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    Rabobank analysts note increasing gold and silver prices due to a shift towards material assets and de-dollarization

    by VT Markets
    /
    Jan 26, 2026
    Gold prices have gone over $5000 per ounce, while silver is above $100 per ounce. Recently, there’s been a move towards tangible assets, with talk about reducing reliance on the US dollar. Even with this shift, US Treasury auctions are still seeing strong demand. Data from SWIFT shows that the US dollar’s use in global payments is increasing, mainly at the expense of the Euro.

    Market Dynamics Of Gold

    Gold is currently above $5,000, and we believe the market is stretched in the short term. The implied volatility in gold options is at levels we haven’t seen since the 2025 rally, making direct buying quite costly. You might want to consider selling covered calls on your physical gold holdings to take advantage of this high premium. Alternatively, buying protective puts can help guard against a sudden price drop. While many are talking about de-dollarization, the numbers tell a different tale. SWIFT data from December 2025 shows that the dollar’s share of global payments actually increased to 48%, mostly at the cost of the Euro, which dropped to 21%. This discrepancy suggests that maintaining long positions in the dollar, especially against the Euro, is still a strong move. We also notice a similar trend in the bond market, where those calling for a ‘sell America’ stance are being overlooked. The latest 10-year Treasury auction had a bid-to-cover ratio of 2.6, indicating solid institutional interest in US debt despite negative sentiment. This shows that the dollar’s safe-haven status remains intact, offering chances to counter anti-dollar views.

    Central Bank Gold Buying Surge

    Looking back, the rise in precious metals was mainly fueled by record gold purchases by central banks throughout 2025, surpassing even the high activity levels of 2022 and 2023. This created a strong trend, but the solid foundations of the dollar’s system suggest we should be careful about pursuing this gold rally any further. The smart approach is to trade based on the gap between market perception and financial facts. Create your live VT Markets account and start trading now.

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