Bloomberg Surveillance Gold and Silver Fall as Record Rally Unwinds
23 snips
Feb 2, 2026 
James Steel, HSBC precious metals veteran, explains the sharp correction in gold and silver. Madison Faller, J.P. Morgan investment strategist, highlights earnings strength and sector opportunities. Joe Davis, Vanguard chief economist, discusses Fed tone, inflation and labor dynamics. Henrietta Treyz, Veda Partners policy director, breaks down the DC funding fight and midterm implications.
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Gold Supply Responds Slowly; Recycling Is Key
- Gold supply is slow to adjust because mining is long and capital intensive.
- Steel highlights recycling as the flexible source that can respond quickest to price moves.
Gold Is A Macro Risk Signal, Not A Macro Driver
- Gold reacts to macro risk rather than driving the economy like oil.
- Steel says elevated gold signals geopolitical or economic risk, even if those risks don't always materialize.
Buy Gold On The Pullback
- Madison Faller recommends using the pullback as a reentry for gold allocations.
- She says hold existing positions and buy on weakness, citing structural drivers like central bank demand.