Santa Claus Rally? Or was it just the Elves?

Ved Shah

Gold has surged past US$4,299 an ounce, the Fed has cut rates, and yet markets look uneasy rather than relieved. If easing is underway, why are Fed officials still sounding hawkish, and with 2026 rate cut probabilities below 40 percent, how much of gold's future is being built on assumptions that may never play out? Brian's got you covered here as he breaks down the Fed's messaging, rate expectations, and what actually matters for gold heading into 2026.

Silver is throwing up even harder questions. After tagging a record US$64.4 an ounce, are we looking at a classic profit taking zone, or is silver only just waking up to its industrial demand story? When momentum runs hot, discipline matters more than conviction. Brian unpacks whether this move is stretched or structural, and how investors should be thinking about silver from here.

Back home, the ASX All Ordinaries Gold Index is sitting at all time highs after a sharp run. Is this strength supported by fundamentals, or are gold equities quietly pricing in perfection? And as we move toward 2026, where does risk adjusted opportunity really sit across producers, developers, and explorers? Brian walks through how to frame valuations, sentiment, and positioning before the cycle turns.