Even the most aggressive bull markets rarely move in straight lines, and while the gold bull has been firmly intact since 1999, the yellow precious metal is no exception. In my October 30, 2025, Barchart article warning caution on precious metals, I concluded with the following:
The epic rallies in precious metals signal that fiat currency values are deteriorating. Gold, the world’s oldest means of exchange, is now the second-leading reserve asset held by worldwide central banks, second only to the U.S. dollar, the world’s reserve currency. The bottom line is that the bull markets remain intact, which is a commentary on the purchasing power of fiat foreign exchange instruments in late October 2025. However, as precious metal prices rise, the odds of periodic corrections increase, which will be significant on a nominal basis but should remain within historical norms. New highs require caution. Buying the metals on rallies increases risks, as buying on price weakness has been optimal over the past months and years.
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