Every now and then, the market gives you a moment of clarity. Over the past few days, we have seen one of those moments. Gold and silver have pulled back.
Equity markets have turned shaky. The great artificial intelligence trade, which has carried so much of the global stock market this year, is beginning to show signs of strain. Borrowing costs are rising. Technical indicators have softened. Investors who believed the AI boom was a one-way route to higher prices are starting to wonder whether the story is quite as solid as they hoped.
While traders reacted to shifting expectations for a December Fed cut, something far more important happened beneath the surface. Central banks accelerated their gold buying, with China adding an estimated fifteen tonnes in September and global official-sector purchases tripling month on month. At the same time, equity markets from the US to Japan turned fragile, AI-linked borrowing surged, and even Bitcoin slipped as risk appetite thinned.
In that environment, the question many of you are asking becomes far more relevant. What does stability look like when markets rest on a single, crowded narrative, and where do gold and silver fit when that narrative begins to wobble?
This week’s video tackles exactly that. We look at why the AI cycle is becoming more precarious, what financial history tells us about moments like this, and how the structural signals in gold and silver are quietly strengthening.
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