Precious Metals

 Silver exploded higher through 2025 with much fanfare but it wasn’t without volatility with three 15-20% pullbacks along the way. Both the exponential advance and crowded bullish optimism reminds us of lithium in 2022/3 and we believe the markets closer to a sell than a buy for at least another decent pullback.

• We believe silvers next $US10 move is a coin toss at this stage, with a slight negative bias.

We’ve shown the below MM roadmap for gold through much of 2025 and if we are correct the precious metal is now in real danger of a ~15% correction. We see no reason to deviate from our view, especially with the crowded bullish consensus creating a perfect condition for a pullback, hence MM is considering reducing our gold exposure at this stage of its cycle.

• We believe gold can easily retest the $US4,000 support level in the coming months.