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Trey Reik: Gold’s Selloff Explained—Here’s What's Actually Driving It

4 snips
Mar 30, 2026
Trey Reik, a gold market specialist with decades analyzing precious metals and macro drivers, explains why gold’s recent selloff puzzled investors. He breaks down why geopolitical shocks often spark volatility, outlines three core long-term drivers for gold, and traces the 2024–25 rally plus the size and recovery of the correction.
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INSIGHT

Three Fundamentals Driving Gold

  • Gold's price is driven more by macro fundamentals than geopolitics.
  • Trey Reik highlights three core drivers: anti-dollar sentiment, the U.S. deficit, and fading Fed credibility that have powered the bull market.
INSIGHT

Why Geopolitics Often Fails As A Gold Signal

  • Geopolitical events often create short-term traders and volatility rather than sustained gold rallies.
  • Trey says geopolitical cues are among his least-favorite reasons to buy because they bring transient participation that later fades.
ANECDOTE

October 2024 Was A Different Geopolitical Response

  • Trey recalls October 2024 when geopolitical events didn't trigger the usual gold sell-off.
  • He notes gold and gold stocks behaved unusually after October 7th, showing geopolitical responses can vary materially.
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