The precious metals market witnessed unprecedented volatility on January 30, 2026, with silver spot prices (XAG) dropping 26% in a single day, prompting widespread investor questions about the drivers behind the move (ZeroHedge, February 2, 2026, 11:10 AM EST). Gold also plunged 16% intraday to a low near $4,700 before rebounding to $4,745 per ounce (Comex gold futures settlement data, CME Group, January 30, 2026), while silver fell from $121 to $85 before settling at $88.50 (Kitco live spot pricing and Trading Economics CFD data as of January 30, 2026, 4:00 PM EST). This extreme price action — silver's worst day since March 1980 (Barron's, January 30, 2026) — was amplified by record ETF volumes, as detailed in Goldman Sachs' February 2, 2026 analysis of their "Five Most 'Record-Breaking' Charts For Metals" (ZeroHedge, February 2, 2026, 11:10 AM EST).
For investors — those with access to TSX gold stocks and Canadian gold mining stocks — this gold correction and gold price volatility could represent a safe haven assets buying opportunity if the bull market holds. Goldman Sachs noted that "Friday’s activity presented records across the board for the silver ETF: volume by shares, volume by notional, and absolute daily % move" (ZeroHedge, February 2, 2026, 11:10 AM EST). Meanwhile, JPMorgan ($6,300 target) and Deutsche Bank ($6,000 target) maintain positive stances, arguing fundamentals remain intact (ZeroHedge, February 2, 2026, 11:10 AM EST).
This guide explores Goldman's ETF volume charts, why this gold selloff and gold pullback may be a gold price dip to buy, the gold price outlook and long term gold outlook, gold investing strategy for Canadian investors, and answers people also asked like is gold rally over and is this a good time to invest in gold.
Goldman's Five Record-Breaking Charts: Unpacking the ETF-Driven Volatility
Goldman Sachs' ETF desk was "inundated with inbounds" following the January 30 crash, noting that "the tradability and liquidity offered through ETFs are competitive advantages for the structure, especially for the retail use case" (ZeroHedge, February 2, 2026, 11:10 AM EST). To address questions, Goldman provided five charts illustrating the "pure magnitude of volume in the metals ETF space" (ZeroHedge, February 2, 2026, 11:10 AM EST).
Record Activity in Silver ETFs: Goldman's first chart shows "Friday’s activity presented records across the board for the silver ETF: volume by shares, volume by notional, and absolute daily % move" (ZeroHedge, February 2, 2026, 11:10 AM EST). Flows skewed "strongly for sale," with velocity highlighting retail panic (Bloomberg data cited in ZeroHedge, February 2, 2026, 11:10 AM EST).
Outtrading Major Tech Stocks: The second chart reveals "The silver and gold ETF complexes outtraded a handful of the Mag7 names last week" (ZeroHedge, February 2, 2026, 11:10 AM EST). This underscores how precious metals ETFs captured outsized attention amid the crash (Bloomberg data cited in ZeroHedge, February 2, 2026, 11:10 AM EST).
Record Volume in Spot ETFs: Chart three notes "Spot silver and gold ETFs witnessed record volume on Friday" (ZeroHedge, February 2, 2026, 11:10 AM EST), with notional volumes surging as investors liquidated (Bloomberg data cited in ZeroHedge, February 2, 2026, 11:10 AM EST).
Outsized ETF Contribution: The fourth chart highlights "Gold and silver ETFs account for roughly 3% of US-listed ETF AUM, but their volumes were more-than outsized… for every $1 of ETF volume that printed on exchange last week, nearly 20c was attributable to these products" (ZeroHedge, February 2, 2026, 11:10 AM EST). This illustrates the crash's amplification through ETFs (Bloomberg data cited in ZeroHedge, February 2, 2026, 11:10 AM EST).
GDX's Massive Trading Day: Finally, "Prior to Friday’s price action, GDX’s underlying index had more than doubled since Aug 2025. The index languished more than 10% on Friday, with more than 100mm GDX shares printing to the tape, securing the ETF’s largest volume day (by shares) since 2020 and its largest notional trading day ever (nearly $10bn)" (ZeroHedge, February 2, 2026, 11:10 AM EST). This reflects mining stock pain but potential oversold rebound (Bloomberg data cited in ZeroHedge, February 2, 2026, 11:10 AM EST).
These charts confirm ETF-driven selling exacerbated the drop, but Goldman's $5,400 year-end target was met pre-crash (ZeroHedge, February 2, 2026, 11:10 AM EST).
