GOLD – The Great Bull Market Has Begun, Breakout Confirmed in 2025 (Uncut) 04-30-2025

GOLD – The Great Bull Market Has Begun, Breakout Confirmed in 2025 I Jordan Roy-Byrne

This is what people are missing. There’s a lot of people who are saying, oh, we’re going to have 2008 or this is what’s going to happen. There’s a huge market crash.

You don’t get big market crashes when bonds are in a secular bear market. I don’t want to act and say that like, oh, we can’t have a bear market because the bear markets in the 60s and 70s, they evolved a little bit differently, like a typical bear market. And I was looking at this last night, typical bear market, not an inflationary period, a bad bear market.

The worst part is the middle. That is when you really get the accelerated move down or crash. Hello, and welcome to Soar Financially, a channel where we discuss the macro to understand the micro.

My name is Kai Hoffman. I’m the edgier mining guy over on X, and of course, you’re host of this channel. And I’m looking forward to bringing back Jordan Roy Byrne.

He’s the author, publisher, and just the brain behind the Daily Gold. And now he’s also an accomplished book author. Gold, silver, the greatest bull market has begun is the title of the book.

And of course, we’ll have to ask him about what is going on in the gold space. Massive moving gold, not so much in silver. So we have to ask, is silver in the bull market? What is what is happening? And of course, what provoked that massive bull run in gold? Is it overbought? Are we seeing a consolidation right now? So lots of questions, a lot of detail to get into.

And I know Jordan also likes the mining stocks. So I’ll get some of his opinion, or I’ll get his opinion on the mining sector in general. I’m not going to probe him about names because that’s what his newsletter is for, The Daily Gold.

Go check that out. But it’ll be an interesting discussion because I’ve had him on before. He’s a really smart guy, really looking forward to this.

Before I switch over to my guest, though, hit that like and subscribe button. Helps us out tremendously. It helps us grow the channel.

And we tremendously appreciate it. Thank you so much for doing that. Now, Jordan, it is great to have you back on the program.

It’s good to see you again. It’s been way too long. Yes, thank you so much for having me, Kai.

It’s a pleasure. And yeah, great to see your smiling face. And yeah, what a great time for those in the gold business right now.

Absolutely. $3,300 an ounce. We even touched on $3,500 just last week.

Absolutely insane move in the gold price. Jordan, has the greatest bull run in gold already started? Yes, it has. And I’ll point to just a couple of things to make it easy for people.

You go back to March of 2024, a little over a year ago, gold broke out from a 13-year cup and handle pattern. And when you get breakouts from these types of really long bases, they produce significant moves that last. I mean, for specific markets, they can last like a decade or longer.

Now, with respect to gold, it can last a while, might be a little shorter than that. But nevertheless, breaking out of a 13-year base for gold, that is really, really significant. That bodes extremely bullish over the coming years.

And then the second thing on top of that, this is what precious metals have been missing in recent years. We had a big change in March. Not only did gold break out from a four-year base against the stock market, but it also broke out from my own custom indicator, which is the 60-40 conventional investment portfolio, 60% stocks, 40% bonds.

Kai, it broke out from a 10-year base. So think about what I just said, the 13-year breakout from a cup and handle pattern. That’s a really, really significant base to break out of, significant in terms of the amount of time.

And then to layer on top of that, gold just broke out of a 10-year long base against the 60-40 portfolio. Again, that happened in March. And that, along with 60% of that breaking out against the stock market, that’s really important because that is what signals capital moving out of conventional assets and stocks and into gold.

And that is what we’ve been missing in the last four, five, six, seven years, even though gold has been trending up. Because gold was trending up, but we didn’t have much money moving into the rest of the sector, silver, the mining stocks and the juniors. And so we started to see that in the last few months.

And I mean, this is only the fourth time we’ve had this type of move in the last 100 years, essentially. So this is extremely bullish, extremely positive. And yeah, we probably hit an interim peak last week, but the setup for gold and precious metals and silver as well, it’s really, really bullish over the coming years.

