Bloomberg Talks James Steel Talks Gold
6 snips
Feb 2, 2026 
James Steel, HSBC chief precious metals analyst with decades covering gold, offers sharp market perspective. He discusses recent sharp sell-offs and crowded positioning. He puts today's swings in historical context and outlines HSBC's year-end outlook and scenarios. He explains why supply dynamics limit responses and how geopolitical risk shapes demand.
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Crowded Rallies Invite Sharp Corrections
- Parabolic rallies attract fast inflows and invite volatility and profit-taking.
- James Steel says the crowded gold and silver rally made the recent sharp correction inevitable.
Volatility Matches Historic Moves
- Recent gold moves were extraordinary on both upside and downside, comparable to price levels decades ago.
- Steel notes real highs are measured in inflation-adjusted terms, citing 1980's $850 (~$3,400 today) as a benchmark.
Prepare For A Wide Trading Range
- Expect a very wide trading range for gold this year with potential pullbacks toward $4,000 on good news.
- Steel recommends considering central-bank buying and a softer dollar as drivers that could support higher prices later in the year.