Gold just blasted past $4,500, logging its 50th all-time high this year after jumping another 1.2% on Tuesday. This surge followed its biggest one-day rally in over a month and pushed the metal into overbought territory, with a relative strength index of 80.3.
The US blockade on oil tankers targeting President Nicolás Maduro’s government has lit a fire under demand for safe-haven assets.
Gold is now up 70% this year, setting it on pace for its best annual return since 1979. And traders aren’t done, because Goldman Sachs just projected a $4,900 base case for 2026, warning that upside risks remain.
The World Gold Council said gold-backed ETF holdings have increased every month this year except May. On Tuesday alone, State Street’s SPDR Gold Trust added 12 tons, its largest daily jump since October, according to data from Farside UK.
Meanwhile, silver is actually outperforming gold, rallying by 1.4% to $70 and now up 140% year-to-date, thanks to speculative inflows and tight supply, along with lingering dislocations from October’s insanely massive short squeeze.
London vaults have started to restock, but most available silver is still sitting in New York, where traders are bracing for the outcome of a US Commerce Department probe that could slap tariffs on critical mineral imports.
In China, inventories in Shanghai Futures Exchange warehouses just fell to their lowest since 2015. As of press time, silver’s RSI stood at 79.1, also flashing overbought territory.
Source: https://www.cryptopolitan.com/gold-makes-yet-another-all-time-high-for-the-50th-time-this-year-smashes-4500/
