PANews reported on February 4th that, according to Jinshi, Goldman Sachs maintains that its December 2026 gold price forecast of $5400/ounce carries significant upside risk. The bank noted that, from a timing perspective, most of the price volatility in January was driven by Western capital flows rather than speculative activity. Silver saw a significantly larger correction due to continued tight liquidity in the London market, amplifying two-way price fluctuations. In the silver market, in addition to volatility stemming from call option structures similar to those in gold, the ongoing London liquidity crunch added further factors to extreme price behavior.