The Weekly Wire — February 3, 2026
The Weekly Wire — February 3, 2026
Free Edition
THE WEEK IN 60 SECONDS
• Gold exploded 5.90% to $4,927 — biggest weekly move since the March 2025 banking crisis
• Silver rockets 11.38% to $85.77 — gold/silver ratio compressed to 57.28, signaling industrial demand surge
• Uranium miners shed 3.58% despite spot uranium holding $90+ — profit-taking after 18-month run
• Dollar strengthens 0.52% while metals rally — rare divergence suggests non-USD buying pressure
• Copper gains 3.28% to $6.02 — infrastructure spending finally hitting commodity markets
WHAT MATTERS THIS WEEK
The metals are screaming what bond markets refuse to whisper: inflation is back.
Gold's $290 single-day spike Monday wasn't retail FOMO. This was central bank buying, sovereign wealth funds, and pension managers who read last Friday's core PCE print (4.1%) and realized the Fed's "transitory" script is playing again. When gold moves 6% in a week while the dollar strengthens, that's not currency debasement — that's global institutions hedging against policy failure.
Silver's 11% surge tells the real story. The gold/silver ratio collapsed from 62 to 57 in 5 days. Industrial silver demand from AI data centers and grid infrastructure is colliding with investment demand from precious metals buyers who missed gold's move. At $85/oz, silver is still 15% below its 2024 highs while gold sits at records.
The uranium selloff (-3.58%) looks like noise against this backdrop. Spot uranium held $90+ all week while miners pulled back from overbought levels. With 47 reactors under construction globally and utilities still under-contracted for 2027-2030 fuel needs, this dip is positioning opportunity disguised as weakness.
Watch the 10-year yield. At 4.275%, it's testing resistance that's held since December. If it breaks higher on next week's CPI print, the everything rally becomes a flight to real assets.
THE DASHBOARD
| Asset | Price | WoW Change |
| Gold | $4,927.1 | +5.90% |
| Silver | $85.77 | +11.38% |
| Copper | $6.02 | +3.28% |
| Uranium (URNM) | $71.7 | -3.58% |
| Oil (WTI) | $62.22 | +0.13% |
| DXY (UUP) | $26.99 | +0.52% |
| 10Y Yield | 4.275% | +0.80% |
| S&P 500 (SPY) | $695.41 | +0.50% |
ONE ACTIONABLE IDEA
If you're sitting in cash waiting for the "right entry" into precious metals, this week's action should clarify your timeline. Gold at $4,927 isn't expensive — it's repricing for a world where 4% inflation is the new 2%. The 25% of your portfolio that Grandpa's generation kept in bonds? That allocation belongs in gold, silver, and real assets that produce cash flow while holding value. Start with gold miners (GDX) at current levels rather than chasing physical premiums that hit 8% over spot this week.
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