Silver just retested it's 200 DMA.
Given that the catalyst for this rally is the prospects of yet another "peace deal" (likely bs), I would not be surprised if this is simply a retest of the key level before a renewed decline.
Silver is headed higher eventually, but I suspect there may some further downside before the pain is over.
Not sure who needs to hear this, but Kevin Warsh is not even Jerome Powell, much less Paul Volcker.
The market is pricing in MASSIVE rate hikes, and they are likely just not coming. Trump hand picked Warsh to LOWER rates. Even if Warsh simply keeps rates unchanged the market is massively mispositioned as it has convinced itself The Fed is about to embark on a sustained rate hiking spree.
I like big dips and I cannot lie.
Especially in a #gold bull market.
2008: gold -29.5%, GDX -71%
2020: gold -28.7%, GDX -57.3%
Today: gold -24%, GDX -35.5%
Painful? Yes. Unusual? No.
I’m not panicking or dumping quality names.
I’m looking for bargains.
https://t.co/YlbPuPn0EK
Silver dropped almost 50% from June 1968 to November 1971, and then rallied ~420% into February 1974.
Silver then dropped ~43% into 1976 and then rallied ~1150% by January 1980.
Silver dropped 60% from March to October 2008 and then rallied ~490%.
Gold dropped almost 30% in late-1973 and then rallied almost 100%...and then dropped ~25% and then rallied another 45% all by January 1975.
Gold dropped 50% in 1975 and 1976 and then rallied ~770% by Jan 1980.
Gold dropped ~26% in 2006 and then rallied 90%.
Gold dropped ~35% in 2008 and then rallied 180%.
This sell-off since January 2026 is now the third largest silver has ever had within the context of a bull market, and for gold it's the the fourth largest...almost on par with the 1973 correction and nearly on par with the Great Financial Crisis. In terms of time from top to bottom, this is more akin to the 1973 correction (about 20 weeks) or 2006 (about 20 weeks).
All of these drops led to enormous V-bottom rallies, some so rapid that if they repeated today it would mean $8000+ gold by October.
BREAKING: The US is expected to launch a major broader-scope attack on Iran in the coming hours, far beyond the scope of last night's strikes, with Israeli Channel 12 saying full-scale war may be imminent in the coming hours.
Separately, Axios' Barak Ravid, the most optimistic "imminent-deal" voice throughout this war, now says negotiations could fully "collapse in the next 2-3 hours."
🔥NEXT BIG SILVER MOVE STARTS AT THIS BACKTEST‼️
Is a reverse symmetry move in Silver vs Nasdaq imminent⁉️
“THESE MARKET OPPORTUNITIES ARE EXTREMELY RARE- MAYBE ONCE OR TWICE IN A LIFETIME!” 👇
https://t.co/TT69e2WfiY
Looking at Silver with some hindsight...
The echo bubble was the last chance to exit above $95 after the parabola broke.
Best years are still ahead of it... but no need to pray and hope.
Just wait for the charts tell you when it's safe again.
Could take a while.
TRUMP: “I’m not concerned about the latest inflation numbers that came out this morning. I love it. I love the inflation.”
At this point I’m convinced Trump is intentionally trying to destroy the United States.
Silver - It was $67 & heading towards $121 when I posted this. Nothing has changed, my view is the same. Large correction (sub-$60). It may take more time to resolve, we may even spike below $50, but the basic message is unchanged.