Precious metals...silver price shatters records

Permanent portfolio shines

The S&P 500 hit a new record high this week, but by far the more exciting action of late has been in silver.

China is facing a physical shortage of silver, while industrial demand for the metal remains strong (including from electronic vehicles), and the price action has continued to be...well, electric!

The silver price is trading another +10 per cent higher today, to be up by more than a rip-snorting +160 per cent this year.

Silver is now very rapidly closing in on Nvidia to become the second largest asset in the world. 

December has seen the biggest monthly percentage gain for the silver price since the 1970s. 

A word of caution - moves of this magnitude in the silver market can obviously unwind pretty quickly too, and quite probably soon after the new year.

Still, the price action this year has been a pretty good advert for the permanent portfolio investment strategy, with the price of gold also up spectacularly by around +60 per cent this year.

Indeed, the shiny metal has now comfortably outperformed the total returns from the US stock market over the past quarter of a century.

Amazing stuff.

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Investors pile in to precious metals in 2025

That's gold

We all saw the photos of the queues to buy gold at Martin Place back in October...

Source: Tom Richardson, X

How everyone chuckled.

The funny thing is, despite all the cynicism, they're all in profit now as the price of gold has gone ballistic anew.

Having largely languished for the past decade-and-a-half, the gold price has soared again in anticipation of upcoming interest rate cuts.

Bullion is up +67 per cent so far in 2025.

Chart from Kitco:

The price of silver, meanwhile, has gone almost vertical, to be up by an astonishing +138 per cent for the year-to-date.

A fear trade?

Risk appetite more broadly has been rising at a record pace since April, with billions pouring into leveraged long ETFs and comparatively very little interest on the short side. 

All traditional metrics would say we are well into 'overbought' territory for gold and silver...so what's driving the latest surge?

The standard answers would be a fear of inflation or monetary debasement, a global conflict, or possibly all of the above. 

Yet none of that seems to be so much priced into bond markets, stocks, or real estate. 

It's interesting because oil prices have fallen a lot of late - unlike the late 1970s energy crisis which was triggered by the Iranian revolution - and global inflation appears to be softening.  

So, just a momentum play, perhaps. 

---

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And our popular Low Rates High Returns Show also remains available on Spotify.

    3. Subscribe for my free daily blog

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By the way, I'm an 8-times published author on finance, investing, and business, so you can check out some of my books here. 

My new book, co-authored with Cate Bakos is available to buy here or on Amazon here - check out our free Buy Right podcast series here. 

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2-Sense: Will the RBA hike in February?

2-Sense podcast

This week on the podcast Chris and I discussed the rapid repricing for interest rate futures.

We also discussed:

• Property market myths that could trip up investors in 2026, including school zones, off-the-plan buying, infrastructure spending and SMSF property investing
• Interest rate expectations, fixed mortgage rates rising and what the banks are tipping for the next RBA meeting
• Housing supply warnings, stalled dwelling completions and the impact of planning delays on affordable housing
• Listener Q&A covering commercial property ownership structures and renovation tax considerations for first home buyers

And we covered some of your questions in the Listener Q&A segment at the end of the show.

Tune in here (or click on the image below):

You can also watch the YouTube version here:

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1. Download our property buying guide

Download our free property buying guide here. 

You can also check out a few of our recent property purchases here. 

Get in contact with us today if strategic property investment is your thing. 

    2. Subscribe to our Top 10 Podcasts for Investors

Listen in to our podcasts

The Australian Property Podcast is rapidly becoming one of Australia's biggest business podcasts, now with well over 50,000 audio downloads per month, and growing fast.

And our popular Low Rates High Returns Show also remains available on Spotify.

    3. Subscribe for my free daily blog

Subscribe for my free daily blog with 4½ million hits here. 

You can also catch up with me daily on Twitter here, where I'm far too active daily and have over 15,500 followers. 

By the way, I'm an 8-times published author on finance, investing, and business, so you can check out some of my books here. 

