Argento spot approaches $100: gold and precious metals continue their rally

The spot silver is about to reach the psychological milestone of $100 per ounce, while gold continues its momentum started in January. Markets are witnessing a redistribution of assets toward precious metals, with investors gradually shifting their positions from macroeconomic uncertainty to this traditionally defensive sector. Meanwhile, Bitcoin remains stable around $87.83K, while Ethereum fluctuates just below $2.93K, signaling a growing preference for safe-haven assets over more volatile digital assets.

January rally for spot gold and silver exceeds expectations

The period has seen extraordinary performance for precious metals. Gold traded near $4,950 per ounce, recording an increase of about 2.5% during the day and over 7% throughout January. Spot silver showed an even more vigorous dynamic, rising over 6% in the session and posting a monthly gain of nearly 30%, significantly outperforming most major traditional and digital asset classes.

The speed of this rally has surprised market participants. Prices are rapidly approaching psychological levels of $5,000 for gold and $100 for spot silver, turning these milestones from theoretical highs into targets increasingly considered achievable by traders.

Forecast markets: psychological levels become probable targets

According to Polymarket data, traders no longer see $5,000 for gold and $100 for spot silver as unreachable peaks, but rather as intermediate steps in a broader bullish trajectory. End-of-month contracts show significant probability concentrations on scenarios placing gold at $5,000 or higher by the end of January, while spot silver is priced with high probabilities above $85 and substantial positioning toward $100.

Goldman Sachs recently raised its 2026 year-end target to $5,400 per ounce of gold, up from previous $4,900, reflecting a more constructive outlook on the yellow metal. For Bitcoin, the same forecasting platforms indicate a containment range around $85,000 for January, suggesting that the cryptocurrency market is undergoing a consolidation phase.

Metal volatility exceeds that of Bitcoin

A key element of the rally is the orderly nature of the expansion. The realized volatility of silver has reached the high 60s, while that of gold has increased but remains contained in the low 20s. This contrast reveals a stable and gradual reallocation toward precious metals rather than disorderly compression typical of market panics.

Bitcoin, meanwhile, has seen its realized volatility compress into the 30s even as prices oscillate near recent highs. This phenomenon highlights a shift in how markets are expressing macroeconomic uncertainty: less through digital assets, more through traditional safe-haven assets like spot silver and gold.

What to expect in upcoming movements

The macroeconomic context continues to support demand for precious metals. Gold set a new record Wednesday afternoon as Federal Reserve Chair Jerome Powell addressed the market during the post-meeting press conference, reaffirming the role of macroeconomic data in driving flows into these assets.

Investors are clearly shifting their bets toward stability, with spot silver and gold being the main beneficiaries of this rotation. If this trend continues, psychological milestones of $100 for spot silver and $5,000 for gold could be reached during the season, solidifying 2026 as a year of significant revaluation of precious metals within the broader macroeconomic reallocation.