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Stuart Englert: Nothing has diminished the case for holding monetary metals
By Stuart Englert
Stuart Englert's Substack
Sunday, February 1, 2026
Major price drops in gold and silver, like the massive smash down last Friday, reveal a lot about buyers and holders of the monetary metals.
Newcomers and momentum traders panicked on Friday, fearing the sky had fallen on their jackpot hopes and get-rich dreams. Many were chasing profits as gold and silver prices soared to repeated all-time highs in 2025, followed by the record run-up that ended on the final trading day of January.
... Dispatch continues below ...
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Now novices are confused -- emotionally, financially and psychologically perplexed -- about whether to sell their recently acquired assets or to buy more metal with the price drop.
A concerned friend, who bought gold above $5,000 an ounce last month, reached out to me to inquire whether the bull market was over.
Putting the largest price plunges in history (in dollar terms, not percentage-wise) into perspective, I explained that while Friday's market carnage wiped out much of January's gains, gold and silver prices remained higher on the year. Gold was still up $560 and silver by $13 an ounce since Jan. 1. ...
... For the remainder of the commentary:
https://stuartenglert.substack.com/p/market-machinations-reveal-human
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