Mid-Week Macro (1/21/2026)

Mid-Week Macro

Gold was $4,000 in November, $4,200 in December, and $4,800 in January. Currently, $4,783.

Silver was $50 in November, $70 in December, and $90 in January. Currently, $91.

What’s next? The last correction was in October. It’s difficult to know when the next deep correction will arrive, but it will at some point. Both gold and silver could continue to trend higher before that correction arrives. Michael Oliver thinks that around $125 silver would be a good level for the next correction.

It’s difficult to find a reason for gold to stop rising in 2026. I think we will end the year above $5,000, and silver around $150, but both could exceed those levels. However, getting to those levels probably won’t be in a straight line. I have not been worried about the gold bull market ending since it broke out in March 2024. Since then, Gold wants to go higher. Gold is on a mission. That’s really all that matters. We ride this train until the macro indicators for gold change. I don’t think that will happen until 2027 at the earliest.

In 2026, gold is the buy-the-dip asset. Any dips are to be bought. So, we buy the dips and wait for the S&P 500 to stop rising. I expect that to happen at some point. I’m not sure which Qtr it happens in, but I’ll wait for that outcome. It could be as soon as Q1 or as late as Q4. I expect the Dems to win the midterms and create a mess in Washington. I also think 2026 is the most important year in US History since 1776. This is the year that America begins its descent and inevitable breakup. That’s a sad outcome, but it has become an inevitable outcome, and the reason gold is trending. The rest of the world is worried about that outcome and is preparing for it.

Ironically, we have our 250th birthday in July. I wonder how many more birthdays we will have? What’s the over-under? 5? 10? I doubt we make 10. We will look back at 2026 as the year it all fell apart.