Cam Harvey: Gold’s Wild Week: Why Prices Surged Then Fell 11%
•February 4, 2026
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Original Description
Gold prices moved sharply in late January 2026, surging past $5,500 before dropping 11% in a
day. The swing ranks among the largest single-day moves in decades.
Campbell Harvey explains the trading dynamics behind the reversal, showing why the episode
reflects a rapid correction following an extreme run-up rather than a change in underlying
fundamentals. The discussion traces how retail buying, institutional momentum strategies,
leverage, and margin calls reinforced one another on the way up and again on the way down.
Cam also addresses claims linking the drop to Federal Reserve leadership news, explaining
why that story misses the timing and scale of the move.
The analysis focuses on how trading dynamics, not new information, drove the reversal.
• 0:00 Why gold’s January move stood out
• 1:00 Putting the 11% drop in historical context
• 2:30 Speculation across gold and silver markets
• 4:45 Retail momentum, institutional strategies, and leverage
• 7:15 Why the news narrative misses the real drivers
"Through the Noise" Playlist
#Gold #FinancialMarkets #MarketVolatility #Investing #MacroFinance #Fuqua
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