What Really Happened to Gold and Silver Last Week

Exclusive intraday price analysis available for free in Gold Outlook Report 2026

The final week of January delivered one of the most violent swings in precious metals markets history.

Gold surged nearly 30% in less than a month, rising from just over $4,300 at the start of January to an intraday high near $5,600 on January 29. Silver followed with even greater intensity, hitting a high of $120. 

Then, almost as suddenly, both metals violently reversed. Gold fell hundreds of dollars in a single session. Silver dropped sharply as well. Gold ended the month back below $5,000/oz and silver just above $80. 

Predictably, the price action reignited familiar stories of “manipulation” and “paper smashes.” But looking at price alone never tells the full story. Price is like the tip of the iceberg. There’s a world of activity beneath the surface. 

What the Gold Outlook 2026 covers:

In its newly released Gold Outlook 2026, Monetary Metals examines last week’s volatility using exclusive intraday fundamental data that is rarely published or discussed—revealing how the gold and silver basis and cobasis behaved hour by hour during the most extreme moves.

By analyzing intraday changes in the basis and cobasis, you can see:

• When price rises were driven by physical metal buying
• When futures speculation temporarily propped up, or drove down, prices
• Did last week’s reversal change the underlying demand picture for gold and silver going forward?

The Gold Outlook 2026 places this volatility in a broader context: an era of competition, not collapse, rising monetary demand for gold and silver, and structural pressure on fiat currencies.

For investors trying to understand what really happened last week—and what it signals for 2026—the full analysis, charts and conclusions are available in the complete report, for free.

Download the full Gold Outlook 2026 report for free here.