Silver futures topped $100 an ounce for the first time in history, exchange data from Comex shows. On January 23, 2026, March‑delivery contracts climbed to $100.19 an ounce, setting a record high. By 15:40 GMT, market quotes had pulled back to $99.80.

Alongside silver’s rise, spot gold prices also went higher, approaching the psychologically important level of $5,000 per troy ounce. On January 23, the metal reached $4,967.48.

The silver rally is being fueled by active demand for safe‑haven assets amid geopolitical instability and by expectations of interest‑rate cuts from the US Federal Reserve.

Since US President Donald Trump began his second term in January 2025, silver has skyrocketed by more than 200%, transforming the metal from the “little brother” of gold into one of the main beneficiaries of global uncertainty. 

On Monday, gold prices surpassed the psychological barrier of $5,000 per ounce for the first time, continuing their rapid ascent amid heightened demand for safe-haven assets caused by escalating geopolitical tensions.

Spot gold prices rose by 1.1%, reaching a new all-time high of $5,035.83 per ounce. US gold futures also added 1.1%, climbing to a record $5,074.71 per ounce.

The rally gained momentum last week when gold prices surged by more than 8%, repeatedly setting new historical highs. Since the beginning of the year, the metal has gained nearly 17%, firmly cementing its status as the primary beneficiary of global uncertainty.

Other precious metals also traded higher. Silver added more than 2%, reaching an all-time high of $106.56 per ounce. Meanwhile, platinum hit a new record of $2,798.46 per ounce.

The price surge is supported by a combination of geopolitical risks, expectations of US monetary policy easing later in 2026, and sustained demand from central banks and investors seeking to shield themselves from market volatility.

A key driver of growth this month has been the escalation of tensions between the United States and its NATO allies over Greenland, which has added to global market anxiety.

US President Donald Trump’s rhetoric about Washington’s strategic interests in the Arctic has intensified transatlantic frictions, raising concerns about broader diplomatic and economic repercussions.

Trump’s trade comments directed at Canada are an additional source of worry. Over the weekend, he threatened to impose 100% tariffs on Canadian goods if Ottawa continues its trade agreement with China. According to the US president, Canada could be used as a “shipping port” for Chinese goods, and China, in his words, would “eat Canada alive.”

Demand for gold also comes from expectations regarding US monetary policy. The Federal Reserve is set to conclude its meeting on Wednesday, and markets almost unanimously expect interest rates to remain unchanged.

Although a pause in rate changes has largely been priced in, investors will closely scrutinize the Fed’s statement and comments from Chairman Jerome Powell for signals regarding the timing and pace of any potential rate cuts later this year. Lower rates traditionally support gold by reducing the opportunity cost of holding non-yielding assets.

“Both the data and Chair Powell’s robust defence of central bank independence indicate little prospect of a 28 January Fed rate cut,” analysts at ING noted.

According to the think tank, the market will focus mainly on Trump’s upcoming nomination of a new Fed chair, fresh macroeconomic data, and whether the future candidate can persuade the committee to adopt a more aggressive easing policy.

Global oil prices moved higher on Monday as the US dollar weakened. Brent North Sea crude futures for  March delivery rose by more than 0.5% to $64.49 per barrel, peaking at $64.52. US West Texas Intermediate also climbed by about 0.5% to $59.96 per barrel. The US dollar index fell by 0.62% to 98.44, bolstering demand for commodities and making oil cheaper for buyers who pay in dollars.

The inverse correlation between the greenback and oil prices reflects simple economic logic: when the American currency weakens, dollar-priced goods become cheaper for foreign purchasers, lifting demand. That dynamic is particularly relevant for emerging markets, which are major consumers of energy. The decline of the dollar also signals that investors expect the Federal Reserve to cut interest rates further.

Pierre-Olivier Gourinchas, the IMF’s chief economist, previously warned of a geopolitical risk: the start of a full-scale US military operation in Iran, which has been gripped by mass protests amid an economic crisis, would send oil prices sharply higher. A closure of the Strait of Hormuz, through which much of the world's energy supply flows, would pose a critical near-term risk to the global oil market, he estimated.

A study by the Kiel Institute for the World Economy found that Trump’s tariff policy produced the opposite of its intended effect: instead of shifting costs onto foreign exporters, the burden largely fell on American consumers. Foreign exporters absorbed only 4% of the additional costs, while 96% were paid by US buyers and importers. In effect, tariffs on foreign goods became a tax on US consumption.

The analysts estimate that about $200 billion of the total new duties in 2025 were ultimately paid by Americans. This creates conditions for higher inflation after a period of relative moderation. Exporters did not cut prices for goods sold into the US market. Instead, they either found buyers in other countries or waited for tariff levels to change, hoping for more favorable conditions.

