In what has been a dual rally through most of 2025, gold and silver continue to consolidate at elevated levels. While most market analysts expect further momentum in both the precious metals and the S&P 500, the Bank for International Settlements is warning that the two asset classes could be in bubble territory. While gold and the S&P 500 have “breached the explosive behaviour” through the years, the authors of the report — Giulio Cornelli, Marco Jacopo Lombardi, and Andreas Schrimpf — said this is the first time in 50 years that the two assets have reached extreme valuations at the same time. The bubble analysis ... (full story)