This Week:
Weekly Price Overview – 5 November 2025
Precious metals rallied this week, lifted by a weaker NZ dollar. Gold led the charge locally, while USD prices held steady. The trend remains up — but we’re nearing key resistance levels again.
🟡 NZD gold rose $162.64 (+2.4%) to $6,974.37, continuing its climb along the upper edge of the rising channel. While some consolidation is possible from here, the trend remains intact. Key support sits at $6,800 and further down at $6,250. USD gold edged down $2.26 (–0.06%) to $3,934.24, holding near recent highs. $3,800 remains the next major support zone and a potential buy level.
⚪ NZD silver jumped $2.60 (+3.2%) to $83.84, rebounding off its rising 50-day moving average near $79. The uptrend is still very much intact, with the next support around $75. USD silver gained $0.35 (+0.74%) to $47.29, showing signs of stabilising after a pullback. Horizontal support remains at $44.
💱 NZD/USD dropped 138 basis points to 0.5641 (–2.39%), falling below a key support level and continuing its long-term downtrend. This currency weakness is giving local gold and silver prices an extra tailwind.
📈 Takeaway: A falling Kiwi dollar has boosted local metal prices — but in both NZD and USD terms, metals remain in a long overdue consolidation phase. They could easily just drift sideways from here. So buying dips still looks like a solid long-term strategy.
Why Buy Gold — Even After a 50% Run-Up
Gold has had a strong run this year — regardless of what currency this is measured in.
But despite being up over 50% in NZ dollars, that doesn’t mean you’ve missed the boat.
In this week’s feature article, we take a step back and look at the big picture. From rising global debt to record central bank buying, we lay out 17 reasons why gold continues to play an important role in preserving wealth — especially in uncertain times.
Meme of the Week – The $4,000 Ceiling?
As the charts above show, gold is hovering around the USD $4000 level. So far traders haven’t managed to push it down much below that.
Lobo Tiggre points out: “If this continues, it’s extremely bullish for gold… and silver.”
Of course gold could still head lower from here. But it could just as easily go sideways for a period of time. That’s why we recommend taking a position and looking to add to it on any dips.
Source: Lobo Tiggre
Is a Crash Overdue?
There’s a growing chorus of voices questioning the sustainability of the current stock market rally — particularly in the AI and tech sectors.
Michael Burry is Back — and Betting Big Against AI Darlings
Michael Burry of The Big Short is once again taking a contrarian bet. His firm’s latest 13F filing shows that 66% of his portfolio is in put options on Palantir ($PLTR) and another 13.5% in Nvidia ($NVDA). That’s nearly 80% of his bets against two of the biggest names in AI.
“The Big Short is back… nearly 80% of Scion Asset Management is betting against Palantir and Nvidia.”
— Stocktwits on X
Since then, both stocks have taken a hit. MarketWatch reports Palantir dropped over 7% despite strong earnings, while Nvidia slipped 2% on the day.
Technical Indicators Are Flashing Red
The Market Ear also chimed in with this sobering note:
“AI isn’t the problem. Euphoria is.”
Every technical indicator tracked in the so-called “Magnificent 7” stocks is now flashing red. The trade has become too crowded. The last time sentiment looked this one-sided, markets didn’t correct — they collapsed. Their timing? Sometime between now and January.
In short: even if the narrative sounds good, things are getting very stretched.
Local Banks Ready — With a Lifeline from the RBNZ
Here in NZ, the Reserve Bank’s latest stress test showed major banks (ANZ, ASB, BNZ, Kiwibank, and Westpac) could withstand a severe downturn. But the catch?
They’d rely heavily on borrowing from the RBNZ to stay afloat — essentially, more central bank intervention.
“To meet this outflow, banks relied heavily on borrowings from the Reserve Bank,”
— Radio NZ
Read full story
It may sound reassuring, but it highlights how dependent the system has become on central bank support — especially in crises. And we learnt in the covid aftermath that we all pay for that intervention by way of sharply increased inflation.
Thought of the Week: Are We in a Ponzi Phase?
Brian Easton’s opinion piece at Interest.co.nz raises an uncomfortable — but important — possibility:
“Many reputable commentators think the current financial system is in its Ponzi phase… with the expectation that at some stage the bubble will pop.”
— Brian Easton
Read full piece
He goes on to offer some sound advice:
“Reduce your leveraged borrowing and your exposure to others’ leveraged borrowing. Even so, while the impact of a financial crash may differ for the prudent from the imprudent, it is not too fussy about whether one is guilty or innocent. The building comes down on everyone.”
Our Take: Build Wealth That’s Not Built on Trust
We agree. And we’d add this: make sure a portion of your wealth is outside the system entirely — held in assets with no counterparty risk.
When the next “building” comes down — whether it’s from overvalued tech stocks, soaring debt, or central bank policy misfires — you’ll be glad you weren’t relying on a structure that needs constant support just to stay upright.
Gold and silver remain two of the few assets that:
- Has no counterparty,
- Is globally recognised, and
- Can’t be printed out of thin air.
Get in touch if you have any questions.