One analyst said the rush to buy gold and silver represents a ‘a re-pricing of trust’ in currencies, institutions and the stability of the post-cold war economic order. Photograph: Angelika Warmuth/Reuters · Photograph: Angelika Warmuth/ReutersLast 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.