No, fantastic. Like really great intro to the whole gold conversation here, Jordan. But I was a bit surprised you said March 2024.

A lot of people would say, February, March 2022, with the SWIFT system being weaponized against Russia, for example, and central banks starting to realize, okay, we need to have alternative assets on our balance sheet. Why not 2022? Like, what was the difference between 2022 and 2024 here, Jordan? Well, it’s all about the price. I mean, the gold price made that huge breakout in March of 2024.

And I think the low in 2022 was October. So some people can say, well, it was the October low in 2022 or the October low in 2023. But we finally broke out of that pattern gold did in March of 2024.

So that’s why I view March as the real significant point. And then in addition, you had gold breaking out against the 60-40 portfolio this year. And the last time you had similar breakout moves, you had, I believe, at the very end of 2001 and the very end of 1971.

So to me, I mean, it’s semantics, you know, quibbling, oh, did it start at this point or that point? But basically, the breakout we had in March of this year, that’s the full confirmation. And just one more thing on top of that. This is why this bull market will be different than the 1930s and the 2000s.

And this is a big thing. You have a secular bear market in bonds, Kai. So go back from 1920 to 2020.

The only time bonds, you basically lost money on bonds was the mid-60s to the early 80s. So 17, 18-year period, you were losing money on bonds. Other than that, for 80-plus years, you were making money on bonds.

And after COVID, we hit a peak as far as the total real return in bonds. Then I think in 2021 or 2022, we lost the 80-month moving average, which is my demarcation line for the secular trend in bonds. And so lots of capital has been coming out of bonds and moving into gold.

And that really helped gold. That helped stabilize gold in 2022, 2023, along with central bank buying. And yeah, that helped stabilize the market, setting it up to break out of this cup and handle pattern.

But the money moving out of this is so significant. This is what people are missing. There’s a lot of people who are saying, oh, we’re going to have 2008, or this is what’s going to happen.

There’s a huge market crash. You don’t get big market crashes when bonds are in a secular bear market. Because when bonds are in a secular bull market, it’s easier for people to dump their stocks, because they know I can go into bonds here and make 2% or 3%, 4%.

The value of bonds is rising. When bonds are in a secular bear, that’s not the case. They might not sell as many of their stocks.

They might sell and put some of it in gold. So we’re in a different regime. This is a new regime.

And a lot of people have not been around for it, because the last time it happened was the mid-60s. That triggered an interesting question in my head, Jordan. Back in the day, like the S&P 500 had different composition.

Newmont right now is the only mining stock, for example, in the S&P 500 right now. When you say the market is not going to crash because the bond market doesn’t offer that, but the market can’t… And I’m asking a question here, by the way. It’s like the market can crash if there’s no alternative.

If the gold mining stocks move up, and people are moving their money out of the S&P 500 to chase those other returns and other asset classes that are not represented in the S&P 500, does that lead to a market crash? Because it’s just a different composition of the index, if that makes sense. Yes. It’s an interesting question.

I don’t have an immediate answer for that. But markets are designed, the stock markets are designed to rise over time. So if money is shifting into another part of the market, eventually that market, eventually that other part of the market will become a bigger percentage of the market and the laggards move out of the index.

So that’s called the survivorship bias. But one thing is I don’t want to act and say that like, oh, we can’t have a bear market because people are, they’re not going to put their money in bonds and they’ll just hold stocks. It’s just that the bear markets in the 60s and 70s, they evolved a little bit differently.

Like a typical bear market, and I was looking at this last night, typical bear market, not an inflationary period, a bad bear market, the worst part is the middle. That is when you really get the accelerated move down or crash. But looking at the worst bear markets during the last secular inflationary era, the worst part was the very end.

Like you can look at 68, the 1968 to 70, 1973 to 74, Kai, you were 16, 17 months in and these markets did not have their, I mean, they had not, they had yet to have their worst move down, which was the last four months in each case. So if we’re looking at like, if we’re in a new bear market now, and this one’s going to be ugly. Yeah, I’m not saying the market can’t fall, you know, 30, 40 or 45% here.

