Why the Dip Happened
The trigger was textbook: hotter-than-expected payrolls sparked "no landing" chatter, yields ticked higher, dollar strengthened. Thin holiday liquidity amplified the move.
None of this changes the big picture. Real inflation is still crushing households. Tariff costs are embedded. Fiscal deficits are exploding. Geopolitical risk is elevated.
These drivers pushed gold from $2,600 to $3,500+. A 10% dip doesn't erase them — it reloads the spring.
Fundamentals Stronger Than Ever
- Central banks: Another massive quarter of buying — China and EM nations leading
- Supply side: Mine production flat-to-down across gold, silver, platinum, palladium
- Uranium: Chronic deficits as nuclear buildout accelerates for AI power demand
- Industrial demand: Silver in solar/EVs, platinum in hydrogen — surging on reindustrialization
Our Play: Keep Adding
We went maximum overweight metals back in August. Every meaningful dip since has been an excuse to add more:
Gold and silver for pure monetary hedge. Platinum and palladium for undervalued scarcity. Uranium for the clean-energy bottleneck.
Miners and royalty companies give us leveraged upside with better cash flows than pure physical.
Bottom Line
Metals dips aren't warnings — they're gifts. The inflation/debasement drivers are intensifying, not fading. Supply/demand imbalances are widening.
This is exactly how you build wealth in a structural bull: buy the fear, not the euphoria. Hard money wins in the end. Stay greedy when others get fearful.