JPMorgan and Deutsche Bank: Bullish on Gold Despite Volatility
JPMorgan ($6,300 target) and Deutsche Bank ($6,000 target) remain positive, arguing "fundamentals remain intact and that gold will still benefit from the diversification trend and remain a multi-faceted portfolio hedge" (ZeroHedge, February 2, 2026, 11:10 AM EST). JPMorgan emphasizes gold's role in "real assets like commodities... outperforming paper assets like stocks, bonds and cash," anticipating "sufficient demand from central banks" and "investment demand set to remain stronger" (ZeroHedge, February 2, 2026, 11:10 AM EST).
Deutsche Bank's Michael Hsueh contends there are "differences between the current environment for gold as opposed to the sustained price weakness witnessed in the 1980s and in 2013" (ZeroHedge, February 2, 2026, 11:10 AM EST). Hsueh highlights "China has been a prominent driver of precious metal investment flows, noting rising premia on contracts traded on the Shanghai Gold Exchange last week" and anticipates "China gold exchange-traded fund inflows will reach a new record in 2026" due to "the relative scarcity of vehicles for playing precious metals in China" (ZeroHedge, February 2, 2026, 11:10 AM EST). He cites "buying by Poland, South Korea and even new players like Hungary, Brazil, Singapore and Japan," plus "retail investors from Asia" and "a more frequent positive correlation of gold to risky assets" (ZeroHedge, February 2, 2026, 11:10 AM EST).
These views suggest the crash is temporary, supporting a gold price consolidation before new highs.
Gold Price Outlook: Moderated Gains Amid ETF Pressures
The gold price outlook for 2026 remains constructive but tempered. Goldman Sachs' $5,400 target was met pre-crash (ZeroHedge, February 2, 2026, 11:10 AM EST), but JPMorgan's $6,300 and Deutsche Bank's $6,000 reflect optimism on central bank demand and diversification (ZeroHedge, February 2, 2026, 11:10 AM EST). Fundamentals like 290–300 tonnes central bank buying in 2025 (World Gold Council, January 6, 2026) and negative real yields (St. Louis Fed, January 2026) support recovery.
Gold price volatility spiked to 25% implied (CME Group, January 30, 2026), but this gold pullback could be a gold price dip to buy if ETF exhaustion sets in.
Silver Price Outlook: Higher Beta, Greater Upside Potential
Silver's outlook mirrors gold but with higher beta. BofA's $56–$65/oz average for 2026 (December 2025) and Deutsche Bank's $120/oz by year-end (January 27, 2026) highlight industrial demand (1.12 billion oz in 2025, Silver Institute November 13, 2025). The crash amplified by ETF volume (SLV's worst day since 2006, ZeroHedge, February 2, 2026, 11:10 AM EST) suggests oversold rebound.
Investing in Gold Stocks: Strategies for Canadian Investors
For those asking "is it too late to buy gold stocks," Goldman's continuity view (February 1, 2026 note) suggests no — this dip is an opportunity. Gold stock investing favors low-cost producers.
Gold Stock Portfolio Construction:
50–60% Producers: Barrick (ABX.TO), AISC $1,350/oz (Q3 2025 MD&A).
30–40% Developers: Skeena Resources (SKE.TO).
10% Juniors: Dryden Gold (DRY.V).
Gold investing for beginners: Start with ETFs like GLD, then move to stocks.
Gold stocks Canada like TSX gold stocks offer leverage: Agnico Eagle (AEM.TO), AISC $1,200/oz (Q3 2025 earnings).
Gold price momentum could return if ETF selling exhausts.
Silver Mining Stocks: Asymmetric Recovery Plays
Silver mining stocks like Pan American (PAAS.TO) dropped 20–25% (Yahoo Finance, January 30, 2026), but AISC $15/oz eq (Q3 2025 MD&A) and La Colorada ramp make them attractive. Juniors like Dolly Varden (DV.V) fell 15–20% but offer upside.
Are gold stocks a good investment at record highs in gold prices? Yes — valuations compressed (BMO, January 2026).
Conclusion: Crash as Potential Entry for Precious Metals Bull
Gold at record highs what new investors should know about gold stocks is that corrections create value. With Goldman, JPMorgan, and Deutsche Bank's bullish takes, the bull endures.
Stay diligent,
CanadianMiningReport.com
Author
Ben McGregor authors the Weekly Roundup at CanadianMiningReport.com, providing sharp analysis of the metals and mining sector. With a talent for spotting trends, Ben distills complex market shifts into clear, engaging insights on TSXV junior miners. His weekly updates cover gold, copper, uranium, and more, blending data-driven perspectives with a knack for identifying opportunities. A vital resource for investors, Ben’s work navigates the dynamic junior mining landscape with precision.