Last year’s extraordinary run in precious metals has only intensified in 2026, as Donald Trump has continued to rip up the rules of the global economy. Gold has been on a tear since last summer, repeatedly breaking records. Daniela Hathorn, a senior market analyst at Capital.com, summed the situation up: “Gold and silver are reflecting more than short-term market stress; they are signalling a re-pricing of trust. As the World Gold Council (WGC) pointed out in its quarterly data release this week, another driver has been central banks adding to their reserves. The silver price appears to have been caught up in the same speculative frenzy as gold in recent weeks – perhaps because its lower price makes it more approachable as an asset class.