Supply & Demand

Today, the price of gold is rising primarily as a sign of gradual currency depreciation. Tomorrow, it could rise as a safe-haven asset amid systemic uncertainty.

Global gold production has never been higher than it is today, yet gold prices are reaching record highs. In 2025, production exceeded 3,600 tons. This apparent paradox can be explained by sustained structural demand.

The silver market is shifting into a much tighter situation than it appears at first glance. Behind the sometimes erratic fluctuations in futures prices, the physical market continues to tighten — slowly but surely.

The market continues to display a price… but fewer and fewer participants are willing to honor it in practice. The link between paper and reality is fraying, revealing an increasingly visible divide.

The latest inflation figures suggest a resurgence of inflationary pressure. Producer prices rose by 0.5% over the month, bringing the annual rate to 4.0%. Against an already tense backdrop in the energy sector, figures like these are enough to fuel the narrative that inflation is on the rise agai...

As is often the case, the market today gives the illusion of control. But beneath the surface, the forces driving instability continue to build up.

Last week, Gold/Euro had recently completed an historic measured move that was 20-years in the making. This week, we'll return to Gold and Silver in dollars but continue to analyze the recent blowoff moves and why a retrace/consolidation is to be expected before the next major leg higher.

While equity markets remain artificially propped up by low volatility, gold is consolidating. This phase does not reflect weakness, but rather a period of accumulation.

The Strait of Hormuz, one of the world's main energy arteries, is partially paralyzed. Even so, the price of gold is showing little reaction to the extreme volatility of oil prices. It remains focused on a deeper dynamic within the financial system: that of credit.

This week we will look at both Gold/Euro and Silver/Euro and see what their similar chart structures might be telling us about the future direction of metals prices.