But what I’m saying is the template is a lot different because we’re in an inflationary era. And in that period, because of bonds being in a secular bear, you do have more of a negative correlation where gold and precious metals can actually rise during those bear markets. Another big difference from the 2008 period.

So you have that. And in addition, the, so the end of the bear market, so like when you can be 16 or 17 months in, in these bear markets and still not have a dramatic move lower. And so just think about that.

Like if we’re going to duplicate that move in the market peak, you know, a couple months ago in February, I mean, we could go until the end of this year until we see like another nasty move down, potentially. So people have to keep this history in mind. Again, we’re in a different era now.

This is not 2008-2007. Yeah, definitely different fundamentals here. In general, tariff war definitely dominating the headline.

We’ll get to some of the fundamental news here in a minute as well. But you’ve been saying that we’re, you know, in a secular inflationary stagnation environment right now, meaning stagflation, is the right term for that, and really trying to figure out the impacts. And you like to make historical comparisons to the 60s to 1980s here, the 18-year period.

How similar is like on a fundamental basis, if you just look at some of the economic indicators, is that time period to the time period we’re in right now? Well, I would say we haven’t quite gotten to the, you know, severe part of stagflation, because technically you’re in stagflation when you have rising unemployment and high inflation. And so, you know, we probably had that a little bit in 2022-2021. But we haven’t quite gotten to the worst part of that yet.

So based on that comparison, you know, it’s a rough comparison, but we can still be in the late 60s, like we’re not in the 1970s quite yet. But I think the big difference is you have this time around, you have a huge amount of debt all over the place. Government debt is so much bigger.

And this is, yeah, so this is a huge difference. You have government debt. You also have a tech bubble like you had in the early 2000s.

So those are the two main differences. But the government debt problem is really severe. It’s much more severe than in the late 60s.

And so that’s just another thing you can throw onto this bull market. Another reason why this is, this bull market could be even bigger than the one in the 70s, and why I say it’s the greatest one ever. Now, what is the role of passive investing in all of this? Because the market has changed, the market behavior has changed, or participant behavior has changed.

Everybody’s putting their 401k money into some ETF because it’s easy, somebody’s managing it, maybe even an algorithm is managing it. How does that affect trading behavior and sort of patterns? Yeah, it’s a really good question. And I’ll point to my gold against the 60-40 portfolio.

And so that gold breaking out against the 60-40 portfolio means that capital, it can even say passive capital, is slowly but steadily going to move out of gold, or excuse me, move into gold and other precious metals. And it’s coming out of those areas like stocks and bonds. So as far as passive investing, this move just started last month, and it has many, many years to run.

And so if you think about it, and we’re talking about capital flows here, in the last few years, all these people with their money and bonds, they’re losing money and bonds, and this is a huge amount of money. And so where do they go? Well, they’re going a little bit into gold. But at first, and again, this is two, three, four years ago, at first, they kind of move some of that bond money into stocks and the dividend paying money, dividend paying stocks.

So they have that. But what happens when you start to get into the teeth of stagflation, you get a little bit later in the secular inflationary period, where inflation really starts to bite, it’s that second wave. And so that next wave of inflation, which is maybe, you know, could be a year or two away.

That’s when you’ll see more money, this passive money you’re talking about, come out of stocks and go into gold and push gold and precious metals much, much higher than they’ve already moved. And so again, initially, what we’ve seen, we’ve seen a lot of money coming out of bonds, not so much out of stocks. And that passive money has gone into gold a little bit.

And again, some of that passive money initially moved into stocks because stocks can be an inflation hedge. But what happens when you get the next wave of inflation hitting? You know, the market runs into more serious problems. You’re in the teeth of stagflation and a secular inflation.

Then that money that initially went from bonds and into stocks, that money is going to start coming into gold. And that’s reflected by gold’s recent breakout in March against the stock market. That was a big missing piece.

