AGE Gold Commentary is our regular report analyzing trends in precious metals and rare coins. We monitor domestic and international markets and extrapolate from our 30 years in metals to place current events into a hard asset perspective. View archives.
1/26/2026:Japan bond crisis sends gold, silver soaring
Source:
We have an important market update today based on what has happened in the markets last week and especially overnight.
While much of the media focused last week on President Trump’s comments about Greenland, a far more serious global economic event unfolded in Japan—a developing credit crisis in the government bond market.
After a weak but routine Japanese bond auction, investors abruptly sold off bonds en masse, sending yields sharply higher and triggering a crisis of confidence in Japan's debt markets.
As bond yields spiked, gold and silver—previously losing upside momentum—suddenly surged. Gold jumped more than $350, rising from under $4,650 to nearly $5,000, while silver gained 10%, climbing from $93 to as high as $103. Platinum and palladium also rallied into the Friday, January 23 close.
The situation escalated further when Asian markets reopened last night. Precious metals prices exploded higher, with gold surging another $100 to above $5,100, silver racing to $112, platinum spiking more than $100 to nearly $2,920, and palladium jumping as much as $140 to $2,165.
In this AGE Gold Commentary, we examine what happens when rising bond yields destabilize the world’s largest credit markets—and why these disruptions often trigger powerful, unexpected ripple effects across the global economy, boosting precious metals.
You can also view this video on the AGE YouTube channel, which includes a transcript.
AGE's Gold Commentary
AGE Gold Commentary is our regular report analyzing trends in precious metals and rare coins. We monitor domestic and international markets and extrapolate from our 30 years in metals to place current events into a hard asset perspective. View archives.
1/26/2026: Japan bond crisis sends gold, silver soaring
Source:
We have an important market update today based on what has happened in the markets last week and especially overnight.
While much of the media focused last week on President Trump’s comments about Greenland, a far more serious global economic event unfolded in Japan—a developing credit crisis in the government bond market.
After a weak but routine Japanese bond auction, investors abruptly sold off bonds en masse, sending yields sharply higher and triggering a crisis of confidence in Japan's debt markets.
As bond yields spiked, gold and silver—previously losing upside momentum—suddenly surged. Gold jumped more than $350, rising from under $4,650 to nearly $5,000, while silver gained 10%, climbing from $93 to as high as $103. Platinum and palladium also rallied into the Friday, January 23 close.
The situation escalated further when Asian markets reopened last night. Precious metals prices exploded higher, with gold surging another $100 to above $5,100, silver racing to $112, platinum spiking more than $100 to nearly $2,920, and palladium jumping as much as $140 to $2,165.
In this AGE Gold Commentary, we examine what happens when rising bond yields destabilize the world’s largest credit markets—and why these disruptions often trigger powerful, unexpected ripple effects across the global economy, boosting precious metals.
You can also view this video on the AGE YouTube channel, which includes a transcript.
Sincerely,
Dana Samuelson
President