Gold and Silver Rally Drivers and Risks (with Yvonne)

Yields

NDX

RUT

Oil

explicit

USD

Standard Chartered 7.5
Investment Bank $864.00B
Suki Cooper 8.0

Gold and Silver Rally Drivers and Risks (with Yvonne)

metals

There is upside risk... but gold would benefit from a correction to maintain a healthy longer-term rally. Acknowledges strong structural drivers but sees near-term overbought conditions and need for correction for sustained uptrend.

3 calls

+10

slightly better than random

10/22/2025 7:06:50 PM	short term cautious down	5 days later	-3.74%	+1.87%

Suki Cooper

Gold is trading in overbought territory technically. The two big drivers are central bank buying and ETF inflows. We need to see if physical market support holds after Lunar New Year.

Seasonal demand from China typically provides support into late January.
Suki Cooper

This isn't a story centered on one region. Demand is global, driven by different factors: currency debasement, confidence, geopolitical risk, inflation.

ETF growth has come strongly from Asia and China-listed products.
Suki Cooper

Relative to gold, there's more concern for silver markets. Industrial demand started to decline in 2025, and at $100/oz, it will come under more pressure. Scrap supply could increase.

Silver tends to outperform when both industrial and investor demand are strong, but we've started seeing net redemptions in ETFs in January.
Suki Cooper

We did expect prices to surpass $100/oz, but we reached that much more quickly. Some market tightness is easing. A lot of the momentum now is driven by the retail side. We could see a correction in silver that would be healthy for the longer-term trend.

Section 232 report confirmed no new tariffs, which eased tightness; COMEX inventories are falling.
Suki Cooper

For gold, structural drivers remain intact and have intensified. There is upside risk, but gold would benefit from a correction to maintain a healthy longer-term rally.

We need to see continued central bank and ETF demand. We are cautious in the near term; prices need to moderate to build a healthy rally.

SignalTube

markets at a glance