THE FOUR HORSEMEN OF THE APOCALYPSE
As we approach year-end, we have been experiencing for weeks that the sharp rally across markets is not merely the result of temporary optimism. At this point, I believe we can agree that what is driving the market is not price itself, but uncertainty. While the interest rate landscape appears calm on the surface, there is a clear loss of direction underneath. Central banks are maintaining a cautious, wait and-see stance, whereas markets are entering 2026 with expectations of a more accommodative financial environment. This divergence makes it increasingly difficult to hold yield generating assets such as deposits, bonds, and equities. With the future unclear, investors are no longer chasing returns and are focusing more on protecting against risk.

At the same time, as the difference between official U.S. inflation data and the prices people feel in daily life grows, investors care less about whether the data is accurate and more about when it is released. In fast-moving markets, backward-looking data increases the fear of reacting too late and making the wrong decision. Against this backdrop, gold, currently trading around $4,415, is being driven not only by technical momentum but also by a clear search for safety.

While demand for protection is most evident in gold, the forces shaping silver prices are more multi-layered. Trading near $68.93, silver benefits not only from its role as a precious metal but also from its industrial use, allowing it to outperform gold in the current cycle. This move should not be interpreted as speculative enthusiasm. Rather, it reflects tightness in supply-demand dynamics. Prices are not rising because “everyone is buying,” but because available supply is limited and demand is growing faster than production.

Platinum, trading around $2,050, is supported by supply constraints and a delayed but growing investment interest. Palladium, at approximately $1,784, continues to participate in this broader move. Although both metals are moving in the same direction as gold and silver, their price action reflects a normalization process driven by their own distinct fundamentals.

Ultimately, as uncertainty becomes more persistent, investors shift away from pursuing profits and toward assets that offer the greatest protection. In this context, it is reasonable to view gold, silver, platinum, and palladium as the “four horsemen” of the apocalyplypse. While each is driven by distinct factors, they share a common characteristic: resilience amid systemic risk.