The price of gold and silver just hit another record. This time the reason is different—and worrisome

One thing has become reliable over the past year of worldwide uncertainty: the price of gold and silver has continued to rise.

The precious metals reached record highs again in the early hours of Wednesday. Silver hit over $91 per ounce, more than a 26% increase year-to-date and a 201% increase over the last 12 months. Silver had reached more than $90 for the first time on Tuesday.

Meanwhile, gold rose this morning to more than $4,637 an ounce—up more than 7% in 2026 and over 73% for the past year.

Why do gold and silver continue to rise?

Gold hit a record $4,600 an ounce on Monday after news broke that federal prosecutors are investigating Federal Reserve Chair Jerome Powell.

Officially, the U.S. Attorney’s Office for the District of Columbia is looking into $2.5 billion spent to renovate the Federal Reserve headquarters. However, President Trump has made his disdain for Powell well known, with the latter refusing Trump’s demands to slash interest rates.

In a video statement, Powell pointed to the current administration’s pattern of going after anyone who dares to disagree with it.

“No one—certainly not the chair of the Federal Reserve—is above the law,” said Powell. “But this unprecedented action should be seen in the broader context of the administration’s threats and ongoing pressure.”

This development occurred as tumultuous news around the world—notably, Iran’s mass executions of protesters—has pushed investors toward safe-havens like gold and silver.

As for silver, the increase could also be attributed to China’s recent restrictions on exporting the metal, limiting access to it in the U.S. A January 2025 report from the U.S. Geological Survey stated that China is one of the largest silver producers in the world.