Gold, Bitcoin, Silver: One Week That Raised Big Questions
February 9, 2026Gold ended the week at US$4,964 an ounce, but the journey there was anything but calm. After plunging to US$4,450 last Monday, the metal staged a sharp recovery that left investors divided and uneasy. Was this a healthy shakeout in an ongoing bull market, or a warning shot that volatility is far from over? Ved opens the discussion by laying out two very different scenarios that could now be driving gold prices, while Brian steps in to unpack exactly what unfolded during last week's wild moves. What happens next is far from certain, and that uncertainty is exactly what makes this week so important to watch.
One of the biggest talking points was Thursday's sudden sell-off in gold, which coincided with a sharp plunge in Bitcoin. The timing raised eyebrows across markets. Is there a real link between gold and crypto during moments of stress, or was this just a coincidence amplified by leverage and positioning? Brian breaks down what actually happened beneath the surface and separates narrative from reality. If you've ever wondered whether Bitcoin moves can spill over into gold, this segment will make you rethink some common assumptions.
Silver added another layer of confusion. Closing the week at US$78 an ounce, silver once again proved why it is one of the most unpredictable assets in the market. Violent swings, sudden reversals, and exaggerated moves left traders guessing. Why does silver behave so differently to gold during volatile periods? And what drives these sharp bursts of momentum followed by equally sharp pullbacks? Brian dives into the mechanics behind silver's behaviour and explains why its volatility should never be underestimated.
Back home, the ASX All-Ordinaries Gold Index delivered one of its sharpest drops in recent memory, falling nearly 1,900 points by Friday. For many investors, the speed and scale of the decline raised a crucial question. Have gold producers been dragged too far, too fast? Or is the market correctly pricing in higher risk? Brian walks through whether this sell-off has created pockets of value, or if caution is still warranted.
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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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