He advises investors to book profits and even hedge positions by shorting gold.
Shah believes gold has already factored in key bullish drivers, including anticipated interest rate cuts and central bank buying. He notes that prices have reached year-end targets much earlier than expected.
With physical demand weakening and many investors piling into gold as a “consensus trade,” he sees signs of an overheated market.
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A correction is likely within the next 10-30 days, according to Shah.
Instead of staying in gold, he suggests shifting profits into silver, which has been in a supply deficit for four years.
He expects silver to outperform gold, delivering 10-15% returns over the next six to seven months.
Shah remains bullish on base metals, despite recent profit-taking driven by US trade tariff concerns and inventory adjustments.
He forecasts a 10% upside in base metals within the next six to seven months and sees any dips as buying opportunities.
“The fundamental outlook for metals in 2025 remains very bullish,” he said.
For the full interview, watch the accompanying video
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