I mean, I think the last time I was on with you, we talked about that a year, a couple of years ago. You know, we’re waiting for money to move out of move out of stocks and go into gold. And so that just started in March of this year.

So you will start to see capital flows and passive money come out of those areas, stocks and bonds and more so into gold. And so, you know, the smart passive money, they’re they’re moving now. They’ve already moved out of bonds.

Now they’re slowly moving out of into gold. But a lot more of that, I mean, a lot more of that is coming. A lot more of that is ahead.

Yeah, absolutely. I’ve always said that we need to scare the 401k money to get anything going in our sector, whether it’s the mining stocks or in gold in general. And I think we’re starting to see that happening.

The 401k money is sluggish. It’s slow to move, but it is moving and it’s starting to move, I think. So I think you’re making my point here, Jordan.

I quickly want to stay on the bond market, Jordan, because I’m trying to understand like what that really means for yields when we’re in that bear market for bonds. Is it fair to assume that yields are going up or is it just a lack of demand? Is it both? Like how will we see as the retail as retail investors, how will that play out? Well, I think over time yields will trend higher, but and this is another issue because of the huge debt that we have and the interest on the debt is skyrocketing at some point, we’ll probably need to see the government and the Fed work together to monetize the debt or do yield curve control. I mean, these things are very technical, but essentially you’re printing money to buy bonds to keep rates down, whereas QE is like, OK, we’re going to take, you know, a billion dollars or a trillion and we’re going to buy a certain amount of bonds, monetizing the debt or yield curve control.

That’s just like an ongoing. It’s like an ongoing QE, but like specifically to to target rates at a certain level. And we did this, I think, from nineteen forty two to nineteen fifty one to try and get a handle of the debt during that period.

And we we we pinned basically or we intervened in the market and bottled these bonds to keep rates, long rates at two and a half percent. And so that’s something that we’re probably going to have to end up doing. I don’t know if it’s five years away or two years away, but just given the debt situation, we can’t afford skyrocketing long term interest rates.

But we’re in a period right now where if we’re going to go into a recession, you’ll see a countertrend move and long term yields will move down a little bit or a little bit more than that before the next move higher. But I think it’ll be that next leg higher in the next year or two after this recession that, you know, you’ll you’ll start to see, you know, more pressure on the debt and they’ll have to think about, well, OK, are we at the point where we need to do yield curve control? You just opened a new can of worms there, Jordan, that we that we have to, you know, discuss it. It really is that recession debate.

How is that affecting markets, depending on who you talk to? Steve Hankey says 90 percent. We’ve had him on the channel just last week. JP Morgan says 60 percent.

Druckenmiller last I last I watched him, not spoke to him, said 60 percent as well as probably revised it higher by now. But even the other the bigger banks confirmed, OK, we’re in a 50 50 recession scenario here. How is that impacting like the 60 40 portfolio and what we just discussed in terms of yields, gold price and things like that? How do you see that playing out? Well, we’re not you know, I did read a few things that said the market is not quite discounting a recession yet.

I mean, the market did fall 20 percent. It is rebounding. And, you know, I think the market might be OK for much of this year.

I mean, that that that could be wrong. You know, I’ll just say I’m not an economist, but a couple of things I will say that people can understand all these percentages by the time they say it’s like a 90 or 100 percent recession. And then the NBER comes out and says we’re in a recession.

You’re already halfway over. The recession is already halfway over. So we need to understand that, like we might already be in recession right now.

And, you know, by the time they tell you, oh, we’re in recession, you’re already like through half of it and maybe a little bit longer. You know, how is that affecting capital flows? Well, you know, so far we’ve seen, you know, in the last few months we’ve seen a lot of money move into precious metals. And, you know, if we were to have a recession, you know, we’ll get another leg down in the market and money will move more so into bonds and push those long term rates down.

Of course, the Fed will have to be cutting aggressively. But, Kai, I don’t again, a lot of people are stuck on the 2008 boogeyman and his COVID cousin. I think it’s going to be different this time where if we’re going into recession and the Fed has to cut rates, I think you will see gold and precious metals make another big move to the upside.

