On February 4th, Goldman Sachs stated that it continues to see significant upside risk to its December 2026 gold price forecast of $5,400 per ounce. The bank pointed out that, in terms of timing, most of the price fluctuations in January were driven by Western capital flows rather than speculative activity. The adjustment in silver was notably larger due to the still tight liquidity conditions in the London market, which amplified two-way price volatility. In the silver market, besides the volatility triggered by bullish option structures similar to gold, the ongoing London liquidity tightening has also added additional factors to extreme price behavior.