Hundreds of US companies filed lawsuits against Trump earlier this year seeking refunds of tariffs totaling billions of dollars. The president said that if the Supreme Court rules against him and companies are granted refunds, it would be “a catastrophe for national security.” Trump’s stance signals a willingness to sacrifice citizens’ economic well‑being for geopolitical goals.

Most economists surveyed at the World Economic Forum expect the global economic situation to worsen in 2026. Fifty‑five percent of respondents predicted negative dynamics, while only 19% believe the economy will strengthen. Another 28% do not expect a significant change. Still, sentiment is improving: a year ago, 72% of economists predicted deterioration, indicating a modest rise in optimism.

Experts are more divided on financial assets. Fifty‑four percent said gold has already reached peak levels, while the remaining 46% believe the precious metal will continue to climb. Pessimism is higher for cryptocurrencies: 62% expect a downtrend in digital asset prices. In currency markets, a majority foresee a weaker dollar — 54% of respondents gave that forecast.

The survey reflects growing uncertainty about the global economic outlook, with trade wars, geopolitical tensions, and high public debt levels remaining central risks. Expectations of a weaker dollar during a potential economic downturn contradict the typical logic of seeking safe assets, suggesting either some inconsistency in economists’ forecasts or an anticipation of major structural shifts in currency markets.

European Commission President Ursula von der Leyen announced that a free trade agreement between the EU and India is close, calling it "the mother of all deals." The pact would create a single market for two billion people with combined GDP equal to a quarter of the world’s output. In an effort to speed up the conclusion of talks, Von der Leyen is set to head to New Delhi immediately after the World Economic Forum in Davos.

The commission chief stressed that substantial work remains but added that the outcome would give Brussels a "first‑mover advantage" in the Indian market. "Europe wants to do business with the growth centres of today and the economic powerhouses of this century," von der Leyen said, contrasting the EU’s approach with the isolationist tariffs pursued by other countries.

Negotiations on the trade deal began in 2007 and were paused for eight years due to disagreements over intellectual property, car tariffs, and other key issues. Talks resumed in 2021. In February 2025, von der Leyen and Indian Prime Minister Narendra Modi backed an ambitious target to clinch the deal by the end of 2025, but the timetable slipped. The agreement would allow European firms to deepen access to India’s fast‑growing market and bolster the EU’s position in the Indo-Pacific region.

Animoca Brands founder Yat Siu said that Trump’s influence on crypto trends is fading and the market is moving into a new phase. Siu noted that for almost all of 2025, the crypto market traded in anticipation of US government decisions that were never enacted by legislators. “Trump supports crypto, but we are not his top priority. The next phase will be driven by institutional capital,” the entrepreneur suggested.

In his view, 2025 demonstrated how strongly the crypto market was tied to expectations rather than fundamentals. Crypto investors are now reviewing their sentiment, with large corporate capital becoming a permanent force. Big investors are increasingly viewing cryptocurrencies as a long‑term asset class. They tend to give up the idea of speculating around election cycles or headlines. This shift is already changing market quotes.

Yat Siu is convinced the market is entering a maturity phase where growth drivers will be blockchain integration into the real economy rather than political rhetoric. Investors’ technological pragmatism creates a more resilient foundation than campaign pledges, since fundamental demand for efficiency and decentralization is independent of political cycles. Binance Research specialists have confirmed the move from a hype‑driven retail model to one dominated by large Wall Street funds. 

US public debt increased by $2.25 trillion during President Donald Trump’s first year in office, reaching a total of $38.5 trillion. According to the US Treasury, this marks the largest increase in federal debt by a single president on record. The previous peak occurred during former President Joe Biden’s term, when the debt rose by $2.1 trillion. This underscores the accelerated pace of debt accumulation under the current administration.

The rapid rise in government borrowing reflects a variety of factors, including tax cuts, higher military spending, and fiscal stimulus measures intended to promote economic growth. While such fiscal policy supports near-term demand, it also deepens the structural deficit, requiring growing financing over the long run. Elevated public debt limits policy flexibility in the event of crises.

Valerie Hayer, a member of the European Parliament, proposed using the mounting US debt as leverage against Trump on the Greenland issue. She also flagged the EU’s access to a market of 450 million consumers as a potential bargaining tool. These suggestions reflect Europe’s readiness to wield economic levers in a clash of interests with the US administration.

In response to tariffs announced by President Donald Trump targeting European countries, French President Emmanuel Macron intends to deploy the European Union’s anti-coercion instrument, informally known as the "trade bazooka." According to Le Monde, Macron urged the EU to use this mechanism to combat the threat of US tariffs, emphasizing the need for a unified and decisive European response to economic pressure.

