This Week:
Weekly Price Overview – 26 November 2025
Gold and silver rose this week in both USD and NZD, reinforcing short-term support and maintaining key uptrends.
🟡 NZD gold jumped $165.70 (+2.31%) to $7,352.65. It’s holding above the top of its rising channel, but could just as easily move sideways from here. Next major support is around $7,000 at the 50-day moving average. USD gold gained $67.32 (+1.65%) to $4,135.13, continuing to hold above its first uptrend support line. $4,000 and round-number dips remain key levels to watch.
⚪ NZD silver rose $1.89 (+2.11%) to $91.50, staying above its 50-day moving average and bouncing between that and its all-time high. USD silver added $0.74 (+1.46%) to $51.46 after a sharp bounce and fresh dip. Consolidation seems likely here too, with opportunities to accumulate on weakness.
💱 NZD/USD dropped 36 basis points (-0.64%) to 0.5624. The Kiwi remains in a long-term downtrend, just above key support from 2009.. This remains a tailwind for local precious metals prices.
📈 Takeaway: Gold and silver remain strong, still grinding higher in a consolidate-and-reset phase. With the NZ dollar trending lower and precious metals holding support, averaging in on dips remains a sound strategy.
When Should You Buy Gold or Silver? This Guide Breaks It Down
When it comes to buying gold or silver, most people focus on price.
But there’s a smarter way to approach the question…
This week’s featured article walks you through a strategic framework for building — or adding to — your precious metals holdings, no matter where you are on your wealth journey.
We cover timing, tactics, trends, and tools — including seasonality, the gold/silver ratio, and how to position based on your stage of life.
Unsure when to buy? This guide has you covered.
Are Governments Quietly Buying Silver Again?
In a provocative new piece, Ted Butler explores whether we’re seeing the early stages of a silver re-monetisation trend. He expands upon a couple of news items we’ve mentioned in previous months
- Russia is allocating billions for strategic metals (including silver as we noted back in early October)
- India is moving to accept silver as collateral for bank loans
- And Saudi Arabia’s central bank just dipped into silver ETFs (as we reported in August)
While it’s not a full-scale return to silver-backed reserves, these moves hint at a growing institutional shift. One that could mark a new chapter in silver’s role as both a strategic asset and a form of “performance gold.”
Fund Managers Still Don’t See The Gold Move Coming?
We’ve seen plenty of talk this year suggesting gold’s rally is looking frothy — maybe even “bubble-like.”
We don’t agree.
As we shared last week, this pullback looks more like a healthy consolidation — not a top. And the lack of retail buying right now is more evidence of that. (In 2011, people were still piling in on the way down.)
Now this chart, shared by Ronni Stoeferle, adds even more weight to that view:
The majority of fund managers surveyed — 34% — believe gold will still be in its current range ($4000–$4500 NZD) in 13 months’ time.
Only 5% expect $5,000+ and 0% predict $6,000+.
“The same crowd that would have laughed at a $4,000 gold price 18 months ago is now confidently assigning zero probability to a real right tail,” Ronni writes.
“That’s not risk management — that’s groupthink with a Bloomberg terminal.”
When hardly anyone’s pricing in a big move — that’s often when it happens.
As Ronni says, “Gold is where the imagination gap is largest.”
Source: Ronni Stoeferle
Something’s Bubbling Beneath the AI Surface?
Speaking of bubbles… There’s been a lot of mainstream talk about an AI bubble. That alone suggests it may still have room to inflate before popping.
But this week Tuli (Nate) Urbach flagged something unusual bubbling under the surface: the cost to insure debt (credit default swap (CDS) spreads) on major AI players is starting to echo the early warning signs we saw in 2007 with the big US banks.
He shared these 2 tables:
One from mid-2007, covering banks like Bear Stearns and Lehman Brothers.
The other from this month (Nov 2025), covering top AI players like CoreWeave, Tesla, and Oracle.
Source: Tuli (Nate) Urbach
The results? The biggest AI spenders now have wider CDS spreads than the banks that led into the 2008 crisis.
Take CoreWeave at 150bps or Oracle at 102bps—both above Bear Stearns’ 80bps before its collapse. And CoreWeave’s CDS just jumped +75bps in a single month.
Here’s the takeaway:
Rising credit risk in growth darlings signals more than a tech story—it’s a potential systemic risk.
While CDS spreads show AI valuations bubbling under the surface, gold and silver remain overlooked by most investors.
In our view, the odds of a bubble in tech are far greater than in precious metals.
If you’re looking to shift from hype to hard assets, we’re here to help. Contact us today for strategy support or a quote.