There’s a lot of buzz—understandably—about whether we’ve just seen peak gold.
With charts flashing déjà vu and analysts citing 2011 all over again, it’s tempting to lean on technicals and call for a repeat consolidation. But hold that thought. Because while the chart may rhyme, the world around it has changed completely.
In this episode, Matthew Piepenburg breaks down why comparing 2025 to 2011 misses the bigger picture—and why gold, in this new macro reality, may be playing by a very different set of rules.
(00:00:00) – Technicals vs. Reality
Using Elliott Wave alone misses key economic changes impacting gold in 2025.
(00:00:23) – 2025’s New Landscape
Today’s gold market differs from 2011 due to failing treasury auctions, BRICS, and global distrust in the dollar.
(00:01:16) – Beyond Charts
Technicals help, but they don’t capture the full macroeconomic and geopolitical backdrop influencing gold.
(00:01:56) – Macro Dominance
Gold’s rise is tied to fiat currency debasement, skyrocketing debt, and ongoing money creation worldwide.
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