When Everything Really Looks Too Good
February 2, 2026Ladies and gentlemen, The Australian Gold Weekly Review returns after what will surely be remembered as one of the most dramatic months in modern precious metals history. Gold closed the week at US$4,895 an ounce, after briefly touching an extraordinary all-time high near US$5,600 an ounce.
January 2026 will go down in the books, not just for its record highs, but for delivering one of the largest single-day crashes in gold by magnitude. Brian walks through what actually happened, cutting through the noise and addressing one of the most talked-about narratives in the market: that the selloff was partly triggered by news of Kevin Warsh being appointed as the new Federal Reserve Chair starting May. Was this really the catalyst, or simply the excuse markets needed?
Silver's Brutal Correction
Silver, meanwhile, suffered an even more brutal fate. After peaking near US$120 an ounce, it plunged to a low of US$78, before settling around US$85 on the close. Brian unpacks what drove such violent moves in a matter of days, while Ved and Brian use silver's collapse to issue a clear reminder of how destructive leveraged trading and investing can be when volatility hits. It's a sobering segment that reframes risk in very real terms.
ASX Gold Index Under Pressure
Back home, the ASX All Ordinaries Gold Index also felt the pressure, sliding back into the 20,000-point range after reaching highs near 22,000 points. With valuations resetting and fear returning to the tape, many would expect aggressive buying. Yet Brian explains why he has only stepped into one producer so far despite the dip: Ora Banda Mining (ASX: OBM). What makes this one different? And why is patience still the dominant strategy?
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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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