My new book, co-authored with Cate Bakos is available to buy here or on Amazon here - check out our free Buy Right podcast series here. 

4. Work with me privately

For a limited time you can book in a free diagnosis call with me here, so book in a call today.

US inflation...plunges?!

US inflation dumped

The Bank of England's Monetary Policy Committee cut interest rates for a sixth time in this cycle as expected today, by 25 basis points, to 3.75 per cent, albeit with a split decision.

Following on from Wednesday's post about the potential for lower than expected inflation...what the heck was today's report from the Bureau of Labor Statistics all about?

October's US inflation figures weren't reported due to the government shutdown, but economists expected 3 per cent inflation over the year to November 2025.

In the end, the figure was considerably lower than expected at 2.7 per cent (denoted by the tentatively marked blue cross on the second chart below).

Core inflation was also far below expectations for a 3 per cent rise - at just 2.6 per cent - for the lowest reading since 2021 (denoted by the red dot on the second chart below). 

Source: BLS

These figures certainly look a bit odd and have potentially been distorted by the shutdown, so although markets will likely rally on the news, it would probably be prudent to see what the next month brings before popping the champagne corks. 

Still this does call into question whether tariffs have really increased inflation as was widely predicted. 

It was reported last week that the US unemployment rate increased to a 4-year high of 4.6 per cent.

Bond markets were certainly sceptical about today's inflation figures, the US 2-year treasury yield initially falling only modestly, but still it looks likely on this evidence that interest rates will be heading lower. (net bullish for risk assets - stocks, gold). 

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You can also check out a few of our recent property purchases here. 

Get in contact with us today if strategic property investment is your thing. 

    2. Subscribe to our Top 10 Podcasts for Investors

Listen in to our podcasts

The Australian Property Podcast is rapidly becoming one of Australia's biggest business podcasts, now with well over 50,000 audio downloads per month, and growing fast.

And our popular Low Rates High Returns Show also remains available on Spotify.

    3. Subscribe for my free daily blog

Subscribe for my free daily blog with 4½ million hits here. 

You can also catch up with me daily on Twitter here, where I'm far too active daily and have over 15,500 followers. 

By the way, I'm an 8-times published author on finance, investing, and business, so you can check out some of my books here. 

My new book, co-authored with Cate Bakos is available to buy here or on Amazon here - check out our free Buy Right podcast series here. 

4. Work with me privately

For a limited time you can book in a free diagnosis call with me here, so book in a call today.

Population growth was 1.5pc in FY2025

More staying put

Fewer people are leaving New South Wales and Victoria now as the affordability gap closes with other states, such as Queensland, Western Australia, and South Australia.

Indeed, with many Victorians having headed home from south-east Queensland, Victoria recorded a small surplus of net interstate movements over the first half of 2025.

There have been several indicators of a potential reacceleration in immigration in 2025, but if it has happened it's not yet evident in these figures. 

Population growth was actually pretty steady at +420,100 over the financial year 2025, or +1.5 per cent.

Western Australia (+2.2 per cent) continued to experience the fastest population growth over the 2025 financial year, and Tasmania (+0.2 per cent) the slowest.

In absolute terms there was a big population uplift over the year in Victoria (+123,500), New South Wales (+101,800), and Queensland (+97,900). 

Source: ABS

It remains to be seen whether immigration did pick up in the latter half of 2025, but tighter international student visa regulations are at least keeping a lid on things. 

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The ABS reported that household wealth increased by a further +3.1 per cent over the September quarter to A$18.4 trillion.

---

1. Download our property buying guide

Download our free property buying guide here. 

You can also check out a few of our recent property purchases here. 

Get in contact with us today if strategic property investment is your thing. 

    2. Subscribe to our Top 10 Podcasts for Investors

Listen in to our podcasts

The Australian Property Podcast is rapidly becoming one of Australia's biggest business podcasts, now with well over 50,000 audio downloads per month, and growing fast.

