Precious Metal Market Outlook & Bullion Trading Economic Trends

Exclusive Precious Metals Market Outlook and Recommendations

Index updated January 20, 2026

Blanchard's Bi-weekly Index

The Blanchard Bi-weekly Index is a roll-up of industry news and economic trends affecting the precious metals market and trading world.

Check back often for insights and commentary from our leading experts and contributors.

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Market Movers

Precious Metals

Gold and silver jumped to new record highs and stocks dropped after President Trump demanded “complete and total control of Greenland.” European leaders are mobilizing for a meeting of all 27 European Union nations this week in response to the escalating crisis over Greenland.

Silver is the best performing asset class in 2026 with a 33% gain since the start the year. All precious metals remain in strong uptrends.

President Trump announced 10% tariffs on all goods sent to the U.S. from eight NATO nations—Denmark, Norway, Sweden, France, Germany, the U.K., the Netherlands and Finland . Those eight nations recently sent troops to Greenland for military exercises there.

Investors are flocking to the safety of precious metals as Wall Street digests what the latest actions from the White House could mean for the NATO alliance and the impact on the U.S. economy.

Key Takeaway:

The first year of the Trump Administration has redrawn the global political map. There’s been regime change in Latin America and now calls for regime change in Iran. The world has shifted into a period of near-constant geopolitical upheaval. For investors, the challenge today is understanding how these geopolitical shocks could translate into economic and market trends. For now, central banks, hedge fund and individual investors continue to pour fresh money into the safety of gold and silver as a hedge against military, political and economic upheaval ahead.

Economic Update

U.S. consumer prices rose 2.7% annually in December. The increase in the December Consumer Price Index was driven by on-going housing-related inflation alongside sharply rising food prices (up 0.7% from November) and higher energy prices (up 0.3%).
In December, the U.S. unemployment rate edged down to 4.4%, from 4.5% in November— but is still up from 4.1% a year ago. Job creation was slower in 2025 than 2024. In December employers added 50,000 new jobs, versus the average of 49,000 per month in 2025. That’s down from 168,000 per month in 2024.

Key Takeaway:

Inflation is still running hotter than policy makers would like—above the Federal Reserve’s 2% target rate. There are forecasts for the Fed to pause interest rate cuts this month and possibly also in March. However, by the time the Fed meets again in April and June, economic conditions will likely support another cut in rates, which would be bullish for gold and silver.

In the News

Stocks fall and gold hits record as Greenland crisis deepens – Financial Times, Jan 19.

“Denmark dispatched additional troops to Greenland on Monday as US President Donald Trump declined to rule out using force to seize control of the vast Arctic island.”

Gold and Silver Jump to Record Highs on Greenland Tariff Threats – Bloomberg, Jan. 19.

Every major analyst’s gold price forecast for 2026 – The Street, Jan. 18.

“There’s much bullishness about gold in 2026, which is why a survey of Wall Street firms showed projections for gold to rise 17% from the end of 2025.
Analysts’ gold price forecasts for 2026: Change from 2025 close of $4,341.10 per troy ounce
Jefferies Group: $6,600, up 52.04%
Yardeni Group: $6,000, up 38.21%
UBS: $5,400, up 24.39%
JPMorgan Chase: $5,055, up 16.45%
Charles Schwab: $5,055, up 16.45%
Bank of America: $5,000, up 15.18%”

Inflation remained at 2.7% in December, as high prices continue to weigh on many Americans – CNN, Jan 13.