Asian Metals Market Update for 2nd February 2026

February 02, 2026

Finally, I have something to write in gold and silver. I am not surprised by the crash in silver and gold. To me, I will call the fall a mere correction and nothing else. Gold has not even fallen. Spot gold will be called a correction if and only if it trades below $4300. If not, then the reversal to $5500 will be very quick.

In January 2026. (i) Silver price had reached the 2026 minimum price target of most analysts. (ii) The gold price jumping $500 in three trading sessions in the last week of January was never seen before. (iii) I am not commenting on copper, as prices are over-reliant on the AI boom demand.

The young meme generation has a tendency to buy the highs, buy the highs till eternity. A large number of so-called “meme investors” are first-time investors in silver. They probably invested in silver in December-January months. They are the generation who look into investment on mark to market (MTM) basis daily. They have a very high risk appetite. They are very quick to relocate portfolio and re-switch to a different asset class. They never sit on cash. A very long period of boom followed by an unthinkable price bust will be there in the next five years. I have seen with Indian stocks in 2025. I have seen with crypto currencies post covid years. Investors like me who avoid buying the highs or selling the lows have to adjust to the new reality created by the “meme generation investors’.

Long term factors are all bullish for gold, silver, copper and other precious metals and non-ferrous metals. I intend to start investing in physical silver at the current price and add more on every fifteen per cent fall (if any) for the next fifteen months.

Jewellery demand will be very high in India and all over Asia. Jewellery shops in India will be heaving a sigh of relief. “Do not buy in UNFIX Mode” is my message to my jewellery family world over.

Economic data releases and other news have not impacted precious metals and non-ferrous metals. It remains to be seen if precious metals are a pure momentum trade. China will go on a holiday anytime from next week. Chinese jewellery demand as a gift should beat the best of forecast should price do not go berserk once again.

Very short-term traders and intraday traders trade very carefully for the next three days till Wednesday's close.

Spot Silver – Current Market Price $74.65

50 day simple MA: $79.67
100 day simple MA: $65.35
200 day simple MA: $52.45
TODAY VIEW: Spot silver has to trade over $76.51 today and this week on a daily closing basis to be in a very short-term bullish zone and rise to $94 and more.
Crash or sell off will be there if spot silver has a daily close below $76.51 for a minimum of five consecutive trading sessions to $65.35, $61.10 and $52.45
Overall, spot silver has to trade over one hundred day simple moving average of around $65.35 to be in a bullish zone in the month of February.
There can be some very sharp two-way price moves today.
Views are intraday unless otherwise specified.

DISCLAIMER: The investment ideas provided is purely independent view point and are solely for collective learning and for academic interests. There is no commercial benefit accruing or have deemed to accrue to me out of providing such investment ideas.

The investment ideas shared here cannot be construed as investment advice or so. If any reader is acting on these advices, they are requested to apply their prudence and consult their financial advisor before acting on any of the recommendations made here. I am not responsible to anybody in the event of profits and losses (if any) upon acting on such advice.

I hope that our reader is aware about this well aware of the risk involved in trading in commodity derivative trading.

Disclosure: I trade in India's MCX commodity exchange. I have open positions in India's MCX commodity future. I do not trade in CME future or OTC spot gold and spot silver.

NOTES TO THE ABOVE REPORT