Gold prices cool: Michael Maloney urges investors to hold ‘real assets’ amid volatility
Gold and silver prices eased in global trade on October 21, 2025, with gold futures down 0.24% to $4,349.24 and silver off 1.72% at $50.50 per ounce. The pullback followed easing geopolitical tensions ahead of the planned Trump–Xi meeting.
- Oct 21, 2025,
- Updated Oct 21, 2025 1:48 PM IST
Precious metals expert Michael Maloney believes the world may be nearing an inflection point — one where the top of global markets could already be behind us, and gold and silver once again emerge as “lifeboats in a storm.” Maloney, author of The Great Gold and Silver Rush of the 21st Century, cautions that the current pullback in bullion prices is not a signal of weakness but a symptom of deeper structural stress. “The game of economic brinkmanship between President Trump and President Xi is risky and could trigger a major downturn,” he said in a recent podcast, adding that the accelerating devaluation of fiat currencies has made holding real assets more vital than ever.
His remarks come as gold and silver prices retreated from their record highs reached on Dhanteras, even as festive demand in India remained strong during Diwali 2025. The correction follows signs of improving trade relations between the United States and China, prompting investors to book profits after weeks of relentless rallies in precious metals.
Market overview
In global markets, both gold and silver futures saw a mild pullback. On October 21, 2025, gold futures slipped 0.24% to $4,349.24 per ounce, while silver futures dropped 1.72% to $50.50 per ounce. Spot gold traded around $4,323.69 per ounce, compared to Monday’s record high of $4,381.21, and spot silver hovered near $51.80 per ounce, easing from recent peaks above $52.
Market participants attributed the decline to easing geopolitical tensions ahead of a planned meeting between President Trump and President Xi Jinping, which raised hopes of a potential truce in trade disputes that have unsettled global markets for months.
Price correction
After weeks of safe-haven buying, the firming U.S. dollar and profit-booking led to a brief cooling in bullion prices. Analysts described the move as a technical correction rather than a trend reversal, noting that expectations of Federal Reserve rate cuts and ongoing geopolitical risks continue to support precious metals.
Michael Maloney, however, views the episode as part of a larger macroeconomic warning. Drawing parallels to the Roman Empire’s decline, he warned that unchecked monetary expansion and excessive debt could erode global confidence. “Currency devaluation is moving faster now than ever before,” Maloney said. “History shows that every empire that debased its money eventually fell — but those who held gold and silver endured and rebuilt.”
Maloney also pointed to China’s aggressive gold accumulation, suggesting the country may possess significantly more reserves than it officially reports. “It’s a quiet but strategic hedge against dollar dominance,” he explained, urging individual investors to think in terms of ounces owned per person rather than currency wealth.
Gold outlook
While silver’s rally past $50 per ounce marked a historic milestone, analysts expect short-term volatility as traders adjust to macroeconomic shifts. Nonetheless, physical demand in India — the world’s largest consumer of gold — remains robust, driven by festive buying and long-term cultural affinity for the metal.
As optimism over trade talks lifts near-term sentiment, experts like Maloney caution that the real risks lie beneath the surface — in global debt, monetary policy distortions, and diminishing trust in fiat systems.
“Gold and silver,” Maloney concluded, “aren’t just commodities — they are monetary anchors in a world adrift.”
Precious metals expert Michael Maloney believes the world may be nearing an inflection point — one where the top of global markets could already be behind us, and gold and silver once again emerge as “lifeboats in a storm.” Maloney, author of The Great Gold and Silver Rush of the 21st Century, cautions that the current pullback in bullion prices is not a signal of weakness but a symptom of deeper structural stress. “The game of economic brinkmanship between President Trump and President Xi is risky and could trigger a major downturn,” he said in a recent podcast, adding that the accelerating devaluation of fiat currencies has made holding real assets more vital than ever.
His remarks come as gold and silver prices retreated from their record highs reached on Dhanteras, even as festive demand in India remained strong during Diwali 2025. The correction follows signs of improving trade relations between the United States and China, prompting investors to book profits after weeks of relentless rallies in precious metals.
Market overview
In global markets, both gold and silver futures saw a mild pullback. On October 21, 2025, gold futures slipped 0.24% to $4,349.24 per ounce, while silver futures dropped 1.72% to $50.50 per ounce. Spot gold traded around $4,323.69 per ounce, compared to Monday’s record high of $4,381.21, and spot silver hovered near $51.80 per ounce, easing from recent peaks above $52.
Market participants attributed the decline to easing geopolitical tensions ahead of a planned meeting between President Trump and President Xi Jinping, which raised hopes of a potential truce in trade disputes that have unsettled global markets for months.
Price correction
After weeks of safe-haven buying, the firming U.S. dollar and profit-booking led to a brief cooling in bullion prices. Analysts described the move as a technical correction rather than a trend reversal, noting that expectations of Federal Reserve rate cuts and ongoing geopolitical risks continue to support precious metals.
Michael Maloney, however, views the episode as part of a larger macroeconomic warning. Drawing parallels to the Roman Empire’s decline, he warned that unchecked monetary expansion and excessive debt could erode global confidence. “Currency devaluation is moving faster now than ever before,” Maloney said. “History shows that every empire that debased its money eventually fell — but those who held gold and silver endured and rebuilt.”
Maloney also pointed to China’s aggressive gold accumulation, suggesting the country may possess significantly more reserves than it officially reports. “It’s a quiet but strategic hedge against dollar dominance,” he explained, urging individual investors to think in terms of ounces owned per person rather than currency wealth.
Gold outlook
While silver’s rally past $50 per ounce marked a historic milestone, analysts expect short-term volatility as traders adjust to macroeconomic shifts. Nonetheless, physical demand in India — the world’s largest consumer of gold — remains robust, driven by festive buying and long-term cultural affinity for the metal.
As optimism over trade talks lifts near-term sentiment, experts like Maloney caution that the real risks lie beneath the surface — in global debt, monetary policy distortions, and diminishing trust in fiat systems.
“Gold and silver,” Maloney concluded, “aren’t just commodities — they are monetary anchors in a world adrift.”