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Silver Surges to $120 Amid Geopolitical Tensions

1/29/2026

36 8 Full Breakdown

Summary

Story summary

As of January 29, 2026, silver reached $120.45 per ounce.
Gold neared $5,600, signaling record highs amid geopolitical tensions.
The rally is driven by a weakening U.S. dollar, strong central bank buying, and increased demand for safe-haven assets.
Citigroup Inc. analysts forecast silver could reach $150 per ounce in the near term.

History

Historical Context

In 1980, silver prices surged to $49.45 per ounce, driven by speculative trading and geopolitical tensions, particularly the Iran hostage crisis. The Hunt brothers' attempt to monopolize the market contributed to a dramatic price increase of 1,000% within a year. Today, silver's rise to $120.45 per ounce echoes this volatility, influenced by a weakening U.S. dollar and heightened demand for safe-haven assets.

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Story summary

As of January 29, 2026, silver reached $120.45 per ounce.
Gold neared $5,600, signaling record highs amid geopolitical tensions.
The rally is driven by a weakening U.S. dollar, strong central bank buying, and increased demand for safe-haven assets.
Citigroup Inc. analysts forecast silver could reach $150 per ounce in the near term.

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