Precious Metals Manager on Gold and Silver Volatility (with Joumanna)

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NDX

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Ninety One 7.0
Asset Manager $150.00B
George Cheveley 7.0

Precious Metals Manager on Gold and Silver Volatility (with Joumanna)

metals

Hope gold can base between $4,500 and $5,000 as longer-term factors still in play. Attributes sell-off to short-term technical/dollar move, asserts central bank buying and structural demand (for silver) remain supportive for longer term.

3 calls

-33

frequent wrong calls with noticeable losses

1/27/2026 10:20:43 AM	medium term sharp up	20 days later	-9.37%	-14.05%

What was the catalyst for the big shakeout in gold and silver?

Joumanna
George Cheveley

Huge run-up last week, then Trump nominating Kevin Warsh as Fed chair seen as more sensible, causing dollar strength and froth coming out quickly.

Hope gold can base between $4,500 and $5,000 as longer-term factors still in play.
Will CME margin hikes deter speculative buyers?

Joumanna
George Cheveley

Short-term leads to position adjustments, but changes are absorbed quickly.
Are fundamentals still intact? Central bank buying, geopolitical uncertainty?

Joumanna
George Cheveley

Haven't seen a lot of change. Central bank gold buying increased in second half of last year, fourth quarter very strong. New buyer (weather) came into market.

Overall central bank buying a bit lower than previous three years but still much higher than any year since 1950s.
How does silver thesis differ from gold?

Joumanna
George Cheveley

Silver is high beta to gold, appeals to retail. Big driver is industrial demand, especially photovoltaics. Demand has reached new peaks after a 20-year slump.

High prices leading to thrifting, but demand still a big underpin. Two decades of little silver supply growth due to low prices.

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