NVDANVIDIANeutralNVIDIANEMNewmontBullishNewmontAgXAGSilverNeutralSilverSPYS&P 500BearishS&P 500

4d ago on

Friday Recap Current (Last Week) -- (% from ATH | ATH) AU: $4,070 ($3,874) -- 27% from ATH ($5,608) AG: $51 ($49) -- 58% from ATH ($121) HUI: 737 (649) -- 25% from ATH (986) DXY: 102 (101) S&P 500: 7,376 (7,534) -- 6% from ATH (7844) Remember, remember the 5th of November (V for Vendetta). I’ve been saying over and over that the key for gold/silver/miners is for gold to significantly outperform (over an extended period) the stock market. I have been waiting for that outcome since 2011. On November 5th this week, I think that outcome might have begun. NVIDIA was down 9%, pulling the S&P down 4.35%, and near the 200 DMA. The S&P closed today at 7376, which is only 50 points above the 200 DMA. That is the level where investors will get nervous. If the S&P remains below the 200 DMA for over a month, the chance of the onset of a bear market increases substantially. The last extended gold/silver/miner bull market began when the Dotcom bubble burst in January 2000. Gold ripped from $250 to $1900 over the next 12 years. While the stock market languished for over a decade, gold/silver/miners flourished. I think we can expect history to rhyme. Incredibly, during that era, gold wasn’t a go-to fear asset like it is today. Instead, it benefited mostly as a mo-mo asset that had been ignored for 20 years and was incredibly cheap. Note that inflation was non-existent during that era. Today, gold has become the go-to asset that central banks and governments are buying. That trend is only likely to increase if the US economy and US bond market weaken. Plus, the average investor, pension fund, insurance company, sovereign wealth fund, and billionaire have very little exposure to gold and gold/silver/miners. This is likely to change. That dynamic did not exist in the 2000s. The coming fear trade is going to push many different types of investors into gold for the first time. I remain bearish gold in the near term, but uber-bullish once the S&P falters. I expect gold to soon drop to a new 2026 low between $3750 and $3850. I want to be wrong, but I expect a sell-off on Wall Street once we get below the 200 DMA. A 3-day sell-off on Wall Street is likely to push gold down below $3900. I won’t turn bullish in the near term until gold gets above $4,500. That is likely the go signal for Leg 2, where we get new ATHs in gold and silver. I posted on X that I think this coming gold correction will be the last time to buy gold/silver/miners at cheap prices in our lifetime. Why? Because once Leg 2 begins, you can forget about buying Hecla at sub $25, or Newmont at sub $150. The cheap entry prices will be gone. Sometime in Leg 2, I will turn from being a buyer to waiting to sell to the top.

NVDANVIDIANeutralNVIDIA

5d ago on

NVIDIA was down 9% today. Nov 5th 2026. It could be the day the bull market ended. We will likely find out in November or December. Stay tuned. I expect Q4 to be volatile. 🧐 https://t.co/RorWA8ZFNR