Because if that’s the case, Kai, eventually, and this is what happened in the 70s, like if you have a bad downturn, you know, the economy is really sluggish. What happened is when you had a reprieve in the 70s, that is when gold and precious metals actually sold off. Like the mid 70s, gold, silver and the miners, they had this huge move during the downturn in the stock market.

And then when the stock market bottomed and the economy recovered for a little while, that’s when precious metals had their big correction and sold off. And so this is another reason we have to be careful about the 2008 playbook, because so much like remember what I said about the 60-40 portfolio and money moving out of stocks and coming into gold. If we have this recession and there’s another leg down in the market, where’s that money going to go? It’ll go into bonds to some degree, but we’re in a different scenario than those other periods where all the money is going to go into bonds.

Now, some of the money could go into bonds, but some of the money is also going to go into gold and precious metals. No, I think we’re seeing that already, which is the perfect segue. We got to talk about southern debt holders, companies, investors, central banks, other nations holding US debt, for example.

How much of an impact can they have? How much can they manipulate the patterns that we’re seeing, that you’re seeing right now? Well, they’re having a huge impact. If you look at, there’s a chart in my book, and I think it’s at Jan Gold on Twitter who puts this out. And you look at the percentage of foreign reserves that are in gold.

I mean, that number, it’s going up, but a couple of years ago, that was a really low number. I don’t have it handy, but I want to say this figure, you go back to the 1970s, this figure was, I want to say like 70%. And recently, I think it’s around 20% or so.

So these foreign institutions, foreign central banks, sovereign wealth funds, they have a long way to go as far as buying and boosting their gold position. And that’s why the central bank buying has been so solid every quarter, every year for the last three, four, five years. I mean, there has been no break there because they need to boost their gold position.

Their gold position is way too tiny as a percentage of their reserves. I mean, does this throw off the market and trends? Not necessarily, because when you’re doing technical analysis and you’re looking at all these markets in nominal terms, in real terms, you’re charting them against each other. I mean, it’s all there.

It’s all there. This factors into the super bullish setup for gold, silver, and also the mining stocks as well. Jordan, you make it easy to interview you.

We got to talk mining stocks. You know, in the last 10 minutes, the capital flows here into the space. You know, a couple of weeks ago, I would have said, okay, there was a bit of euphoria.

But now the last couple of weeks again, it’s quiet down a little bit. We’ve seen a couple M&A transactions. What does it look like on the mining side here, Jordan? Really, really bullish potentially over the next few years.

And I’ll tell you why. You know this, Kai. Right now, if you’re looking at mining margins, they’re almost at all-time highs.

Maybe they are. And one thing I talked about in my book, I discovered this a couple of years ago, the best fundamental indicator for gold stocks is gold divided by the CPI. So the inflation adjusted gold price, if you look at a chart of that and a chart of the Barron’s Gold Mining Index together, I want to say they look identical, but it’s a really close fit.

It’s probably a 90% fit. And it makes sense because, you know, miners, they follow the margins in the cash flow that the mines are producing more so than the gold price by itself. And the CPI is an excellent indicator for mining costs.

So look at gold, look at the gold price divided by the CPI. Again, that’s the inflation adjusted gold price. If you look at a monthly and weekly chart of that, Kai, that’s broken out of a 45-year base.

That’s a nearly a half-century-long base. So gold against the CPI, the potential there for this breakout over the next few years, that could really, really explode. So Kai, if we get into a downturn, you know, a bigger downturn in the economy, a recession, and, you know, maybe, you know, inflation, you don’t have these cost pressures, you know, maybe inflation is going up 2% or 3% a year.

You don’t have these cost pressures for miners. But if the Fed has to cut rates and, you know, then all these capital flows, they keep going into gold and gold goes to 4,000, 5,000 without that much pressure on costs, again, maybe a little bit, but you’re going to see these margins really, really explode to the upside. And so there is a chance that you could see a real golden age for miners and juniors over the next few years.

