LOCKED MI2 Trader: Gold, Gold Miners, and Silver

Since enthusiasm for precious metals peaked last August, we have seen an extended period of price consolidation and position reduction, especially in gold. Indeed, the only stand out trade has been in platinum, which fits well with the global “greening” infrastructure story. However, our sense is that the dynamics for precious metals are turning more favourable on numerous levels.

___________

To read more of this exclusive content, please log in below. If you have an account but have not purchased access or signed up for a free trial, click here.

This research was published outside of your 8-week free trial period. Subscribe to gain access to all our research limitation free.

Start the Conversation!

More Insights

LOCKED MacroCapture: On Our Radar | 12/15 – 12/20

December 20, 2025

This episode of On Our Radar breaks down the key developments shaping the market landscape, highlights where the data supports—or challenges—our core views, and spotlights the charts commanding our attention right now. We also wrap up with some Hotwire insights on price action.

LOCKED Japan Update: BoJ Raises Policy Rate to 0.75%, Highest Since 1995

December 19, 2025

BoJ Raises Policy Rate to 0.75%, Highest Since 1995
November Nationwide Core CPI +3.0%
LDP, DPP Agree to Raise Tax-Free Income Limit to ¥1.78 Million, Link to CPI
Foreigners Largest Net Buyers of Japanese Equities Since 2013
Banks Raise Demand Deposit Interest to 33-Year High

Thoughts From The Divide: Living in Interesting Times

December 19, 2025

We have seen busier news weeks, but we’re not sure when we last saw a more interesting news week. Let’s start at the intersection of