Overnight, gold reached a high of $5596.20 as U.S. military assets stream into the Middle East in preparation for what looks certain to be a heavy assault on the nation of Iran.
President Trump has called on Iran to abandon its nuclear ambitions or face a U.S. military incursion just months after telling the world that America's bombers had "obliterated" Iran's nuclear apparatus.
Apparently, that's not the case.
Just in the past two weeks, a U.S. and Israeli-led false flag color revolution protest failed to topple the Iranian regime, resulting in the capture, arrest, and execution of thousands of Mossad and CIA operatives along with their internal supporters. The "revolt" was thwarted by Iran block transmissions from Starlink, which the instigators were using to relay messages and coordinated disruptions. Reportedly, Iran received technical assistance from China in disabling the low-orbit satellites that transmit internet signals and have been used widely in Ukraine to target Russian assets.
With a U.S. and Israeli assault imminent, gold has ripped higher. It first crossed $5,000 on January 25. It took just three days to reach $5,500 and beyond.
Silver, which has recently been advancing at a more rapid pace than gold, has taken a back seat for now, though it surpassed $120 an ounce overnight and is currently showing a spot price of $119 just a half hour before the opening bell for U.S. stocks. Gold continues to hover in a range from $5,520 to $5,550, though it will likely advance higher once the almost certain attack commences. The most likely time for the U.S. to launch its assault would be over the weekend. President Trump hs shown a preference to not make military moves during market hours. He considers the stock market a yardstick for his exemplary economic performance.
Investors and speculators appear to be weighing the geopolitical event alongside earning reports from major tech companies. After the close Thursday, Tesla (TSLA), Meta Platforms (META), Microsoft (MSFT), and IBM (IBM) all reported and Thursday morning saw another raft of high-profile companies jumping on the earnings bandwagon. Caterpillar (CT), Royal Caribbean (RCL), Altria (MO), Lockheed Martin (LMT), Southwest Airlines (LUV), Mastercard (MA), Nokia (NOK) Blackstone Group (BX), and Nasdaq (NDAQ) have all issued reports in the past three hours.
Heading into the open, a cautious advance market has Dow futures up 18 points, NASDAQ futures of 33, and S&P futures ahead by 15.
The gloves are off, kids.
50,000 on the Dow, $10,000 gold and $200 silver are distinct possibilities this year if we don't all get nuked first.
At the Close, Wednesday, January 28, 2026:
Dow: 49,015.60, +12.19 (+0.02%)
NASDAQ: 23,857.45, +40.35 (+0.17%)
S&P 500: 6,978.03, -0.57 (-0.01%)
NYSE Composite: 22,800.11, -78.12 (-0.34%)
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