Gold is still holding below its all-time high, leaving investors with two possible paths for January. The first scenario suggests we could see an explosive rally—a classic blow-off top that might signal the peak of this bull run. Meanwhile, the second possibility involves a multi-week consolidation that topped out in December, followed by a pullback toward the 20-week moving average, potentially shaking out weaker hands.

Right now, the first scenario seems more likely in my view, and white silver's recent surge is pointing in that direction. When precious metals show this kind of aggressive momentum, it often hints at broader market conviction. The correlation between gold and silver moves is definitely worth monitoring closely as we head into the new year.