Every day is a new high—gold and silver are the true stars
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Every day is a new high—gold and silver are the true stars
Today’s three key focuses: how long the ongoing breakout trends of gold and silver will last; the sustainability of new tokens such as River and Sentient; and whether Trump’s policies will reverse again.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Good morning. This is TechFlow’s Daily Market Recap. Let’s begin with a review of U.S. equities.
On January 22, all three major U.S. indices rose over 1%: the Dow Jones Industrial Average gained 588 points to 49,077; the S&P 500 rose 79 points to 6,875; and the Nasdaq Composite climbed 270 points to 23,224. At the World Economic Forum in Davos, Trump withdrew his tariff threat against Europe and reached a “framework agreement” regarding Greenland—prompting markets to rebound sharply from the prior day’s panic. Intel surged 11.72%, buoyed by a $151 billion defense contract—the day’s biggest highlight. Chinese ADRs broadly rallied, with Baidu up 8.17%.
Yet the drama unfolding in the precious metals market was even more breathtaking.
Gold hit an all-time high of $4,888 intraday before plunging sharply—only to surge again and break above $4,950, marking its third record high in three days. The $5,000 milestone now lies just within reach.
Silver’s volatility was even more extreme: spot silver briefly breached the $93, $92, and $91 levels before rallying strongly to set another new all-time high—surpassing $98—and now stands just shy of the $100 mark. Year-to-date, silver has surged over 132%, while the gold-silver ratio has plunged to 51.9:1—the lowest in 13 years.
This roller-coaster ride in precious metals reflects rapid shifts in risk sentiment. On Tuesday, the Greenland dispute triggered a “sell U.S. assets” trade that pushed gold above $4,880, as Danish pension funds dumped U.S. Treasuries and global capital flooded into gold for safety. On Wednesday, Trump abruptly reversed course, boosting risk appetite and triggering swift profit-taking—followed by a powerful counter-rally.
Silver’s performance has been even more extreme. From roughly $20 at the start of 2024, its price has nearly quintupled. Surging industrial demand—from solar power, new-energy vehicles, and AI servers—combined with its financial safe-haven attributes, has driven silver’s explosive rally. Yet such heightened volatility has drawn regulatory concern: the Shanghai Futures Exchange has widened silver’s daily price limits to 16% and raised margin requirements to 18%. While short-term overheating worries persist, the Silver Institute forecasts the supply deficit will widen to 4,500 metric tons by 2026—suggesting sustained supply-demand tightness will continue supporting prices.
In contrast, the crypto market remained relatively quiet.
Bitcoin hovered near $89,600, while Bitcoin ETFs recorded net outflows for three consecutive days—$708.7 million on Wednesday alone.
However, two emerging stars warrant attention: River, a chain-abstraction stablecoin protocol, saw its native token RIVER continue breaking new highs—up 36% over 24 hours to $64, with its market cap surpassing $1.2 billion. Backed by Arthur Hayes, the project has soared 1,200% this month, becoming DeFi’s most talked-about new narrative.
The second is SENT—the token of Binance’s open-source AI platform Sentient, launched on the evening of January 22. This high-profile project raised $85 million in seed funding, led by Peter Thiel’s Founders Fund and Pantera Capital, with Polygon’s co-founder serving as a core contributor. Sentient aims to build an open AGI economy, enabling open-source AI developers to monetize their models. Its debut was strong, rekindling market enthusiasm for the AI + crypto convergence.
The Davos Forum dominated headlines. Elon Musk made a rare appearance, criticizing U.S. solar tariffs and revealing Tesla will begin selling its Optimus humanoid robot in 2026. He also predicted European regulators will approve autonomous driving technology within weeks. Tesla’s stock rose 2.91% on Wednesday—but remains below its year-to-date high. Musk further stated that robot numbers will eventually exceed human population—a development he believes will drive massive economic prosperity.
Trump declared at Davos that U.S. equities will double and that Q4 GDP growth reached 5.4%. Yet markets have grown increasingly immune to his policy volatility: each cycle of threat followed by compromise erodes U.S. policy credibility. Gold’s record highs, anomalous rises in Treasury yields, and frequent sharp drops in the U.S. Dollar Index all point to one overarching issue: global capital is reassessing the risk profile of dollar-denominated assets.
Today, watch three things: how long the gold and silver breakout momentum endures; whether tokens like RIVER and SENT sustain their upward trajectories; and whether Trump’s policy stance flips once again.
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