Friday Recap (9/26/2025)

AU: $3758 ($3684 - Last Week)

AG: $45.99 (43.01)

HUI: 604 (577)

DXY: 98.1 (97.3)

S&P: 6643 (6664)

10-Yr: 4.17% (4.122%)

Oil: $65 (62)

Wow, what a week for gold and silver. Gold has been leading all year, and is now up 44% Y-T-D. Silver has decided to play catch up, and is now up 59% for the year. The GSR is down to 81. You can expect that to continue to squeeze.

Is this run in gold and silver getting tired? Not a chance. Sure, we will get a correction once the S&P decides to roll over, but don’t expect that correction to slow gold’s mojo. My guess is that any correction in gold will be short-lived, and then we keep trending higher, all the way to $5,000 and beyond.

The floor in gold and silver has clearly risen. Prior to this week, I had the floor around $3200 for gold and $34 for silver. I’m raising those to $3300 and $35. While those are my floor targets, we don’t have to touch them. I do remain concerned for the potential for a somewhat deep correction when the S&P finally stops rising.

As gold/silver miner investors, the best scenario is unfolding. The last shoe to drop is for the S&P to stop rising. That is when trillions of dollars on Wall St looks around for somewhere to make money. The miners will stand out and become impossible to ignore. That’s when we win.

As fun as this rally has been, I’m not happy yet. I want the prize. I want the HUI to get above 1500 and then potentially trend to 2000. That will only happen after the S&P stops rising. So, that is the final battle that we have to win. Amazingly, that could happen very soon. In fact, at any moment. We are very close. That is what silver is telling us. Get ready!

Has the train left the station? Nope. Stocks are still cheap. Look at 1911 Gold and Talisker Resources. I can see that they are cheap, but Wall St hasn’t figured it out yet. Those are only two examples. I found 26 at Beaver Creek. We are still early. But the train is clearly blowing its whistle. Get on board and ride the train, and don’t even think about getting off until the bull market in the HUI is mature. That would be around 900.

You may be thinking, but I don’t want to experience a 20% correction in my portfolio. If this is a bull market, it won’t matter. They won’t be able to keep gold down. It will correct and then bounce right back and go higher. So, ride the train and buy the dips.