Gold Pulls Back, Oil Holds Strong, and the Disconnect Deepens
April 26, 2026Ladies and gentlemen, the Australian Gold Weekly Review is back, and this week, the market is sending mixed signals that demand a closer look.
Gold ended the week at US$4,709/oz, with silver hovering around US$76/oz. On the surface, the pullback seems straightforward, investors are de-risking amid growing uncertainty around the direction of peace talks between the US and Iran.
But the story doesn't stop at gold and silver.
Oil continues to trade firmly above US$90/bbl, closing the week at US$94.87/bbl. The driver here is clear, ongoing concerns around the US naval blockade and Iran's closure of the Strait of Hormuz. While precious metals have softened, oil markets are signalling that supply risks remain very real.
And then we come to perhaps the most interesting development this week.
The ASX All Ordinaries Gold Index ended at 17,789.03 points, marking nearly an 800-point decline. That's a significant move, and more importantly, it's not in line with what we're seeing in gold itself. This kind of disconnect is unusual, and it raises a critical question: what is the equity market seeing that the gold price isn't? Brian breaks it down in detail, explaining why this divergence is happening and what it could mean going forward.
And then we move into the member's section, where the conversation shifts from markets to positioning.
Looking ahead, Brian highlights two metals he believes are essential in portfolios moving into the future, albeit with measured exposure: copper and lithium. With structural changes underway in the global economy, driven by AI adoption and electrification trends, these metals are becoming increasingly important. But how do they fit into a precious metals-focused portfolio? And why is now the time to start paying attention? Brian explains the role both copper and lithium will play in shaping the next phase of the cycle.
Because in markets like this, understanding what's coming next matters far more than reacting to what's already happened.
Tune in to find out.
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Brian contributes his insights on precious metals and mining stocks via free and paid newsletters with independent publisher, Fat Tail Investment Research. You can learn about his work by visiting www.daily.fattail.com.au. Fat Tail Investment Research is part of The Agora, a renowned international financial solutions publisher.
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