Gold and silver have been stealing the spotlight lately, not quietly, but loudly. As you can see from the chart below, both metals have had a strong run, pushing prices sharply higher in a short period of time.

However, we’ve also started seeing more volatility recently. Last week we had daily moves of 8–10% both up and down. Historically, that kind of volatility tends to show up closer to market tops than market bottoms; often signaling crowded trades and late-cycle enthusiasm rather than fresh opportunity. This doesn’t mean gold or silver are bad long-term assets, but it does suggest the easy gains are likely behind us for now.

Source: LSEG. Daily Close. Data as of Feb 5, 2026

After big and fast moves, markets usually need time to cool off, consolidate, or pull back. When price action starts looking like fireworks, it’s often a reminder that risk has increased, not decreased. At these times, it is usually better to let things settle down or maybe even trim exposure, not add more.

I have also included a piece from our CIBC Economics team entitled “Is dollar debasement even a thing?”.

As always, if you have any questions, please feel free to give us a call at any time.

Have a great weekend.

Milan