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    Gold price extends record run: planning implications for mine project teams

    January 21, 2026|

    Reviewed by Joe Ashwell

    Gold price extends record run: planning implications for mine project teams

    First reported on MINING.com

    30 Second Briefing

    Gold surged to a record $4,887/oz on Wednesday, its first break above $4,800 and capping a 75% 12‑month gain driven by geopolitical tensions over Greenland, threats of US tariffs on eight European nations, and a meltdown in Japanese government debt that has hammered long-dated Treasuries and the dollar. Central bank demand remains strong, with the National Bank of Poland approving another 150 tonnes of purchases and Bolivia resuming buying under December 2025 reserve rules, while Goldman Sachs maintains a $4,900/oz base‑case target. Silver, despite a 140% rise in 2025 and a fresh record of $95.89/oz on Tuesday, slipped over 1%, with ANZ warning of higher volatility as prices push towards three digits.

    Technical Brief

    • Spot gold hit an intraday high of $4,887.19/oz on Wednesday before easing back.
    • Gold set more than 50 new record highs across 2025 and into early 2026.
    • TD Securities’ Daniel Ghali links current buying to “debasement trade” fears in sovereign bond markets.
    • Japanese sovereign debt sell‑off is feeding concerns about market‑led currency debasement in major economies.
    • National Bank of Poland has formally approved an additional 150 tonnes of gold purchases.
    • Bolivia’s central bank resumed gold reserve accumulation under regulations introduced in December 2025.
    • Goldman Sachs’ commodities team keeps gold as its “highest conviction” call, with upside risk beyond $4,900/oz.
    • Silver reached a record $95.89/oz on Tuesday before retreating more than 1% the next day.

    Our Take

    With gold and silver both flagged in 245 keyword-matched pieces in our database, this kind of 75%–plus annual gold move tends to feed quickly into project re‑optimisation studies, cut-off grade revisions and accelerated drilling on marginal deposits, especially in North and South America.

    The National Bank of Poland’s plan to add 150 tonnes of gold reinforces the central‑bank bid that underpins many of the gold-linked projects in our coverage, giving developers in jurisdictions like the USA and Greenland more confidence to lock in higher price assumptions in feasibility work.

    The inclusion of lithium and lithium carbonate alongside gold and silver echoes the DRC critical-minerals shortlist piece (20 Jan 2026), signalling that multi-commodity portfolios which mix precious metals with battery materials may be better positioned to ride out future price mean reversion in any one metal.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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