“Gold Is Where Speculators Go, Because It’s Cheapest to Leverage”: FM Singapore Summit 2026 Notes

The article is a panel-style market commentary from the FM Singapore Summit 2026 focused on gold-driven volatility and its implications for FX/CFD liquidity. Speakers said liquidity fragmentation between interbank and retail pricing persists, though it has improved since late 2025 as retail spreads moved closer to realistic levels. Gold remains the dominant speculative magnet because it is seen as the cheapest way to access leverage, while silver and broader metals activity are also stressing liquidity. Panelists stressed that recent sharp moves have pushed brokers to tighten risk limits, offload more exposure, and rethink internalization versus hedging. The broader takeaway is that access to capital, diversified liquidity venues, and resilient technology infrastructure are becoming more important than price alone, with poor risk management posing systemic risks for brokers and the industry.