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Honestly, if you told someone two years ago that we’d be waking up on a Sunday in January 2026 and seeing gold prices flirting with $4,600 an ounce, they probably would’ve laughed you out of the room. It sounds like a fever dream. Yet, here we are.
What's the spot price of gold and silver today is no longer just a casual query for collectors; it’s become a daily ritual for anyone watching the total meltdown of traditional "safe" expectations. As of this morning, Sunday, January 18, 2026, the markets are technically closed for the weekend, but the numbers frozen on the screens tell a wild story. Gold is sitting right around $4,596.00, and silver is hovering near $90.04.
Prices are high. Ridiculously high.
The numbers you need right now
Markets breathe. They don't just go up in a straight line, though it’s felt that way lately. Last week was a total roller coaster. Gold actually hit an all-time high of $4,642.72 last Wednesday before cooling off a bit. Silver followed suit, touching a staggering $93.57.
- Spot Gold: ~$4,596.00 per ounce
- Spot Silver: ~$90.04 per ounce
- Gold/Silver Ratio: Roughly 51:1
That ratio is the part that’s actually blowing people's minds. For decades, we were stuck in the 70:1 or 80:1 range. Last year, it was over 100:1. Seeing it at 51:1 means silver isn't just "following" gold anymore; it's sprinting. It’s basically the high-beta version of the yellow metal right now. If gold sneezes, silver catches a cold, but if gold runs a marathon, silver is apparently catching a flight to Mars.
Why everything is moving so fast
It isn't just one thing. It's a mess of things.
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First, there’s the Fed. There is a literal criminal investigation into Federal Reserve Chair Jerome Powell right now. You can't make this stuff up. Investors are terrified that the independence of the central bank is toast. When people stop trusting the person printing the money, they start buying stuff that can't be printed.
Then you have the geopolitical side. We’re seeing trade wars, 25% tariffs being threatened against anyone doing business with Iran, and weirdly enough, even Greenland is back in the news. It’s a lot of noise. Central banks like the ones in China and India aren't just sitting on their hands, either. They are buying hundreds of tonnes of gold every quarter because they want to diversify away from the US Dollar.
Basically, the "safe haven" trade is crowded.
The silver industrial squeeze
Silver has a second life that gold doesn't: industry. Every solar panel being bolted onto a roof and every EV battery being manufactured needs silver. We’re seeing a massive supply deficit. Mining output isn't growing fast enough to keep up with the "green" transition.
Expert analysts like Erik Norland from CME Group have pointed out that this isn't just speculation. It’s fundamental. The demand for silver in electronics and AI infrastructure is hitting record highs at the exact same time that people are buying it to hide from inflation.
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It’s a perfect storm.
What most people get wrong about "record highs"
People see a record high and think, "I missed it."
Maybe. But look at the forecasts. J.P. Morgan is out here predicting gold hits $5,000 by the end of the year. Some of the more aggressive traders, like Todd "Bubba" Horwitz, are talking about $6,000 or $8,000. Is that crazy? Maybe. But they said $4,000 was crazy too.
The reality is that we are in a "price discovery" phase. There’s no historical ceiling above us.
The premium problem
One thing you've gotta watch out for if you're buying physical metal today: premiums. The "spot" price is the wholesale price for a massive 400-ounce bar in a vault in London or New York. You aren't buying that. You’re buying a one-ounce American Eagle or a 10-ounce bar.
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Retailers are charging a massive markup right now because demand is so high. You might see gold spot at $4,596, but the coin in your hand will cost you $4,730. Silver is even worse. Physical silver coins are selling for nearly $100 in some places despite the "spot" price being $90.
Moving forward with your portfolio
If you’re looking at these prices and sweating, you aren't alone. It’s intimidating. But the trend is clearly bullish for 2026.
Don't chase the green candles. When gold jumps $100 in a day, that is usually the worst time to buy. Wait for the "profit-taking" dips. We saw a dip of about 0.4% this past Friday—that's the kind of consolidation you want to look for.
Next steps for you:
Check your local coin shop's "buy-back" prices versus their "sell" prices. This "spread" will tell you how liquid the market actually is in your area. If the gap is huge, the dealers are nervous. If it's tight, they want more inventory, which is a sign the rally has legs. You should also keep a very close eye on the US Consumer Price Index (CPI) data coming out this week; if inflation is higher than expected, $4,600 gold might look cheap by next Sunday.