So the setup is really, really bullish. And just one thing on top of that, Kai, if you look at, there’s one chart, I’m sure you’ve seen it, it’s floating around Twitter, I think Callum Thomas puts it out. It’s the assets in GDX, not just in GDX, the assets in mining ETFs and the assets in all the gold ETFs as a percentage of all ETF assets.

And you look at these charts, they are super, super low. They’ve only begun to rise a little bit. And there’s a huge amount of room that these charts, these ratios can move over the coming years to even, you know, to start to even sniff where they were in 2011.

And this is because, Kai, you go back in the last four, five, six, seven years. Yes, gold was going up a little bit. The miners were going up a little bit.

But all the money was going into stocks at the time. You know, we haven’t seen the real capital rotation yet. And with the breakout in those charts, again, last month in March, that’s signaling that the capital rotation out of stocks and into gold and gold stocks is just beginning.

So everything is lining up really, really bullishly for the sector. Yeah, GDX up 39%, gold up about 27% year to date. So the miners are already outperforming, but not in a way that we usually see them outperform, Jordan, usually three to one.

You might agree, disagree here. But historically, three to one leverage gold versus miners. Why haven’t they started outperforming like that yet? Really good question.

I think a big reason is honestly the capital flows, because until the last couple of months, people were still putting their money into stocks. And, you know, maybe some of that money was going into gold a little bit. I think in addition to that, you know, the valuations on the miners, I know they’ve come up a little bit, but I think the last I saw, miners were trading at about nine times cash flow.

Historically, I pieced a lot of various information together. Historically, going back to the 70s, they traded anywhere from six times to 25 times cash flow. So we’re only at nine times cash flow now.

So the valuations on miners could easily move up. I mean, if we just had average valuations right now, Kai, they would be the stocks would be 30% higher. And then, you know, you wouldn’t be asking me that question.

So I think valuation is a big part of that. And then, as I already mentioned, you know, the capital flows into the sector really only started a month ago. And so I think give it some time and we’re going to see more money come into the sector.

The miners will get stronger valuations and some of that money will start flowing into juniors as well. Yeah, absolutely. Price cash flow for the majors here, 7.6 for 2025 expected.

So I’m still very, very low in comparison, as you said, Jordan, we got to talk silver as well. Haven’t really touched on that yet. And we’ve both managed to ignore it until what is it now, 25 minutes into the conversation.

Why is that? Because it seems like everybody else is also ignoring silver. It’s price, you know, narrative follows price, sentiment follows price, you know, gold has been killing silver. And that’s why everybody’s talking about gold and gold stocks, but people aren’t talking about silver.

And, you know, I could do my Rick rule impression and say, well, that’s a good thing. It’s much cheaper. It’s an opportunity.

But I actually agree with that. You know, a big reason is technical. Gold broke out of this 13 year super bullish cup and handle pattern when it moved above 2100 last year.

The measured upside target of that move was 3000, which gold hit. And by the way, I looked at all historical cup and handle patterns. And the time that a market goes from the measured upside target to the log target, which is basically a percentage target is six to 12 months after it hits the first target.

So we hit 3000 a couple of months ago in six to 12 months based on history, gold could hit the next target, the log target, which is around 4000. What does that mean for silver? Well, I have to tie gold again. We’re talking technically, but I have to tie gold into this because silver is a leverage play on gold.

Essentially, I don’t buy the industrial stuff. There’s no you could go back and look at the history. It’s never made an impact.

Maybe it will start to make an impact because we’re starting to see real strong, really strong industrial demand. But again, going back to the comparison between gold and silver, gold broke out of the 13 year cup and handle pattern. So it had just blue sky for 50 percent up until 3000.

Silver has been having to chew through all this technical resistance, 26, 28. Now there’s 32. Now there’s huge resistance at 35.

There’s monthly and quarterly resistance in silver at 35. There’s a little resistance at 37. So the key for silver is when it can break 35 and 37, then you’re going to start to see it really outperform gold.

