The historic surge in gold and silver continues, but look at this bull market that is just getting started.

Expect Big Inflation
January 13 (King World News) – Peter Schiff:  CNBC is making a big deal about what they claim is good news on inflation. December CPI rose 2.7% YoY, but core rose just 2.6%, 0.1% less than expected. Meanwhile, gold and silver are soaring to new highs. That’s a much better indicator of inflation than a meaningless core CPI.

Annual Rebalancing Impact On Gold, Silver & Oil
Ole Hansen, Head of Commodity Strategy at SaxoBank:  The annual rebalancing of the two major commodity indices is now in its fourth of five days, and so far the market impact has, to put it mildly, been underwhelming. That highlights both the risk of placing too much faith in a well-flagged, rules-based event and the underlying strength of demand for precious metals.

Crude has benefited from the dual tailwinds of index buying and heightened geopolitical risk, while cocoa—where fundamentals have softened—has seen producer selling and wrong-footed longs offset much of the buying from Bloomberg Commodity Index trackers. 

Changes since last Wednesday’s closing prices:

Silver (SIH6): +12.6%

Gold (GCG6): +3.6%

Brent (COH6): +8.3%

Cocoa (CCH6): -10.3%

Crude Oil’s Rebound Gathering Pace
Ole Hansen, Head of Commodity Strategy at SaxoBank:  Crude oil’s rebound is gathering pace, with both Brent and WTI trading at their highest levels since mid-November. The move reflects a classic short-covering and momentum-driven squeeze after many traders and investors entered the year positioned for lower prices amid widespread talk of a major supply glut into early 2026.

KING WORLD NEWS NOTE: Is Crude Oil Getting Ready To Join The Gold & Silver Rally On The Upside?

Instead, President Trump’s move on Venezuela—far from guaranteed to restore production to previous levels—together with persistent disruption risks in Iran has, for now, reintroduced a geopolitical risk premium into both WTI and Brent.

So far, the rally has been driven more by positioning than by fundamentals, with no meaningful supply disruption yet evident. Prices have instead moved higher as geopolitical risk is being repriced. From a broader perspective, the global supply–demand balance still looks comfortable, and it would take a major and sustained disruption to materially change that picture.

Against this backdrop, we expect crude to remain rangebound in the near term, with upside likely capped around USD 65 for WTI and USD 70 for Brent. At the same time, we do not subscribe to forecasts calling for sharply lower prices in H1-2026. Uncertainty around production remains elevated, and positioning is already weak, meaning it would take a decisive downside break—Brent below USD 58.50—to generate real momentum. If the market were truly as oversupplied as many forecasts suggest, that break should arguably have occurred months ago.

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