ABC News Daily Why the gold price has gone crazy
8 snips
Feb 4, 2026 David Taylor, ABC business correspondent who explains markets and commodities. He describes queues at bullion dealers and who is buying gold. He traces the rally to tariff announcements, geopolitical shocks and US dollar weakness. He contrasts gold and silver volatility and outlines where prices might head next.
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Queues Outside Bullion Shops
- David Taylor describes queues outside ABC Bullion where people wait hours to buy gold or silver.
- He recounts holding a gold bar and learning shops will vault purchases rather than expect customers to walk home with them.
Everyday Buyers Seeing Silver As Savings
- David Taylor shares a conversation with a buyer who views silver as an affordable store of wealth, not a get-rich scheme.
- He notes the crowd at bullion shops is diverse, from modest savers to wealthier buyers.
Dollar-Gold Inverse Relationship
- Gold acts as a long-term store of value and rises when confidence in the US dollar falls.
- A strong US dollar usually suppresses gold, while a weak dollar boosts it.