Good explanation for what is driving gold prices. As he suggests, it likely will settle down and correct a little once we get to February and especially if PM’s are exempted from any tariffs.(if any even get enacted)

The more interesting question, which doesn’t get addressed in this piece, is what about silver? Silver isn’t owned by the banks and has a much greater short position.

While the dynamics might be different for silver in terms of how much physical silver is being demanded and shipped either into NY, or more importantly to India and China, any disruption that causes bullion bank shorts to be squeezed and covered would likely have a much greater impact on pricing compared to the percentage move in gold. https://www.zerohedge.com/news/2025-01-23/ross-norman-surge-gold-borrowing-rates-spurs-short-covering-rally