Gold is up around 17% year to date as confidence in the US dollar fades.
Today, spot gold is up about 0.9% near $5,030 after briefly pushing above $5,100 earlier. It also cleared $5,000 for the first time during Asia Pacific trading, but momentum looks to be slowing on the 4-hour chart. However, Goldman Sachs has lifted its December 2026 gold target to $5,400 per ounce.
Silver has moved even faster. The gold to silver ratio has dropped below 50 for the first time since March 2012. Put simply, silver is now trading at its strongest level relative to gold in almost 14 years.
If gold holds near $5,100 and the ratio reverts to its long-term average around 70, silver will need to drop to roughly $72 to get back to that historical relationship.
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