While it will take some time for people to adjust to the reality of the situation, the era of globalisation is, at least for now, over. It was an interesting ride. Back in 1999, as a student, I was vaguely aware in that pre-social-media era, of the anti-globalisation protests that shook the World Trade Organisation (WTO) meeting in Seattle, Washington, a place I knew then only as the setting for the sitcom Frasier. Others, slightly older than me, probably associated Seattle with Kurt Cobain. In any case, it seemed like a world away.

What a year 2025 was for gold and silver. And what a start to 2026.

Silver ended 2024 at around $47 (Australian) per ounce. 2024 was a good year for silver. It recorded a gain of over 30 percent for the year. But that was nothing. By March 2025, Silver was over $50. It paused for breath through the middle part of the year. Then it broke free. By the end of August, it was over $60. By the end of September, it was over $70. It broke through $80 in October, slipped back a little, broke through $90 in December, then broke through $100, then $110, then $120. The year ended with silver around $109. A 132 percent gain for the year.

Most people don’t own their houses mortgage free. Only about 28% of Australians are in that position. And this percentage has steadily fallen over the past three or four decades. Yet, anyone who watches the real estate market can see that someone is buying and the prices keep going up. Now, hardly anyone has a million dollars or more in the bank. Not many people are simply cutting cheques to buy a $1.5 million house. If most people were mortgage free or had a million dollars cash, there wouldn’t be as much concern about housing prices and mortgage rates. So, where is the money coming from?