Hello and welcome to our market week preview, where we take a look at the economic data, market news, and headlines likely to have the biggest impact on pricing and market momentum for gold, silver and platinum, as well as key correlated assets.

Gold Market

Gold prices continue to find new toe holds from which to meet and surpass all-time highs. The catalyst kicking off this week is obviously the accelerated rhetoric and increased aggression from the US executive branch towards Denmark (and Europe and NATO as a whole) regarding a desire to annex the island of Greenland. Following developments over the weekend and a market holiday on Monday (the later doing nothing to slow the news flow around the former, as the Davos economic summit opened,) gold prices have ripped nearly $160/oz higher in spot markets, driven to $4750 and beyond as the primary safe-haven play in response to economic tightness implied by the increased trade tariffs the US has threatened to lever against major European trade partners, as well as the general fear and unease created by a global super-power escalating geopolitical tension. The corresponding weakening of the US Dollar, and drops in US equities and Treasury prices at the market open on Monday have also been pushing the gold rally higher. This is by all accounts a pure fundamentals and risk-aversion swing, detached entirely from even speculation about Fed policy for perhaps the first time in over a year.

Silver Market

Silver prices are trading with a cooler head on Tuesday, having seen the bulk of the precious metal’s surge to an eye-watering $94.50/oz made in Monday’s Asian and European trading with the US on holiday. In the first fully-attended session of the week we’ve seen a rise and dip in silver spot as the metal’s industrial and intrinsic value—which distinguishes it from the shiny attraction to gold as an investment—appears to be moderating price action. As of midday Tuesday, the current level of rational resistance appears set at $95 as London’s attempt to find higher bids was quickly rebuffed when New York markets opened.

Platinum Market

Curiously, platinum has started the week trading with a closer coupling to gold than to silver. Despite sharing many of the characteristics—primarily, a core use and inherent value as a commodity crucial to US and global manufacturing—that seem to have calmed volatility in silver prices on Tuesday, platinum is up another $70/oz and nearly +3% intraday. This may be related to the fear that, of the four primary precious metal commodities (gold, silver, platinum and palladium) the grey metal’s supply lines could be hindered the most by the new and increased trade levies that the Trump administration now threatens Europe with in its pursuit of Greenland.

US Economic Data to Watch

PCE Price Index (Nov)// Thursday, January 22 at 830am ET

[(Core PCE) consensus est.: +0.2% MoM // (est.) prev.: +0.2%)

And that’s how the precious metals basket is performing to begin the week. As always, we wish you all the best of luck in your markets in the coming days, and we’ll look forward to seeing you all back here next week for another metals market preview.