Gold futures rallied as easing tensions drove metals rotation.

Phil Streible discusses the rally in Gold futures as geopolitical tensions ease and energy prices pull back. With the White House nearing a memorandum of understanding with Iran, the war premium is unwinding, causing a rotation of flows back into metals. Streible analyzes the shifting Fed landscape under incoming chair Kevin Warsh, noting how lower energy costs are reviving interest rate cut expectations. The report also covers the strong performance in Silver futures, driven by structural deficits and AI-related demand, as well as Copper's gains tied to Chinese smelter activity.