Gold Rallies Again… But Why Aren't Equities Following?
April 20, 2026Ladies and gentlemen, the Australian Gold Weekly Review is back, and this week, the market has delivered yet another puzzling divergence.
Gold closed the week strong at US$4,830/oz, with silver pushing further to US$80/oz, while oil eased back to US$83/bbl. On the surface, this looks like a relief-driven move, as investors grew optimistic around a potential US–Iran deal following Iran's announcement regarding the opening of the Strait of Hormuz.
But is that the full story?
Because if this is truly a bullish setup for gold, why does the reaction feel incomplete?
And more importantly, why aren't equities keeping up?
The ASX All Ordinaries Gold Index closed at 18,552.42 points, barely moving, with just a modest 300-point decline despite a strong week for bullion.
So what are gold equities seeing that the commodity isn't?
Is this simply a lag, or is the market pricing something deeper beneath the surface?
Brian's got you covered.
He breaks down exactly what's happening here, why the equity response has been so muted, and more importantly, where he is now starting to look for fair value across the space.
But the story doesn't end there.
Because in the member's section, Brian takes things a step further—shifting the lens toward fund strategy in light of these ongoing macro movements...
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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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