The Core Report #766 Why Markets Are Not Really Going Anywhere
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Jan 5, 2026 Amit Goel, Co-founder and Chief Global Strategist at PACE360, and Anindya Banerjee, Head of Currency and Commodity Research at Kotak Securities, join the conversation. They explore why markets are stagnating despite high valuations and discuss the implications of Venezuelan developments on oil and metal prices. Goel provides insights into the bullish short-term outlook for gold and silver, while Banerjee emphasizes geopolitical factors driving demand for these metals. The dialogue uncovers the intricate dynamics shaping today’s financial landscape.
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Markets Lack Fresh Upward Triggers
- Indian markets hit record highs but lack broad triggers for further upside.
- Visible risks, like U.S. tariff threats over Russian oil, keep markets subdued and volatile.
Tariff Threats Raise Policy Uncertainty
- U.S. threats to raise tariffs on Indian imports over Russian oil add policy uncertainty.
- Prolonged negotiations and unclear U.S. intent mean sustained volatility for equities and the rupee.
Precious Metals Rally From Geopolitics And Flows
- Gold and silver surged on Venezuela developments and geopolitical risk.
- Strong central bank purchases, rate expectations, and ETF inflows also supported bullion in 2025.