Petri Redelinghuys of Herenya Capital Advisors on how this is still a bull market, and where the best opportunities are as crypto, big tech, and commodities all retreat.
It may not seem like it… but this is still a bull market
Last week, we saw a major downtrend in the market, with tech, crypto, and commodities being hit the hardest. We said that there was more of a dip in Gold and Silver as these needed to come back down to their 200-day moving averages, but they are bouncing. Silver has yet to break the consolidation that it found over the last couple of days, but Gold seems to be on the verge. If you look at the momentum indicators, we are seeing early signs that it might be time to buy. The trend in these commodities is strong right now, and we do believe there is more upside to come; however, a pullback down to the moving averages would be healthier for a bullish trend to be sustainable.
What we can do is take our lead from the USDZAR, which seems to have been on a tear from November 2025, strengthening from 17.22 to 15.70, and we do see more signs of a leg down, which will mean more Rand strength. If this is an indication of what we have seen driving the market so far, where commodities are seen as a strength, then that trend is likely to continue. We would wager that it is safe to buy more gold now.
We hold Platinum, commodity, and energy stocks for our managed clients; this is no secret. Since we have seen more volatility in the market, do you know what we did? Nothing. We did not sell anything; all we did was buy more Naspers.
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