Mid-Week Macro (5/20/2026)

Mid-Week Macro

AU: $4,552 -- 18% from ATH ($5,608)

AG: $76 -- 36% from ATH ($121)

HUI: 737 -- 25% from ATH (986)

S&P 500: 7,432 -- 1% from ATH (7517)

The S&P 500 remains strong, only 1% from an ATH. On Monday, Trump said he was ready to bomb, but called for a delay. Will he bomb or will he walk? Ultimately, I think he will walk within a few weeks, and this war will be over. Of course, I’m guessing, and it could linger. The US has only one option to open the Strait, which is a full-scale ground invasion. I don’t think Trump would risk a ground war when walking away is such an easier choice. So, we wait.

Once the war ends, I expect everything to go higher. However, if Trump doesn’t walk soon, everything could go down. Stay tuned. It could get messy.

I don’t think the current levels for gold ($4552) or silver ($76) will hold the rest of the year. At some point, I expect to see $4200 to $4400, and $58 to $68. I continue to wait for the S&P 500 to finally reach a top and roll over. That is the final battle between gold and the S&P 500. Gold will be the last man standing. Then we will see a death-cross, whereby gold will pass the S&P 500. I don’t expect that to happen until the S&P 500 drops below 6000. So, we have a bit of a wait.