Victoria Bazir
After weeks of strong gains, gold and silver prices pulled back sharply at the end of the week. But according to precious metals veteran Robert Gottlieb, this is just a natural pause in a bigger uptrend, not a reversal.
Market Overview
Gottlieb, whose recent commentary was highlighted by trader Eric Yeung, calls the recent drop a "healthy correction" following a powerful rally. Even after the selloff, gold is holding above $4,000 per ounce and silver above $50 - levels that still reflect considerable strength.
He points out that the core story hasn't changed. Central banks around the world are steadily moving away from dollar reserves, with the World Gold Council reporting that 75% plan to boost their gold holdings over the next five years. Gottlieb ties this shift to a broader de-globalization trend, where countries are looking for stability outside traditional fiat currencies amid rising geopolitical tensions.
"Nothing goes up in a straight line," Gottlieb notes. When crowded positions unwind, you get sharp selling - but that doesn't mean the trend is broken.
Silver Market Still Tight
Despite the recent price weakness, Gottlieb emphasizes that physical silver remains remarkably scarce. The Exchange for Physical spread has widened further into negative territory, now sitting between –$1.00 and –$1.40, which signals real delivery pressure. Free-floating stocks have fallen to roughly 135 million ounces, and trading volumes in the London OTC market continue to dwarf available supply.
This structural tightness means the market could see a quick rebound once physical buyers step back in. Gottlieb expects renewed demand from Asia, particularly India, where wedding and festival season typically drives strong jewelry and bullion purchases.
Victoria Bazir
