Comeback Wednesday: Gold back at US$5,000/oz, Silver US$90/oz
February 5, 2026Welcome back ladies and gentlemen, once again, to the Australian Gold Mid-Weekly Review! Every Wednesday, we bring you the freshest insights into the precious metals and mining market, to keep your investing game up-to-date!
Well, this week began on a relatively harsh note, with gold continuing its plunge into the US$4,500 region. However, since yesterday, the metal has managed to make a comeback and is now back to the US$5,000 region, trading at US$5,074/oz. After the slump, investors pushed into 'buying the dip' and successfully brought the metal back to its newfound US$5,000 range.
Meanwhile, silver, who had suffered a much worse fate than gold in the historic Friday-Monday selloff, has managed to bounce back well, trading at US$90/oz.
Oil, on the other hand, continues to trade above US$60, with it currently standing at US$63/bbl. U.S-Iran associated geopolitical risk premium is enabling oil to trade at higher levels compared to its range-bound US$50s/bbl levels.
Back home, the ASX-All Ordinaries Gold Index is back with a bang! As of now, the index has climbed back up to 20,588.40 points, after dropping nearly to the 18,000 points range amidst the Monday sell-off. Major producers like Evolution Mining (ASX: EVN), and Northern Star Resources (ASX: NST) have almost regained their peak valuations, with the companies re-entering their A$30b and A$40b valuation ranges respectively.
Speaking of comebacks, after delisting from the ASX in 2024, Wiluna Mining Corporation is preparing for a comeback through a proposed IPO valued around A$400 million, backed by financiers including Barrenjoey. The re-emergence aims to capitalise on sustained high gold prices by raising between A$200 million and A$300 million to fund extensive drilling and development activities at the Wiluna gold project in Western Australia's prolific Goldfields region, highlighting renewed investor appetite for gold assets.
And that's it! Thank you so much for your reception of our mid-weekly series, we hope you're enjoying it as much as you're learning from it! And as always, we will see you next Wednesday!
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Brian contributes his insights on precious metals and mining stocks via free and paid newsletters with independent publisher, Fat Tail Investment Research. You can learn about his work by visiting www.daily.fattail.com.au. Fat Tail Investment Research is part of The Agora, a renowned international financial solutions publisher.
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