The "instrument to counter coercion," which came into force in December 2023, has not yet been used. Branded a "bazooka" in trade circles, it allows the EU to restrict imports of goods and services. The bloc could adopt countermeasures, including tariffs, limits on trade in goods and services, restrictions on access to public programs and financial markets, and actions affecting intellectual property rights and foreign direct investment.

German Vice Chancellor Lars Klingbeil voiced concern over the prospect of Europe being blackmailed by Trump, stating that the US administration had "crossed a line." The readiness of European leaders to deploy a powerful trade instrument signals their recognition of the threat's severity and their intent to defend the interests of member states with a coordinated response.

On January 1, the European Union implemented DAC8, a directive expanding tax oversight of cryptocurrencies. The document requires exchanges, brokers, and crypto service providers to collect users’ personal data and full transaction histories and to transmit them to national tax authorities. That information is then automatically exchanged among all EU countries, creating a unified system of tax transparency for digital assets.

DAC8 is the eighth version of the Directive on Administrative Cooperation, which has traditionally been used for exchanging tax information on financial assets. Its scope has now officially been extended to cryptocurrencies and firms that work with them. The relevant data for 2026 is already being collected. Crypto firms have to adapt their processes by July 1. Penalties are provided for violations, and authorities have been granted powers to seize or freeze digital assets in cases of tax nonpayment.

Despite authorities positioning DAC8 as a step toward transparency, crypto‑market participants criticize the directive as undermining a core principle of cryptocurrencies: the right to privacy. Crypto educator Heidi Chakos noted that tax authorities have been given automatic oversight of users’ digital assets, making confidentiality more critical than before. The directive may stimulate interest in privacy coins and decentralized platforms. 

Deutsche Bank has raised its 2026 GDP growth forecast for the United Kingdom to 1.2% from 1.1%, reverting to its assessment from a month earlier after stronger‑than‑expected economic data.

In a note published last Friday, the bank said it now expects the UK economy to avoid a contraction in the fourth quarter of 2025. The forecast implies 0.2% quarter-on-quarter growth instead of the previously anticipated decline. This revision followed upward revisions for earlier months and a marked rebound in GDP in November.

According to November data, the services sector recovered from a 0.3% decline in October, while industrial production rose by 1.1% from the previous month.

Services sector activity was supported by gains in leisure (0.9%), information and communications (1.6%), and professional services (1.7%). In the industry sector, an additional driver was a 25% jump in motor vehicle output as production in the auto sector returned to normal levels.

At the same time, construction showed signs of weakness, with output falling by 1.3% month-on-month in November, marking the second consecutive monthly decline.

Looking to 2026, Deutsche Bank highlighted a number of supportive factors for the UK economy, including slower consumer price growth. Inflation is expected to approach target levels by spring, boosting real disposable incomes.

Other positive factors cited by the bank include accommodative lending conditions, an anticipated cut in the Bank of England’s policy rate, increased public spending, and government deregulatory measures.

Deutsche Bank maintained its forecast for the Bank of England’s policy rate to end 2026 at 3.25%, down from the current 3.75%.

Chinese stocks could enter a phase of “slow growth” amid market reforms aimed at reallocating household wealth from real estate to the stock market.

UBS reckons that the A‑stock market lagged leading global indices for more than a decade not because of weak economic growth but because of structural problems in the capital market system.

Key factors include a historical corporate focus on financing rather than boosting shareholder returns, a large share of state‑owned enterprises trading at a notable discount to private peers, and limited household participation in stock investments. This is reflected in a high risk premium on stocks.

UBS believes that a transition to sustainable, gradual equity‑market growth is strategically important for China. As the real estate market loses its role as households’ main store of wealth, stocks are expected to play a more significant role.

Steady strengthening of the stock market could support the “common prosperity” agenda, boost confidence in private companies, and channel capital into priority areas, including advanced manufacturing and technological self‑sufficiency.

A potential re‑rating of state‑owned enterprises could also ease pressure on pension systems by increasing the return on state capital.

Regulators are shifting focus to dividend policy, share‑buyback programs, disclosure standards, and market‑cap management to attract long‑term capital.

Another reform track aims to stimulate mergers and acquisitions to help firms scale up and improve competitiveness. Bigger changes in SOE governance could also narrow valuation gaps between the state and private sectors.

Liquidity conditions are expected to improve as authorities seek to restrain IPO activity and the sale of large share stakes while expanding participation by long‑term investors.

UBS also notes that state‑backed market purchases intended to smooth sharp declines provide an additional buffer against downswings.