And our popular Low Rates High Returns Show also remains available on Spotify.

    3. Subscribe for my free daily blog

Subscribe for my free daily blog with 4½ million hits here. 

You can also catch up with me daily on Twitter here, where I'm far too active daily and have over 15,500 followers. 

By the way, I'm an 8-times published author on finance, investing, and business, so you can check out some of my books here. 

My new book, co-authored with Cate Bakos is available to buy here or on Amazon here - check out our free Buy Right podcast series here. 

4. Work with me privately

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The surprise economic story for 2026 will be...

Oil glut ahoy

Here's a surprise captain's call for you: global inflation to fall more than expected in 2026.

In fact, it may already be quietly happening given the burgeoning oil glut. 

Yesterday the price of crude oil fell to the lowest level in nearly half a decade at $55.

And there could be more to come here as US policy floods the market, and on cautious hopes of a Russia-Ukraine peace deal (given that Russian refinery products could return to the market, adding significantly to supply). 

Since crude prices were trading above $80/barrel back in January, this should theoretically start to be reflected in lower petrol prices and manufacturing input costs.

Indeed, we may already be seeing the early signs of a change in conditions.

It was reported today that the UK economy saw headline inflation drop unexpectedly from 3.6 per cent to 3.2 per cent in November, a far sharper decline that expected by market economists.

This will allow the Bank of England to cut the base rate by at least 25 basis points on Thursday.

Meanwhile Canada saw headline inflation at just 2.2 per cent in November, while the Eurozone also reported lower than expected headline inflation at 2.1 per cent.

Australia looks like a bit of an outlier now with a headline inflation rate of 3.8 per cent.

But we're on a new inflation gauge, and hopefully lower oil prices will now be a helpful factor in pushing inflation back into the target band pretty quickly.

---

1. Download our property buying guide

Download our free property buying guide here. 

You can also check out a few of our recent property purchases here. 

Get in contact with us today if strategic property investment is your thing. 

    2. Subscribe to our Top 10 Podcasts for Investors

Listen in to our podcasts

The Australian Property Podcast is rapidly becoming one of Australia's biggest business podcasts, now with well over 50,000 audio downloads per month, and growing fast.

And our popular Low Rates High Returns Show also remains available on Spotify.

    3. Subscribe for my free daily blog

Subscribe for my free daily blog with 4½ million hits here. 

You can also catch up with me daily on Twitter here, where I'm far too active daily and have over 15,500 followers. 

By the way, I'm an 8-times published author on finance, investing, and business, so you can check out some of my books here. 

My new book, co-authored with Cate Bakos is available to buy here or on Amazon here - check out our free Buy Right podcast series here. 

4. Work with me privately

For a limited time you can book in a free diagnosis call with me here, so book in a call today.

Consumer sentiment slumps 9pc

Sentiment slump

Consumer sentiment slumped -9 per cent in December, as interest rate expectations increased.

Aussies also became more uncertain about whether it's a good time to buy a dwelling, with this sub-index up sharply, even from November.

Source: Westpac

That having been said, house price expectations remained close to the highest reading in 13 years.

---

1. Download our property buying guide

Download our free property buying guide here. 

You can also check out a few of our recent property purchases here. 

Get in contact with us today if strategic property investment is your thing. 

    2. Subscribe to our Top 10 Podcasts for Investors

Listen in to our podcasts

The Australian Property Podcast is rapidly becoming one of Australia's biggest business podcasts, now with well over 50,000 audio downloads per month, and growing fast.

And our popular Low Rates High Returns Show also remains available on Spotify.

    3. Subscribe for my free daily blog

Subscribe for my free daily blog with 4½ million hits here. 

You can also catch up with me daily on Twitter here, where I'm far too active daily and have over 15,500 followers. 

By the way, I'm an 8-times published author on finance, investing, and business, so you can check out some of my books here. 

My new book, co-authored with Cate Bakos is available to buy here or on Amazon here - check out our free Buy Right podcast series here. 

