January 31, 2026: Gold and Silver Rally Unwinds as Liquidity Trumps Thesis

On January 31, 2026, gold and silver flipped from a powerful advance into a sharp retreat. The decline is framed as a positioning and liquidity event, where crowded trades and margin dynamics outweigh unchanged macro narratives. Without a shift in core fundamentals, the focus turns to whether selling pressure eases, volatility cools, and silver stops leading gold lower.