The bank forecasts A‑share earnings growth accelerating to roughly 8% in 2026. Support for this growth could come from faster nominal GDP growth, easing producer‑price deflationary pressure, stimulative policy, and measures to curb overcapacity — all of which should help corporate revenues and margins.

Meanwhile, Chinese stocks rose about 6% in 2025.

UBS expects further market re‑rating amid stronger profit growth, a decline in the risk‑free rate, continued household reallocation of savings into equities, and steady progress on market reforms over the medium term.

The US Department of Energy is considering a plan to swap heavy Venezuelan crude for US medium sour crude to replenish the Strategic Petroleum Reserve (SPR).

Under the contemplated scheme, Venezuelan oil would be moved into storage tanks at an offshore oil terminal in Louisiana, after which it could be dispatched to refineries. As part of the exchange, companies supplying US medium sour sulfur crude would have the option of placing their barrels directly into SPR storage.

The US government has previously used oil-swap mechanisms to both release and acquire crude. In typical swap agreements, refiners temporarily draw crude from the reserve during supply disruptions or force majeure events, such as hurricanes, and subsequently return the full volume plus a premium in the form of additional barrels.

US President Donald Trump said on Saturday that he would impose additional tariffs on goods from several European allies if the United States is not allowed to purchase Greenland. The statement sharply escalated the dispute over the future of the Arctic territory, which is under Danish control.

Protests took place in Denmark and Greenland on Saturday, with demonstrators opposing Trump’s demands and calling for Greenland to retain the right to determine its own future.

In a post on Truth Social, Trump said that the US would impose an additional 10% import tariff on goods from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and the United Kingdom from February 1. These countries are already subject to tariff restrictions introduced earlier by Trump’s administration.

The president said that the tariffs would rise to 25% from June 1 and would remain in place until an agreement is reached that would allow the United States to acquire Greenland.

Trump has repeatedly said Greenland is of critical importance to US national security because of its strategic Arctic location and large mineral reserves. He has not ruled out the possibility of using force. This week, European countries deployed military personnel to the island at Denmark’s request, underscoring rising tensions over the territory.

Trump noted the actions of European countries, in his view, create an unacceptable and unsustainable level of risk. He added that the US is “immediately open to talks” with Denmark and other countries, noting decades of US support for Europe’s security.

Separately, the president denied reports that he had offered the post of Federal Reserve chair to JPMorgan CEO Jamie Dimon. Trump said those reports are not true.

He also said he plans to sue JPMorgan within the next two weeks, accusing the bank of “debanking” him after the events on January 6, 2021, on Capitol Hill.

The United States has completed its first sale of Venezuelan oil valued at approximately $500 million. According to Semafor, the primary account for holding the proceeds is in Qatar, and the funds are distributed across multiple bank accounts controlled by the US administration. Given the sanctions regime targeting Venezuela, Washington has selected Qatar as a neutral venue with a low risk of asset seizure.

The sale of Venezuelan crude oil reflects a strategic pivot in US policy toward the region. Control over oil revenues allows the American administration to influence how funds are spent and to steer them in line with its interests. Placing accounts in Qatar reduces the risk that capital could be blocked or intercepted by third countries or by the Venezuelan government.

US President Donald Trump said he had a phone call with Venezuelan presidential representative Delcy Rodriguez, describing the conversation as “long and productive.” This indicates ongoing talks between the US and Venezuelan authorities over terms of cooperation in the oil sector and revenue management. The successful sale of the first cargo shipment demonstrates the feasibility of a plan to monetize Venezuela’s energy resources.

Alibaba shares climbed 3.1% in premarket trading in the US after data showed the company increasing its dominance in China’s artificial‑intelligence and cloud‑computing market. According to a LatePost report, Alibaba Cloud captured roughly 35.8% of the AI‑cloud market in the first half of 2025, exceeding the combined share of the three nearest competitors. AI‑cloud revenue totaled ¥22.3 billion, positioning the company as a clear-cut leader.

The company said it is developing its Qwen app as a comprehensive AI agent that integrates Alibaba ecosystem services. Qwen offers features such as price comparison on Taobao, navigation via Amap and other services free of charge, unlike ChatGPT. Jefferies analyst Thomas Chong noted that a range of BABA apps, including Taobao and Alipay, will be integrated with Qwen for various use cases.

Jefferies forecasts the AI‑cloud industry revenue to skyrocket 149% year‑on‑year, with Alibaba holding a 40% share in 2025. The analyst expects Alibaba Cloud to account for 80% of the industry’s incremental revenue growth in 2026 and reach a 60% market share. If the high growth rate is maintained, the company could deliver triple‑digit growth next year.