4. Work with me privately

For a limited time you can book in a free diagnosis call with me here, so book in a call today.

ausbiz TV: Mortgage rates rise ahead of possible RBA hike

Fixed rate hikes

I joined Andrew G on ausbiz TV to discuss the main property news, including the reforms to foreign investor rules in Queensland.

Tune in here (or click on the image below):

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1. Download our property buying guide

Download our free property buying guide here. 

You can also check out a few of our recent property purchases here. 

Get in contact with us today if strategic property investment is your thing. 

    2. Subscribe to our Top 10 Podcasts for Investors

Listen in to our podcasts

The Australian Property Podcast is rapidly becoming one of Australia's biggest business podcasts, now with well over 50,000 audio downloads per month, and growing fast.

And our popular Low Rates High Returns Show also remains available on Spotify.

    3. Subscribe for my free daily blog

Subscribe for my free daily blog with more than 4 million hits here. 

You can also catch up with me daily on Twitter here, where I'm far too active daily and have over 15,500 followers. 

By the way, I'm an 8-times published author on finance, investing, and business, so you can check out some of my books here. 

My new book, co-authored with Cate Bakos is available to buy here or on Amazon here - check out our free Buy Right podcast series here. 

4. Work with me privately

For a limited time you can book in a free diagnosis call with me here, so book in a call today.

Low Deposit, High Stakes: Inside Australia’s 5% Revolution

Property podcast

I joined Gemma Mitchell to discuss the 5 per cent deposit scheme and its impact on the housing market.

Tune in here (or click on the image below):

You can also watch the YouTube version here:

---

1. Download our property buying guide

Download our free property buying guide here. 

You can also check out a few of our recent property purchases here. 

Get in contact with us today if strategic property investment is your thing. 

    2. Subscribe to our Top 10 Podcasts for Investors

Listen in to our podcasts

The Australian Property Podcast is rapidly becoming one of Australia's biggest business podcasts, now with well over 50,000 audio downloads per month, and growing fast.

And our popular Low Rates High Returns Show also remains available on Spotify.

    3. Subscribe for my free daily blog

Subscribe for my free daily blog with more than 4 million hits here. 

You can also catch up with me daily on Twitter here, where I'm far too active daily and have over 15,500 followers. 

By the way, I'm an 8-times published author on finance, investing, and business, so you can check out some of my books here. 

My new book, co-authored with Cate Bakos is available to buy here or on Amazon here - check out our free Buy Right podcast series here. 

4. Work with me privately

For a limited time you can book in a free diagnosis call with me here, so book in a call today.

2-Sense podcast: Market repositions for 2026 rate hikes

2-Sense podcast

This week on the podcast Chris and I discussed the rush of first homebuyer applications overwhelming lenders, smaller block sizes being proposed for Brisbane, and the coming boom in investment in data centres.

We also discussed the rapid repricing in interest rate futures markets. 

Tune in here (or click on the image below):

You can also watch the video version on YouTube here:

---

1. Download our property buying guide

Download our free property buying guide here. 

You can also check out a few of our recent property purchases here. 

Get in contact with us today if strategic property investment is your thing. 

    2. Subscribe to our Top 10 Podcasts for Investors

Listen in to our podcasts

The Australian Property Podcast is rapidly becoming one of Australia's biggest business podcasts, now with well over 50,000 audio downloads per month, and growing fast.

And our popular Low Rates High Returns Show also remains available on Spotify.

    3. Subscribe for my free daily blog

Subscribe for my free daily blog with more than 4 million hits here. 

You can also catch up with me daily on Twitter here, where I'm far too active daily and have over 15,500 followers. 

By the way, I'm an 8-times published author on finance, investing, and business, so you can check out some of my books here. 

My new book, co-authored with Cate Bakos is available to buy here or on Amazon here - check out our free Buy Right podcast series here. 

4. Work with me privately

For a limited time you can book in a free diagnosis call with me here, so book in a call today.