Current market pressure in metals with gold down $28 and silver down 1%, while NASDAQ up 1.5% and S&P 500 up 1% showing rotation into equities

December rate cut probability dropped to 31.8% due to missing October jobs report and lack of inflation data confirmation

Presenting $5000 gold target for 2026 based on remarkable momentum - gold up 52% YTD, best annual gain since 1979

Three structural drivers for gold: central bank diversification (targeting 30% gold reserves vs current 20% average), ETF flows up 17% this year, and eventual Fed easing in 2026

Seasonal gold trade: buy February contract around Thanksgiving, sell late January - worked 13 of last 15 years

Bear market in gold only occurs with dollar strengthening AND rising interest rates with Fed hawkish stance - not current environment