Gold and Silver Fall as Record Rally Unwinds
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 2 February 2026
⏱️ 31 minutes
🧾️ Download transcript
Summary
The latest in finance, economics and investment.
Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Paul Sweeney & Alexis ChristoforousMonday, February 2nd, 2026
Featuring:
1) James Steel, Chief Precious Metals Analyst at HSBC, reacts to the overnight decline in gold and silver.2) Madison Faller, Global Investment Strategist at JPMorgan Private Bank, discusses how strong earnings and stable inflation are creating room for higher valuations.3) Joe Davis, Global Chief Economist at Vanguard, discusses the FOMC adopting a more optimistic tone on growth and labor.4) Henrietta Treyz, Co-Founder & Director of Economic Policy at Veda Partners, on the brewing funding showdown in DC and the potential implications for midterm elections.
See omnystudio.com/listener for privacy information.
Transcript
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| 1:20.1 | Cannot stop talking about the precious metals, right? So we're seeing some signs of moderating |
| 1:26.1 | here this morning, but the size of the losses |
| 1:29.1 | that we have seen in precious metals and silver, gold, copper, is one really for the history |
| 1:33.7 | buck. So let's talk more about it and where things might be headed with James Steele, the chief |
| 1:38.4 | precious metals analyst at HSBC. He joins us live in our Bloomberg studios. James, good to see you. |
| 1:43.8 | Happy Monday morning |
| 1:44.4 | to you. Thank you. Good morning. So is this just really about this gold and silver trade being |
| 1:49.6 | too crowded and people were just trying to try to get out? Or is there something else going on here? |
... |
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