October 24, 2025

 

(GOLD:  DIP OR LONG-TERM TOP?)

 

October 24, 2025

 

Hello everyone

 

This is for those who think the gold run is over.

The price action is just taking a breather.   Both silver and gold rallied so hard, so quickly, that a pullback like we are having was inevitable.  What is happening now is much-needed consolidation.

We could see a pullback as far down as 3900, but I believe we could rally again this year after this pullback.

We will probably have a larger pullback in January, which will be in line with the S&P500 and the Nasdaq.

JP Morgan has reiterated its bullish stance on gold, forecasting prices to average US$5,055 per ounce by Q4 2026, and reaching as high as US$6,000 by 2028.

The investment bank’s stance reflects growing institutional confidence in gold’s multi-year uptrend amid shifting global monetary dynamics.

The forecast is based on expectations that investor demand and central bank purchases will average around 566 tons per quarter in 2026 (according to JPMorgan), a robust continuation of the buying trend that has defined recent years.

The bank explains there is a perfect storm forming in gold’s favour:  a mix of interest rate cuts, stagflation angst, questions and murmurs around Fed independence, and currency debasement hedging.  All these themes have historically driven strong precious metal performance.

Gregory Shearer, Head of Base & Precious Metals Strategy, argues that foreign holders of U.S. assets are gradually diversifying a portion of their reserves into gold. More of a measured diversification story than about de-dollarisation.

So, be calm.  This is the time to scale if you want to.  We are in the very early innings of the precious metals bullish theme.

 

PUTIN’S RESPONSE TO TRUMP’S SANCTIONS

Russia will never bow to pressure from a foreign power.

Putin confirms that foreign sanctions on Russian oil will not “significantly affect” the country’s economic well-being.

And Putin was adamant that any military strikes deep inside Russia would be met with an overwhelming response.

 

KEEP THESE SECTORS ON YOUR RADAR AS FED GETS READY TO CUT RATES AGAIN

Financials – M&A activity will help the bank’s bottom line. 

Real Estate – lower rates to spark buyer activity

Mid-cap & Small Cap stocks (look at the ETF (IWM)) – business environment benefits

Utilities – the sector carries the weight of capital investment, so lower interest rates will benefit the sector.