The Global Silver Chokehold No One Is Talking About

Jan 29, 2026, 5:04 p.m. GMT

If you were watching the precious metals markets at the US open today, you will have seen just how volatile things have become.

Gold briefly traded above $5,600 an ounce before falling sharply by around $500. Silver saw a similar move, dropping by roughly $14 in a very short space of time. There was no clear piece of news to explain the move, just a sudden and violent reversal that caught many by surprise.

Days like this tend to revive the familiar questions. Is this a bubble? Is the move over? Is something broken?

Those questions are exactly why I recently sat down with Jan Skoyles on GoldCoreTV to talk through what is actually driving gold and silver right now, and why sharp price swings do not change the underlying picture.

This is not a discussion about predicting the next price move. It is a discussion about understanding why gold and silver are behaving differently from most other assets, and why volatility itself has become a feature rather than a flaw of this market.

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About Author

Dave Russell

David is the CEO of GoldCore. Until Summer 2023 he was the Director of Marketing and Communications, responsible for all marketing and communications strategies and branding. David joined GoldCore in 2008 as Director of Business Development and later took over as Director of Marketing and Communications in 2020. Prior to this Dave managed and operated his own Marketing Agency and completed multiple coaching qualifications. "Working for GoldCore gives you a fantastic lens through which to view global financial and geopolitical developments. I am very proud to be part of a company that contributes to increasing investors understanding of these developments." When he’s not at work, David is passionate about sailing and has completed the ‘Round Ireland Yacht Race’ twice.