After an extraordinary run, precious metals pause as volatility finally makes itself heard.
By Sam Gatlin, Jason Perz
February 2, 2026
Precious metals have been on an absolute tear for nearly two years now, and there’s no point pretending otherwise.
Since Gold entered a brand-new secular uptrend on March 4, 2024, this market has rewarded those who stayed with the trend and punished those who tried to outsmart it.
The precious metals futures market has gone vertical, miners have exploded higher, and our individual stock trades have delivered returns that most investors experience only once or twice in a career.
This has been a banner run by any definition, and there has been no reason to fight it.
At the same time, we’ve been very open about one uncomfortable truth: trends don’t move in straight lines forever.
The stronger and more persistent a move becomes, the more stretched it eventually gets from its long-term mean.
And when you step back and look at Gold, Silver, and Platinum relative to their 200-week moving averages, the message has been impossible to ignore.
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