Why did the gold and silver crash accelerate today?

The US dollar strengthened after Kevin Warsh Fed headlines, and markets priced fewer near‑term rate cuts. Higher real yields pressure non‑yielding assets, which hit gold and silver. Crowded positioning and lower liquidity amplified the selloff, while rising margin requirements forced some de‑risking and widened intraday ranges.

Is UBS’s $6,200 gold forecast still realistic after this drop?

UBS still targets $6,200 by summer, expecting a consolidation phase around $4,500–$4,800 first. Their stance leans on structural demand and supply tightness. If rate cut expectations stabilize and central bank buying continues, the path higher can resume. A weaker USD would also support the move toward that target.

How should CHF‑based investors manage currency risk now?

Check whether your gold and silver ETPs are CHF‑hedged or unhedged. Unhedged products gain or lose with USDCHF, which can offset metal price moves. If you seek lower currency swings, consider hedged share classes. Keep position sizes aligned with higher volatility and avoid leverage if you cannot tolerate larger drawdowns.

What signals could show the selloff is ending?

Look for tighter bid‑ask spreads, smaller intraday ranges, and steady buying on dips. In silver, watch Asia indicators such as Shanghai premiums, India imports, and ETP flows. For gold, a stable range near $4,500–$4,800 with rising open interest and improving breadth would suggest accumulation and a better base.

Global Market Insights

Gold-Silver Rout: UBS Holds $6.2K Gold Call as Warsh Lifts USD — February 03

ByHuzaifa Zahoor February 3, 2026February 3, 2026

The gold and silver crash deepened after Kevin Warsh’s possible move to the Fed boosted the US dollar and cut near‑term rate cut hopes. Gold slid about 9% to around $4,427 per ounce, while silver dropped roughly 14% to near $72. UBS kept its $6,200 gold forecast by summer and expects a trading band near $4,500 to $4,800 first. For Swiss investors in CHF, currency moves now matter as much as metal prices.