Morgan Steckler argues gold’s sharp pullback is a mechanical, liquidity-driven selloff rather than a lasting change in the bullish long-term thesis. He says Priority Gold is seeing strong client demand for physical gold and silver as a preservation trade against dollar weakness, debt, inflation, and geopolitical stress.
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This interview centers on gold’s sharp drop after a strong run and whether the move is a buying opportunity or the start of a larger reversal. Morgan Steckler, identified as senior director of Priority Gold, says the selloff is being driven by a mix of a stronger U.S. dollar, rising Treasury yields, profit-taking after a historic rally, and forced selling from margin calls. He repeatedly frames the move as mechanical rather than evidence that the long-term case for gold has broken. Steckler’s core thesis is that gold and silver remain preservation assets in a world he believes is defined by dollar devaluation, unsustainable debt growth, inflation risk, geopolitical conflict, and a gradual shift away from the dollar as a reserve asset. …
Near term, the setup is fragile: gold has already had a violent unwind, and the key tactical risk is continued deleveraging if the dollar firms or funds keep locking in gains. A rebound would likely require the market to re-embrace defensive positioning rather than simply stabilizing.
Over the next few months, the base case in the speaker’s view is that pullbacks get bought as long as debt, geopolitics, and central-bank demand stay elevated. The thesis weakens if the market decides the recent move was pure crowding and rotates persistently into other risk hedges instead.
Structurally, the interview argues for a regime where tangible assets regain importance as trust in fiat and digital claims erodes. If that regime shift persists, gold stays relevant not just as a trade but as a custody-and-preservation asset.
Gold’s recent selloff is largely mechanical rather than a true change in the long-term thesis.
He attributes the move to dollar strength, higher yields, profit-taking, and margin calls rather than weakening conviction.
Some observers think gold could fall into the high $3,000s, but Steckler still expects much higher prices over time.
He contrasts a bearish floor estimate with JP Morgan’s 2026 target above $6,000.
Priority Gold is seeing more buying than selling from clients, especially in physical metals.
He says client conversations show strong interest in preservation, not liquidation.
What do you think is causing gold selloff?
Steckler says it is driven by a stronger dollar, higher Treasury yields, profit-taking after a major run, and margin-call-related forced selling.
Where does the floor look like to you at this point?
He says he does not have a crystal ball, notes some think gold could see the high $3,000s, but also cites bullish bank targets above $6,000 in 2026 and treats the dip as a buying opportunity.
What are clients telling you right now?
He says the firm is seeing more buying than ever, with clients focused on preservation, legacy, and protection against dollar devaluation and inflation.
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