Gold’s Calm Before the Storm, Don’t Miss What Happens Next
November 9, 2025Gold barely moved this week, down just 0.01% to US$4,004 an ounce, but beneath the calm surface, something’s building. After briefly dipping below US$3,900, the metal rebounded as fears of an “AI bubble,” falling real yields, and weaker equity sentiment pushed investors back toward safety. Equities and Bitcoin both closed the week lower, leaving traders wondering if gold is quietly preparing for its next breakout. With rate-cut expectations climbing to 67%, I asks Brian whether this calm is the pause before the next surge, and if gold’s final rally of the year might already be taking shape.
Momentum may be slowing, but conviction is deepening. Investors are starting to view gold not as a trade, but as an anchor, a shield against everything from tech overvaluation to global slowdown fears. The Fed’s tone remains ambiguous, but every new data print is now a trigger. Brian and I unpack how these shifting expectations, from cooling inflation to cautious earnings sentiment, could create the setup for gold’s next major move before 2025.
Silver slipped 0.45% to US$48.36 an ounce, mirroring gold’s sideways trend, while oil fell 1.66% to US$59.79 a barrel amid growing demand concerns. OPEC+ hinted at pausing future output increases, a sign that supply may already be outpacing consumption as growth moderates.
Back home, the ASX All Ordinaries Gold Index dropped 82 points to 15,938 after a volatile week that hit both majors and developers. Evolution and Northern Star plunged early before recovering, while smaller names like Horizon Minerals, Brightstar, and Barton Gold continued to slide. Is this pullback signals value emerging or a deeper correction ahead?
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Brian contributes his insights on precious metals and mining stocks via free and paid newsletters with independent publisher, Fat Tail Investment Research. You can learn about his work by visiting www.daily.fattail.com.au. Fat Tail Investment Research is part of The Agora, a renowned international financial solutions publisher.
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