Gold, Silver Touch Record Highs – Why Commodities Expert Ole Hansen Sees Possible Rotation Back Into Bullion

• The gold–silver ratio has held support near 49 for a fifth consecutive session, Hansen noted.
• Silver’s historic run will begin to test industrial demand, Hansen said in a post on X.
• Silver futures for March 2026 deliveries surged over 6% while gold futures for February 2026 deliveries jumped 3.5%.

Precious metals extended their record-breaking rally into Tuesday, with silver surging past $95 an ounce for the first time ever and gold vaulting above $4,700, as investors rushed to safe-haven assets amid increasing geopolitical uncertainties. 

Spot silver (XAG/USD) prices gained 1.6% to $95.9 an ounce, while spot gold (XAU/USD) rose 1.7% to $4751.4 per ounce. Futures showed stronger momentum as silver futures for March 2026 deliveries surged over 6% while gold futures for February 2026 deliveries jumped 3.5%.

The gold–silver ratio has held support near 49 for a fifth consecutive session, suggesting a possible rotation back into gold, said Ole Hansen, veteran commodities expert and Head of Commodity Strategy for Saxo Bank, in a post on X on Tuesday.

Silver’s historic run will begin to test industrial demand, which typically accounts for nearly 60% of total usage in a year, Hansen added.

Retail sentiment for SPDR Gold Shares ETF (GLD) turned ‘bullish’ from ‘neutral’ a day earlier, while iShares Silver Trust (SLV) remained in the ‘bullish’ territory at the time of writing.

Markets Watch

European and Asia-Pacific markets largely declined on Tuesday as investors weighed rising geopolitical risks after U.S. President Donald Trump threatened tariffs on goods from eight European countries unless a deal is reached for what he called the “complete and total purchase of Greenland.” Trump outlined 10% tariffs from February 1, rising to 25% by June.

U.S. equities fell on Tuesday, with the SPDR S&P 500 ETF (SPY) down by 1.4%, the Invesco QQQ Trust ETF (QQQ) fell 1.3%, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) declined 1.2%

Meanwhile, Japanese government bond yields jumped after Prime Minister Sanae Takaichi called snap elections, pushing 10-year and 30-year yields sharply higher.

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