The economist attributed the record rise in gold prices to the transformation of the financial system

The rise in gold and silver prices to record levels in early 2026 reflects profound structural changes in the global financial system, not just the impact of current geopolitical tensions. This was announced to Izvestia on January 26 by Fyodor Sidorov, a private investor and founder of the School of Practical Investment.

According to him, the key factor remains the change in the approach of central banks to the formation of reserves. After the freezing of some Russian assets, many developing countries began to actively diversify their reserves, reducing the share of the US dollar. As a result, central banks purchase about 585 tons of gold per quarter on average, and this trend continues to intensify.

"At the same time, the Fed launched a $40 billion monthly government debt buyback program, which weakens the dollar and pushes investors into precious metals," the expert explained.

Silver, in addition to investment demand, receives support from industry. In 2026, its use in solar energy is expected to increase by 8.5% to 319 million ounces, and total industrial demand may increase to 515 million ounces. An additional factor in the shortage was China's introduction of silver export licensing on January 1, which increased tensions on the global market.

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Why did the demand for gold increase dramatically in 2025 and will it be possible to make money on it this year?

The forecasts of the largest financial institutions for 2026 vary significantly. So, Goldman Sachs estimates the potential price of gold at about $ 4.9 thousand per ounce, Bank of America allows an increase to $ 5 thousand. A number of analysts do not rule out reaching five-digit values in the longer term. For silver, the base forecast, while maintaining the deficit, is $100-120 per ounce. At the same time, the economist added, there are possible risks.

"A sharp strengthening of the dollar or a decrease in geopolitical tensions can trigger a correction in the range of 5-15%, however, without changing the long—term trend. After all, structural factors — central bank purchases, Fed rate cuts, and rising U.S. government debt — are working in favor of further growth. We are talking about a fundamental rethinking of the role of precious metals in the global financial architecture, which may become one of the defining trends of the decade," concluded Sidorov.

On the same day, Reuters reported that the price of gold reached a record high above $5,000 per troy ounce amid strong investor demand for safe assets. Spot gold rose 1.79% to $5,071.96 per ounce, having previously reached $5,085.50. Futures for February delivery in the United States rose 1.79% to $5,068.70 per ounce.

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