If you woke up today expecting another record-shattering run for your portfolio, the charts might feel like a cold shower. Honestly, it's been a wild ride lately. After months of "up only" price action that made even the most cautious analysts look like geniuses, the precious metals market decided to take a breather.
Gold and silver news today centers on a noticeable pullback from the stratosphere. As of Saturday, January 17, 2026, spot gold is hovering around $4,596 per ounce, while silver is wrestling to stay above the $90 mark.
It’s a bit of a shock given that just 72 hours ago, we were celebrating gold hitting an all-time peak of $4,642. Silver was even more dramatic, briefly touching $93.57 before the air got too thin.
The Trump Tariff Pivot and Your Silver Stack
You’ve probably seen the headlines about the White House's latest move. President Trump threw a curveball by announcing he won't be slapping tariffs on "critical minerals" for the time being. This is a massive deal for silver.
Because silver is used in basically everything—from your phone to the solar panels on your roof—it was being hoarded like crazy in late 2025 as a hedge against trade war costs. Once the threat of those tariffs evaporated, the "fear bid" vanished.
Silver plunged nearly 8% in early Asian trade on Thursday before finding some footing. It’s a classic "buy the rumor, sell the news" scenario. If you’re holding physical silver, today’s price of roughly $89.65 might look scary compared to Wednesday’s highs, but remember that the metal is still up over 12% for the week.
That’s a decade's worth of gains in five days. Perspective is everything.
🔗 Read more: USD to UZS Rate Today: What Most People Get Wrong
Gold and the Powell Investigation Drama
While silver is reacting to trade policy, gold is currently entangled in a messy political drama involving the Federal Reserve. News broke earlier this week that federal prosecutors have opened a criminal investigation into Fed Chair Jerome Powell.
The markets hate uncertainty.
The core of the issue? Allegations that the Fed hasn't been "aligning" interest rate policy with White House preferences. This has basically set a torch to the idea of Fed independence. Usually, when people lose faith in the central bank, they run toward gold. We saw that on Wednesday when gold spiked to that $4,642 record.
But today, we’re seeing "profit-taking exhaustion."
Basically, traders who bought gold at $3,000 or $3,500 are looking at their screens, seeing a massive gain, and hitting the "sell" button to lock in their vacations and new cars. It’s natural market behavior.
Why the Fed "Higher for Longer" Narrative Won't Die
Despite the political noise, the economic data coming out of D.C. is surprisingly robust. Initial jobless claims just hit a low of 198,000.
💡 You might also like: PDI Stock Price Today: What Most People Get Wrong About This 14% Yield
When the labor market is this strong, the Fed doesn't feel a burning need to cut interest rates.
Gold pays zero interest.
If you can get a decent return on a "safe" government bond, the urge to hold a heavy bar of yellow metal weakens slightly.
Real-World Demand: Solar Panels vs. Scarcity
Let's get into the weeds of why silver is still the most interesting trade of 2026. Industrial demand is hitting a wall, but not for the reason you think. It's not that we don't need silver; it's that it’s becoming too expensive to use.
The Silver Institute notes that the solar industry is actually trying to substitute copper for silver in PV modules. Silver now represents about 14% of the total cost of a solar panel. That’s up from just 5% a couple of years ago.
- Solar installations: Setting records globally.
- Silver usage per module: Dropping by 5% as engineers get desperate.
- The deficit: Roughly 230 million ounces short of what the world needs.
Mining output is actually falling. Bank of America’s Michael Widmer pointed out recently that North American gold miners are expected to produce 2% less this year than they did in 2025. You can't just flip a switch and create a new mine. It takes a decade of permits and digging.
Central Banks Are Still the "Whales" in the Room
If you're worried about the 1-2% dip today, look at what the big money is doing. Central banks aren't day-trading. They are diversifying away from the dollar at a rate we haven't seen since the 1970s.
J.P. Morgan expects central banks to buy about 755 tonnes of gold in 2026. While that’s lower than the massive 1,000-tonne hauls of the last few years, it’s still double the pre-2022 average.
📖 Related: Getting a Mortgage on a 300k Home Without Overpaying
Nations like China and various emerging markets are "underweight" gold. They want their reserves to be about 30% gold, but many are still sitting at 10-15%. That creates a massive floor under the price. Every time gold dips toward $4,500, these big institutional buyers step in and buy the "sale."
What Most People Get Wrong About the Gold/Silver Ratio
We have to talk about the ratio. For years, the gold-to-silver ratio was stuck around 80:1. It felt like silver was the broken sibling of the metals family.
Today, that ratio has compressed to roughly 51:1.
Some analysts at BMO are warning that we might be nearing a "historic bottom" for this ratio, but others think we’re heading back to the 1980 levels of 15:1. If gold stays at $4,600 and the ratio hits 30:1, silver would be over **$150**.
Is that realistic? Maybe not next week. But in a world where the US dollar is facing "debasement" fears and trillion-dollar deficits, "realistic" is a moving target.
Actionable Steps for Today's Market
If you’re looking at gold and silver news today and wondering what to actually do, here is the breakdown based on the current technical setup.
- Don't chase the green candles. The RSI (Relative Strength Index) for gold is near 69, which is just shy of "overbought." Buying at the absolute peak of a rally is usually a recipe for a stomach ache.
- Watch the $4,530 level for gold. If we dip further, that’s the first major support line. If it holds, the bull market is perfectly healthy.
- Check your silver premiums. With silver at $90, some physical dealers are charging $10 or $15 over spot. That means you’re effectively paying $105 an ounce. If you can’t find low premiums, look at silver-backed ETFs like SLV or PSLV to get the price exposure without the "physical tax."
- Keep an eye on the CPI data. Inflation reports coming out next week will dictate if the Fed actually cuts rates in mid-2026. If inflation stays "sticky" at 2.7% or higher, the dollar might stay strong, keeping a lid on metal prices for a bit longer.
The "perfect storm" for metals isn't over; it’s just transitioning from a sprint to a marathon. The geopolitical tensions in Iran haven't vanished—they've just simmered. The debt levels in the US haven't gone down—they’re growing by the second.
Today is a day for patience. The record highs were fun, but the consolidation phase is where the real "smart money" positions itself for the next leg up toward the $5,000 gold target analysts are now eyeing for year-end.