I Got The Fed Wrong But I'm Buying More Gold | Lawrence Lepard

Lawrence Lepard says he misread the Fed’s latest move but is still adding to gold and silver after the post-hawkish-hold pullback. The Kitco description says gold surged to a record $5,589/oz and silver briefly cleared $121/oz before both corrected sharply, with the move triggered by new Fed Chair Kevin Warsh’s hawkish hold that caught the market off guard. The key message is that Lepard views the selloff as a pause rather than the end of the bull market, keeping the medium-term constructive call on precious metals intact despite the near-term volatility. His stance reinforces the view that policy credibility and the path of real rates remain the dominant drivers, even after a strong run-up. For traders, the implication is that dips may continue to attract strategic buying if the market decides the Fed is still behind the curve. Near-term focus stays on follow-through after the Warsh surprise, with gold and silver vulnerable to further profit-taking if yields and the dollar firm, but supported if the market re-prices easier policy later in the cycle.