When Everything Looks Too Good
January 26, 2026Ladies and gentlemen, The Australian Gold Weekly Review returns as gold flirts with a historic milestone. Gold closed almost near US$5,000 an ounce, while silver surged to US$103 an ounce, in a rally almost entirely driven by geopolitics. Rising tensions between the U.S and Greenland, alongside renewed friction between the U.S and Iran, have reignited safe-haven demand, all against the backdrop of a weaker U.S dollar. Ved opens the episode by asking Brian the obvious question: What does he really think of this rally, and are moves led primarily by geopolitical tensions ever truly sustainable?
Brian responds with a perspective that may surprise many. While headlines celebrate new highs, the fund is taking a decidedly contrarian view. Brian explains why he remains cautious about the current gold rally, and how periods of intense geopolitical-driven enthusiasm often create conditions where risk is quietly building rather than disappearing. It's a segment that challenges the idea that higher prices always mean stronger foundations.
The action wasn't limited to bullion. The ASX All Ordinaries Gold Index was also on fire this week, surging to almost 22,000 points, marking a 1,000+ point gain in just a few days. Yet beneath the surface, the story was far from smooth. Producers experienced a sharp sell-off on Thursday, only to rally strongly on Friday. Brian breaks down what's really behind this volatility, how he's interpreting the latest December quarter reports, and what those numbers are signalling about producer outlooks heading into FY26.
If you like our content, and want to learn more about our detailed analysis into gold mining companies, we provide additional content to our members. It is totally free to be our member, just sign up to our service, and we will share it with you through our newsletters.
For a limited time, you can use the promo code PULLBACK25 to get 50% off the first year of subscription.
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.
Disclaimer: None of our content constitutes financial advice nor endorsements and recommendations for any organisations, companies, and products. Please seek a professional financial adviser before you make any decisions arising from our videos, articles and other published material. All those featured in our videos express their opinions and may not reflect our views. We support freedom of speech, thought, and expression.