{"id":238354,"date":"2026-01-30T09:45:03","date_gmt":"2026-01-30T14:45:03","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=238354"},"modified":"2026-02-02T04:21:20","modified_gmt":"2026-02-02T09:21:20","slug":"gold-at-5000-so-what-happens-next","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/commodities\/gold-at-5000-so-what-happens-next\/","title":{"rendered":"GOLD AT $5,000! So What Happens Next?"},"content":{"rendered":"\n<p>Gold is on a historic run. After hitting more than 50 new all-time highs last year, the yellow metal has surged to a new all-time high above $5,000 an ounce, a once-unthinkable amount. It\u2019s now doubled in value since September 2024.<br>Meanwhile, silver, the \u201cpoor man\u2019s gold,\u201d is not so poor any longer, having smashed through $110 an ounce.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-is-this-the-perfect-storm\"><strong>Is this the Perfect Storm?<\/strong><\/h2>\n\n\n\n<p>As I see it, the surge in gold prices is the result of multiple tailwinds converging all at once, including monetary, fiscal, geopolitical and even psychological.<br>For one, we continue to have runaway government spending and ballooning national debt. The U.S. is on track to add trillions in new deficits over the next few years, and with debt levels approaching 125% of GDP, the government can\u2019t afford significantly higher interest rates.<br>This puts the Fed between a rock and a hard place. Raising rates would risk a fiscal crisis, while cutting rates would risk an even weaker dollar, which is down about 10% since the start of Trump 2.0.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"900\" height=\"900\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/COMM-greenback-gold-01232026.png\" alt=\"Gold and the Greenback in the Trump 2.0 Era\" class=\"wp-image-238357 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/COMM-greenback-gold-01232026.png 900w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/COMM-greenback-gold-01232026-700x700.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/COMM-greenback-gold-01232026-300x300.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/COMM-greenback-gold-01232026-768x768.png 768w\" data-sizes=\"(max-width: 900px) 100vw, 900px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 900px; aspect-ratio: 900\/900;\" \/><\/figure>\n\n\n\n<p>And speaking of the dollar, there\u2019s a growing crisis of confidence in fiat currencies and central banks, especially the Fed. More on that later.<br>And finally, central banks around the world are buying gold at a historic pace. China, India, Turkey and others are stockpiling bullion and diversifying away from the dollar and U.S. Treasurys.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-fed-independence-under-fire\"><strong>Fed Independence Under Fire<\/strong><\/h2>\n\n\n\n<p>One of the most underappreciated forces driving gold\u2019s meteoric rise right now is, I believe, the growing concern about the independence of the Fed.<br>President Trump has made no secret of his frustration with Fed Chair Jerome Powell. This year, that frustration has escalated into something more serious and potentially dangerous for the credibility of monetary policy.<br>In an unprecedented move, the Justice Department issued a criminal subpoena to the Fed, targeting Powell over alleged cost overruns in building renovations. The Fed chairman responded with a rare video statement, warning that the investigation could be a pretext to force rate cuts.<br><br>To my knowledge, this is the first time a sitting Fed Chair has essentially accused the White House of trying to strong-arm monetary policy.<br>This should raise some red flags. The whole point of an independent central bank is to ensure long-term economic stability, even when it\u2019s politically inconvenient. When that independence is undermined, markets take note, as they are now.<br><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-turkey-s-cautionary-tale\"><strong>Turkey\u2019s Cautionary Tale<\/strong><\/h2>\n\n\n\n<p>To understand where this road leads, look no further than Turkey.<br>Turkish President Recep Erdogan has systemically undermined his country\u2019s central bank over the past decade, firing governors who refused to cut interest rates and replacing them with political loyalists. He embraced the unorthodox belief that&nbsp;<em>higher,&nbsp;<\/em>rather than lower, rates cause inflation, a theory that runs counter to centuries of economic history.<br>The result? Turkey\u2019s inflation&nbsp;<a href=\"https:\/\/ca.rbcwealthmanagement.com\/john.vidas\/blog\/4618328-When-Central-Banks-Fall-The-Cost-of-Losing-Monetary-Independence-in-the-US-and-Beyond\/\">soared past 80%,<\/a>&nbsp;the lira collapsed against the dollar and the economy teetered on the edge of catastrophe. Only after the damage was done did Erdogan finally reverse course, bringing in traditional leadership and allowing rates to be hiked (to exorbitant levels).<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"900\" height=\"900\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/COMM-Turkeys-Homemade-Monetary-Crisis-01232026.png\" alt=\"Turkey's Homemade Monetary Crisis\" class=\"wp-image-238356 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/COMM-Turkeys-Homemade-Monetary-Crisis-01232026.png 900w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/COMM-Turkeys-Homemade-Monetary-Crisis-01232026-700x700.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/COMM-Turkeys-Homemade-Monetary-Crisis-01232026-300x300.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/COMM-Turkeys-Homemade-Monetary-Crisis-01232026-768x768.png 768w\" data-sizes=\"(max-width: 900px) 100vw, 900px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 900px; aspect-ratio: 900\/900;\" \/><\/figure>\n\n\n\n<p>Like China and India, Turkey has a deep-seated affinity to gold, and when inflation began to rip, many Turkish investors increased their purchases of the metal as a hedge. It all added up! In October, when gold surpassed $4,000, the country\u2019s central bank estimated that households\u2019 total gold holdings had&nbsp;<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-10-10\/turkey-s-500-billion-gold-hoard-complicates-inflation-fight\">surged to $500 billion.<\/a><br><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-crisis-of-confidence-in-the-dollar\"><strong>A Crisis of Confidence in the Dollar<\/strong><\/h2>\n\n\n\n<p>It\u2019s not just Turkey, though, and it\u2019s not just individual investors.