rate hike expectations Persistently large global budget deficits remain an unresolved driver that could reignite gold’s rally Precious metals spent two years defying gravity. The rally that ran through 2024 and 2025 was one of the most sustained in recent memory until January 2026 when it wasn't. Prices have since retreated sharply, leaving investors to ask three questions at once: What built this run-up? What caused the reversal? And where might they be headed next? The answer to the first question is not a single catalyst but a convergence. The run-up in precious metals prices appeared to have been based on three ... (full story)