Gold Approaches Historic Levels

Gold’s momentum shows no signs of slowing. Spot gold reached $4,874, and after three consecutive sessions of gains, it is testing the critical $4,900 threshold. Some analysts argue this could be a short-term move, yet the market increasingly reflects metals regaining value.

At this point, global liquidity pressures play a key role. Risky assets like cryptocurrencies and tech stocks are under pressure, while safe-haven assets such as gold and commodities benefit.

Cowen’s Take: Metals vs Crypto

Benjamin Cowen summarizes the situation:

“In 2025, metals outperformed cryptocurrencies, and 2026 is likely to follow the same pattern. When metals eventually correct, cryptocurrencies could fall further.”

He also cautions altcoin investors:

“Altcoins are not long-term investments. Bear markets teach us to restart and focus on what truly matters.”

Institutional Voices and Market Guidance

Goldman Sachs’ Daan Struyven reaffirmed the bank’s confidence in gold. According to their base case, gold could reach $4,900 per ounce, with upside risks still present. Not only individual investors, but institutional players are closely watching this movement.

Geopolitical Risks Keep Markets on Edge

Geopolitical tensions add another layer of stress. Trump reiterated that he will not back down on Greenland and threatened a 10% tariff on imports from eight European countries starting February. Everyone in the market is talking about this threat. At Davos, Macron and EU officials are preparing countermeasures. France’s President directly criticized Trump’s tactics, while the EU plans a $100+ billion retaliation package. At this point, no agreement has been reached, and uncertainty remains high.

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