Ole Hansen Sees Metal Upside After Index Rebalancing

Ole Hansen warned commodity index fund rebalancing could drive $6–7 billion of mechanical selling in gold and silver futures after prices dipped as the five-day shift began.He said the coming week will test whether the rally was driven by momentum and FOMO or by underlying demand, while forecasting gold at $5,000, silver at $90 and platinum near $2,800 during the year.The moves follow a strong year for metals amid Venezuela-related risk, tariff-fueled copper tightness tied to AI and data centers, and market focus on the USA jobs report and China’s mixed inflation signals.