Friday Recap (1/9/2026)

AU: $4508 ($4330 - Last Week) - - (ATH $4550 Dec25)

AG: $79.84 (72.77) - - (ATH $83.90 Dec25)

HUI: 763 (701) - - (ATH 763 Jan26)

DXY: 98.9 (98.4)

S&P: 6963 7(6858) - - (ATH 6975 Jan26)

10-Yr: 4.1% (4.19%)

Oil: 58 (57)

A fascinating first week. You can’t find a bear on Wall St. The bullishness is astonishing when you consider the array of problems facing the economy. Everyone seems to be high on hopium and caught in a normalcy bias. The S&P has done nothing but go up for 15+ years. Americans have come to believe our economy is a juggernaut and we will never have a recession. Meanwhile, the problems mount. The housing affordability problem is turning into a housing crisis, with prices dropping and inventory rising. Employment has been dead since late spring 2025. The cost-of-living crisis lingers and won’t go away. The budget deficit has caused high interest payments exceeding $1T annually. But you won’t hear these four problems mentioned on the cable business channels, who don’t want to scare away their customers.

The S&P is on the verge of closing above 7,000 for the first time. It might even trend to 7,500. Is this good news? Nope. It’s the end of the line. Few can see the crisis that’s coming. The signs are everywhere if you are paying attention, but few are. Ray Dalio, Peter Schiff, Warren Buffett, Jeremy Grantham, Stanley Druckenmiller, Marc Faber, and a few others see it, but nobody wants to listen to these old guys. I expect the S&P to stop rising before May 1st. Let’s see if I’m right. If so, expect gold and silver to initially correct (similar to October) before rebounding and heading higher.

I don’t expect the S&P to run into trouble until March, so that means gold and silver will likely trend higher for a few more weeks or months before we get the next correction. It will be very difficult to remain patient waiting for that correction. I plan to wait, but I hope silver goes to $100 or higher before the next correction. I want to be wrong for waiting. I’m going to wait to protect my portfolio, plus I don’t like to buy all-time highs. The cash I’m not spending now will be used to buy the dip to protect my portfolio. Buying dips is how you protect your portfolio, because it will rise faster out of that dip.

Silver has a good chance of reaching $100+ in the next 2-3 months. The combination of supply issues and increased investor demand is the perfect storm for silver. I always expected this outcome. Once silver got above $50, it became a monetary metal. Suddenly, investors see silver as an attractive asset. That is likely to increase for all of 2026 (as long as gold trends higher). Eventually, we will get a silver shortage, and then governments will have to step in to ensure supply for the mega-corporations that help get them elected.