A goldmine of gold charts

Thursday 19 February 2026

I have been bullish on gold for a few years, but my view has recently pivoted to “sell the rips”.

My reasoning for this is that the drivers of the gold rally have been materially weakened in recent weeks.

First, we had the appointment of Kevin Warsh as the successor to the FOMC chair. He is a conservative appointment that helped allay fears of the central bank’s politicisation.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.