global, and outside the policy machine.

Gold and silver don’t need perfect conditions to perform. They just need uncertainty. And there’s no shortage of that right now.