Unhedged How does a gold rush end?
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Jan 27, 2026 They break down the breathless surge in gold and silver prices and how extreme the moves have been. They question common debasement narratives and examine shifting safe-haven demand away from the dollar. Central-bank buying, supply limits and industrial use for silver get a close look. They also consider what could halt the rally, from market shocks to forced selling.
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Precious Metals Have Spiked Dramatically
- Gold and silver have surged dramatically, with silver over $100/oz and gold around $5,100/oz.
- The rally is extreme and visually obvious on price charts, suggesting abnormal market dynamics.
Debasement Thesis Lacks Market Evidence
- Robert Armstrong rejects a pure 'debasement' explanation because bond and currency markets show little evidence.
- Market-based inflation measures and bond yields don't support a global fiat collapse narrative.
Central Banks' Gold Buying Isn't Driving The Surge
- Some central banks want less dollar exposure and have been buying gold, but purchases actually fell between 2024 and 2025.
- Rising prices can reduce the need for new central bank purchases, so central-bank buying doesn't fully explain the recent surge.