In this video: The global economy just entered a dangerous new phase. In today's My Trading Game Plan, Chief Market Strategist Gareth Soloway breaks down the sharp market selloff triggered by the President’s new tariffs on 8 European nations following the Greenland purchase dispute.
The bond market is in a state of shock, with 10-year yields spiking to 4.28% amid growing fears of a global boycott of U.S. Treasuries. With Japan’s yields also surging, the world’s most indebted nations are hitting a technical breaking point. While Bitcoin falls on fear of a global asset liquidation, Gold and Silver are spiking as the ultimate safe havens—but is Silver hitting a major "trap" level? Video by Gareth Soloway.
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Gold prices surged to a historic all-time high of $4,737.40 per ounce on January 20, 2026. This milestone represents an unprecedented 78% annual surge, fueled by escalating trade war tensions and safe-haven demand.
Key Market Drivers
--Trade War Tensions: Global markets are reacting to President Donald Trump's threat to impose 10% to 25% tariffs on European allies starting February 1, 2026, in a push for the U.S. to acquire Greenland from Denmark.
--Federal Reserve Uncertainty: Investors are seeking safety amid concerns over central bank independence, following legal challenges regarding the removal of Fed governors.
--De-dollarization: Central banks have maintained aggressive buying, adding over 1,100 tonnes in recent cycles to diversify reserves away from the U.S. dollar.
--Technical Momentum: Gold has gained 9.5% in the first 20 days of 2026 alone. Analysts at Citigroup and HSBC have set near-term price targets of $5,000 per ounce.
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