February 2026 – 2025 is likely to go down in history books as the year of precious metals. The gold price surged from one record high to another. After breaking the $3,000 level for the first time in March, it even leapt past $4,000 in October. Yet that was not enough. What ended in a record‑making frenzy in 2025 continued seamlessly into early 2026: in January the $5,000 milestone was breached, and at the peak gold recently traded near $5,600 per ounce. Then the setback came. At the end of January, the price plunged within a few days. In the (preliminary?) low at the beginning of February it was around $4,400. Although it rose again afterward, a gold ounce now costs roughly $5,080 (as of 11 February 2026). Many investors are wondering whether the gold rush is over.
Looking for answers
The answer isn’t a simple “yes” or “no” – both possibilities can be valid. The reason is that gold can be evaluated from a variety of angles. To put it colloquially, “gold is not all the same.” Let’s start with the case for “no.
No, the “gold rush” is not over
Despite all price fluctuations, gold remains the top choice for preserving value and protecting against crises. Traditionally, gold is seen as a “safe haven,” especially in times of economic and geopolitical uncertainty. It is viewed as a substitute for paper money, which, according to some observers, is losing trust and value. There are fears that the expansion of the money supply will eventually lead to persistently high inflation. Because the total amount of gold in the world is limited – if you compress all the gold ever mined into a single cube, its edge would be only about 21 meters long, smaller than Berlin’s Brandenburg Gate – the metal offers a natural hedge against inflation. Therefore, it matters little where the price “currently” stands, whether it falls or rises. Gold as a reserve and crisis currency is always in demand.
Yes, the “gold rush” is over
At least the recent frenzy may have hit a “damper.” This is largely due to speculative capital that poured into gold amid current crises. From Trump’s Greenland fantasies to the war in Ukraine, a weak dollar and countless other factors, investors have recently put record sums into gold. Much of this inflow was speculative – essentially “bets” on a rising price. Global gold ETFs, for example, recorded a record year in 2025 with inflows of about $89 billion. “A bull market feeds itself,” a principle that works in equities and also in gold. Yet it can be a risky game because every bull market must eventually end. Like a chain letter, it always needs new buyers to keep it going. When fresh buyers disappear, selling pressure mounts – a fatal moment, especially in a relatively small market such as gold. The steep drop at the end of January and early February could be a preview of what may happen if the bull market truly comes to an end.
Patience is required
To avoid misunderstandings: the end of the bull market does not mean the end of gold as a crisis currency, but rather the end of its role as a speculative asset. Some professionals even welcome this, because it would leave only serious buyers – those who want to preserve wealth over the long term. Central banks belong to this group. Over the past three years they have increased their gold reserves by roughly 1,000 tons per year. According to the World Gold Council (WGC), 2026’s net additions are expected to stay at a similar level, well above the long‑term average.
Because of this, several observers currently advise patience when buying gold. After the initial sell‑off at the end of January and early February, they anticipate a second downward movement. Then, they hope it will become attractive again to invest in gold for the long term.
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