It’s Great for Metals. Manic Metals Report 01/28/2026

If you’re feeling the frost of January 28, 2026, let me tell you—the metals market is heating up like a blast furnace driven today by a weak dollar that President Trump says is Great, Iran worries as well as value baying !  And as we have been talking about the historic times for meals and even going as far as saying that metal like copper may be important for the economy than oil right now the big players are listening. Investing reported that Citadel, the most successful hedge fund in commodity markets, is expanding into industrial metals as prices from copper to tin reach record highs a sector that had ignored for years.
According to Bloomberg News, Citadel—a Miami-based hedge fund led by Ken Griffin—is making a strategic move into industrial metals by hiring Ylan Adler as a portfolio manager with a cross-commodities mandate that will notably focus on metals. This marks a departure from Citadel’s previous stance of avoiding base metals like copper and zinc, traditionally seen as challenging due to entrenched competitors such as Glencore Plc and Trafigura Group. Until now, Citadel’s commodities business has thrived in areas like energy, with substantial profits including around $8 billion in 2022, and has been a major player in U.S. physical gas trading. The fund’s success has spurred rivals to ramp up commodity hiring as well.
On Tuesday, President Donald Trump, declared the dollar’s value “great” when pressed on whether it had tumbled too far. And boy, that sent the greenback scrambling to a four-year low. Which helped ignite metals.  Not only are metals traders celebrating but US exporters and farmers are popping champagne! A softer dollar? That’s music to their ears, making American goods cheaper abroad and turbocharging our already red-hot economy. Heck, it might just be the secret sauce in Trump’s master plan to slash that massive trade deficit.
Now, the naysayers are out in force, blaming the buck’s slide on everything from expected Fed rate cuts, tariff jitters, policy rollercoasters (including those eyebrow-raising threats to Fed independence), and ballooning fiscal deficits. They claim it’s shaking investor faith in US stability. But let’s pump the brakes on that doom-and-gloom script—it doesn’t square with the facts.
It’s not just the dollar it has been consistent central bank buying around the globe that started in massive quantities during Covid and it’s still relentless—around 755 tonnes expected this year, down a tad from recent peaks but still miles above pre-2022 norms.  Emerging markets are leading the charge, with net purchases hitting 45 tonnes in November alone, pushing year-to-date to 297 tonnes.  Still, Poland, Kazakhstan, Azerbaijan—you name it, they’re stacking bars to hedge against dollar wobbles and de-dollarization vibes. Which I think the de-dollarization is a fantasy for these folks .
Toss in the Iran wildcard, and you’ve got a perfect storm for safe-haven surges. Gold  shattered $5345 an ounce Fed probes and Iran unrest, with silver vaulting over $117 an ounce for the first time ever .  Gold surged to $5,285.10 per ounce, jumping to $105.50 today for a 2.04% gain. Over the past month, gold is to an eye-popping 21.12%, and compared to a year ago, it’s soared by 91.28%. The rally looks parabolic, but with persistent central bank buying and ongoing market risks, the bullish momentum could continue. Silver followed suit, rising $1.92 to $114.01 per ounce—a 1.71% gain. Industrial demand from booming AI, solar, and electric vehicle sectors is fueling a fifth consecutive year of supply deficits, with production struggling to keep pace. Some analysts at Citi forecast silver could reach $110 in the second half, while Bank of America suggests a retail-driven surge could push prices as high as $170. Platinum posted modest gains, up $15 to $2,662.00 per ounce or 0.57%, buoyed by steady demand from automotive and industrial applications.
Bloomberg reported that Chinese investors driving a surge in precious metals face rising risk, as domestic prices exceed global benchmarks. Shenzhen authorities formed a task force to monitor a gold-trading platform following withdrawal issues. Additionally, China’s sole silver fund suspended trading and stopped accepting new investors.
That may be one reason silver rally slowed compared to gold
Palladium jumped $40 to $1,950.00 per ounce, up 2.1%, as supply tightness and recovering demand keep prices firm. Rhodium held steady at $10,500.00 per ounce, showing resilience amid continued need for auto catalytic converters.
Meanwhile, copper advanced 0.95% today to $5.92 per pound, marking a 7.09% increase for the month and a 38.58% gain year-over-year. The metal is benefitting from robust demand for AI data centers, a rebound in China, and the ongoing electric vehicle boom, but looming supply deficits—driven by declining ore grades and disruptions in key regions like Chile and Peru—could further impact prices in the near future.
Bottom line? The dollar’s dip is “grrrrreat!” for metals, trade triumphs are real, and with Iran risks and central bank muscle, prices are poised for more upside. Keep an eye on the market—volatility is part of the landscape in these unpredictable times. For metals traders, there may be opportunities ahead, but it’s important to remain cautious and watch developments closely.
Obviously the developments with the Federal Reserve could also move the market in metals today dramatically while most people expect the Fed to keep rates unchanged I think there will be a lot of talk about independence of the Federal Reserve and also the outlook for interest rate cuts in the future based on the strong economic growth and the jobs market that could be a little bit better the Federal Reserve should be cutting interest rates whether they do so remains to be seen but make sure that you stay tuned into Fox Business Network because they’re the only network in America that’s invested in you and can keep you up to date on what’s going on at the same time you can sign up for the Phil Flynn daily trade levels you can also open an account with  Phil Flynn just by calling 888-264-5665 or by emailing me at pflynn@pricegroup.com.