<br>Central banks from China to Switzerland have been steadily increasing their gold reserves. At the same time, they\u2019re scaling back exposure to U.S. Treasuries and reducing dollar holdings.<br>This global diversification away from the greenback is part of a broader \u201cdebasement trade,\u201d a strategy rooted in the belief that the dollar, like other fiat currencies, is losing its long-term value.<br>Gold has already&nbsp;<a href=\"https:\/\/elements.visualcapitalist.com\/central-banks-now-hold-more-gold-than-u-s-treasuries\/\">surpassed U.S. Treasurys<\/a>&nbsp;as a percent of total global foreign reserves. Is the dollar next?<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"900\" height=\"900\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/dollar-slips-banks-turn-gold-012026.png\" alt=\"As the dollar slips, Central Banks turn to gold\" class=\"wp-image-238355 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/dollar-slips-banks-turn-gold-012026.png 900w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/dollar-slips-banks-turn-gold-012026-700x700.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/dollar-slips-banks-turn-gold-012026-300x300.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/dollar-slips-banks-turn-gold-012026-768x768.png 768w\" data-sizes=\"(max-width: 900px) 100vw, 900px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 900px; aspect-ratio: 900\/900;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-gold-stocks-still-have-room-to-run\"><strong>Gold Stocks Still Have Room to Run<\/strong><\/h2>\n\n\n\n<p>What if you want exposure to gold but don\u2019t want the hassle of storing it? If you\u2019ve been following my work over the years, you know I\u2019m a big believer in gold mining stocks as a leveraged play on rising gold prices.<br>These companies tend to move two to three times faster than the metal itself\u2014both on the upside and downside.<br>But what\u2019s different about this cycle is that many miners have cleaned up their balance sheets, reduced debt and focused on shareholder returns. That means they\u2019re in a stronger position than in past gold bull markets.<br>Also worth watching are royalty and streaming companies, like Wheaton Precious Metals, Franco-Nevada and OR Royalties (formerly Osisko). These firms generate revenue based on production and price, without the same operational risks as traditional miners. OR, for example, just posted 100% earnings growth.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-stay-the-course\"><strong>Stay the Course<\/strong><\/h2>\n\n\n\n<p>We\u2019re living through a period of profound global monetary transition. The cracks are starting to show in the fiat currency system, and investors are waking up to the need for real assets in their portfolios.<br>I believe it\u2019s a logical destination in a world where confidence in central banks is eroding, debts are exploding and governments are increasingly reaching for control.<br><strong><em>Ready to explore an investment in the yellow metal? Email \u201cGOLD\u201d to\u00a0<a href=\"mailto:info@usfunds.com\">info@usfunds.com<\/a>\u00a0for more information on diversifying your portfolio.<\/em><\/strong><\/p>\n\n\n\n<p>&#8212;<\/p>\n\n\n\n<p>Originally Posted January 26, 2026 &#8211; <a href=\"https:\/\/www.usfunds.com\/resource\/gold-at-5000-so-what-happens-next\/\">GOLD AT $5,000! So What Happens Next?<\/a><\/p>\n\n\n\n<p>All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. By clicking the links above, you will be directed to a third-party website. U.S. Global Investors does not endorse all information supplied by these websites and is not responsible for their content.<\/p>\n\n\n\n<p>The U.S. dollar index is a measure of the U.S. dollar\u2019s value relative to its most significant trading partners\u2019 currencies: EUR, JPY, CAD, GBP, SEK, and CHF.<\/p>\n\n\n\n<p>Holdings may change daily. Holdings are reported as of the most recent quarter-end. The following securities mentioned in the article were held by one or more accounts managed by U.S. Global Investors as of (12\/31\/2025):&nbsp;Wheaton Precious Metals Corp., Franco-Nevada Corp., OR Royalties Inc.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold is on a historic run. After hitting more than 50 new all-time highs last year, the yellow metal has surged to a new all-time high above $5,000 an ounce, a once-unthinkable amount. It\u2019s now doubled in value since September 2024.<\/p>\n","protected":false},"author":36,"featured_media":238459,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[21,6,8,9,26,3],"tags":[],"contributors-categories":[13633],"class_list":{"0":"post-238354","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-commodities","8":"category-north-america","9":"category-region","10":"category-securities","11":"category-text-articles","12":"category-traders-insight","13":"contributors-categories-us-global-investors"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>GOLD AT $5,000! So What Happens Next? | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"Gold is on a historic run. After hitting more than 50 new all-time highs last year, the yellow metal has surged to a new all-time high above $5,000 an...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/238354\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GOLD AT $5,000! So What Happens Next? | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Gold is on a historic run. After hitting more than 50 new all-time highs last year, the yellow metal has surged to a new all-time high above $5,000 an ounce, a once-unthinkable amount. It\u2019s now doubled in value since September 2024.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/commodities\/gold-at-5000-so-what-happens-next\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2026-01-30T14:45:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-02T09:21:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/gold-featured-img.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"563\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Frank Holmes\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Frank Holmes\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"NewsArticle\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/securities\\\/commodities\\\/gold-at-5000-so-what-happens-next\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/securities\\\/commodities\\\/gold-at-5000-so-what-happens-next\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Frank Holmes\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/76a97f31492e588de01f76c9f6b1df38\"\n\t            },\n\t            \"headline\": \"GOLD AT $5,000! 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