Ole S. Hansen, head of commodity strategy at Saxo Bank, shared on social media platform X on Jan. 12, 2026, a detailed breakdown of the forces driving the surge. He stated:
In a separate post, Hansen opined:
FAQ ⏰ Why did gold and silver surge to record highs? Prices jumped as political pressure on the Federal Reserve and geopolitical unrest fueled safe-haven demand. How did Federal Reserve independence factor into the rally? Concerns over political interference raised fears of inflation, weaker bonds and institutional credibility loss. What role did Iran unrest play in commodity markets? Escalating protests increased geopolitical risk premia, supporting precious metals and oil prices. Why are tight supply dynamics important for silver and gold? Constrained supply amplified price volatility as demand surged across global markets.
