McAlvany Weekly Commentary Gold: $40 to $400 to $4,000 To…?
Oct 8, 2025
Delve into the intriguing shift where investors view gold as a safer bet than the dollar, raising concerns over currency trust. High-frequency trading has transformed markets, deepening reliance on cheap credit. Explore if we’re nearing the end of the equity bull market and how public sentiment toward gold is both bullish yet limited. Central banks are buying gold, impacting price support amid global debt dynamics. The discussion delves into protecting wealth in turbulent times and considers the implications of potential government responses like inflation.
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From Panning To $4,000 Contracts
- Kevin Oreck recounts pan‑handling for gold in third grade and later seeing gold contracts trade at $400 on the trading floor.
- He uses this arc to illustrate gold's long secular rise from $40 to $4,000.
Gold Signals Eroding Currency Trust
- Ken Griffin observes investors view gold as safer than the dollar, signaling weakened confidence in the fiat system.
- David McElveney warns that eroding currency trust reprices counterparties and threatens trading franchises dependent on liquidity.
Decimalization Fueled New Trading Empires
- Decimalization and high-frequency trading replaced old market makers and amplified reliance on cheap liquidity.
- McElveney argues these firms profited from accommodative Fed policies that now risk being undermined by gold's rise.