Gold has been experiencing some volatility these last few days. After surging above $4,350 an ounce earlier this week, the metal has since retreated to below $4,150.
Investment demand also sagged during July and August. According to the WGC, economic factors contributed to the cooling of the Chinese gold investment market in the first 2 months of Q3.
Despite all the talk about DOGE and cost-cutting earlier this year, the federal government spent more in fiscal 2025 than it did the previous year and set a new spending record.
According to the World Gold Council (WGC), net global ETF gold purchases hit a record 146 tons in September 2025, more than double the 54 tons added in August.
If the Fed pivots back to easing and balance-sheet growth, Weldon expects the dollar to get hit, a setup that makes five-digit gold and silver’s march toward $100 plausible.
The six-month chart of the gold price, showing a nearly vertical ascent screams "short squeeze," the sort of problem central bankers once boasted they could easily control.
My technically derived targets for gold go no higher than 5020 (based on the December futures), but I am open to the possibility of a further doubling in price to $10,000 or so.
