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. It has risen by more than a quarter this month and hit a new high of just under $5,595 (£4,060) an ounce on Thursday.
It dropped sharply later in the day to $5,250 (£3,810) as speculation swirled about possible US action in Iran, but that remains almost double the price as when Donald Trump’s second term in the White House began a year ago.
Silver, meanwhile, was trading below $30 (£22) an ounce when the president prepared to announce his “liberation day” tariffs last April, but has since almost quadrupled in price, to more than $118 (£86) an ounce, with the most rapid run-up coming in the past month.
Giuseppe Sersale, a strategist at Italy’s Anthilia,…