And we know what happens when it gets to 50. I mean, when it breaks 50, it’s going to go bonkers really quickly. But by the way, I think the silver stocks, I think they’re really going to strongly outperform when silver breaks 35.

I think they’re really going to digest or at least anticipate silver breaking 50 before it does. And so I think silver stocks get really hot when they get into the upper 30s and low 40s. But one more thing on that, I looked at all the breakouts in gold and when does silver outperform? So typically what happens, you have seven historical breakouts in gold.

We just saw the last one. Typically in the other six, gold breaks out. Of course, it makes a big move higher.

Then it comes back and tests the 200-day moving average. By the way, I think we could see that happen in the next two, three, four months or so. And so historically, when it tests that 200-day moving average and it starts to rebound, it’s around that point when silver begins to outperform gold.

So it’s either at that point or in a couple of cases, it was like a couple of months after that. So with respect to where we are here and now, if my view is correct and gold will correct and test the 200-day moving average in a couple of months, that’s probably the time when you really get one of the last chances, I think, to buy silver before it really strongly outperforms gold. So silver has been tough, but I think over the next couple of years, I mean, it’s really you want to be more so in silver than gold.

Yeah. Really interesting. I do have to ask.

I almost feel cheap asking that. But the gold-silver ratio, it broke out above 100. I think a lot of people are trying to interpret something important into it.

I’m curious what your thoughts are on that gold-silver ratio here above 100. Yeah, it’s possible it peaked. I honestly don’t know.

I don’t think anybody else does. Now, if we do have a recession, then silver at best or if we do have a recession, it’s really difficult to see in a recession silver strongly outperforming gold or making a significant move higher. So I’m keeping it out there that the gold-to-silver ratio could have one more move higher if we have a recession.

But at some point in the middle of recession or late into it, you’d probably get a peak in that ratio and silver would start outperforming. So I think by a function of just the ratio being over 100 and gold having been outperforming silver so strongly, a function of that tells us that we’re pretty close to the point when silver will start to outperform gold. But the caveat is if we do have a downturn in the economy, then it’s going to take some time before that outperformance from silver begins.

Now, I appreciate that, Jordan. Really, really good insights here. And I do have to ask you, you touched on price targets in one of your previous answers for gold and silver.

Let’s just say in the next three months. I feel bad asking about anything beyond that time frame here, Jordan. But what do you expect gold to do? What do you expect silver to do here? Well, I think we’re in a correction here, a clear correction.

I think gold will test its 200-day moving average. I mean, it could be 3000, could be 2950. So those are the areas that I’m looking at with respect to silver.

Silver had a really good bounce off of, I think, 28 intraday or 29. So there’s really strong support in silver at 28, 29. So I would be shocked if we went below those levels.

And then on the upside, silver has significant resistance at 35. So I would love to see gold come back, test its 200-day moving average. And at the same time, silver just stays in this 29 to 34 range for a while, builds up the energy for that eventual next like higher where it outperforms.

No, fantastic. Jordan, really, really good insights. I know you published a book recently, Gold and Silver, The Great Bull Run Has Finally Started.

That’s the title, right? Did I write that down? Has Begun. Has Begun. Close enough.

But also you got the Daily Gold University. Tell us a bit about that. Well, the Daily Gold University is a series of videos that I’m taking from my book.

So I’m almost I’m essentially just reading the book, but there’s like 100 charts in the book. So I’m going through the charts. I have a couple more lessons or chapters to post.

But in addition to that, my second thing for the Daily Gold University, I will be doing a technical analysis course on gold and silver and miners and just looking at a lot of the indicators and things that I look at. So I’m excited. In addition to having the book there, to putting up another series, I think talking about technical analysis and really trying to simplify it for people, you know, showing the things that I look at and then, you know, they can learn from that and do that on their own as well.

No, fantastic. Jordan, really, really great to have you on the program. The Daily Gold dot com.

I got to slow down is where we can send everybody, correct? Yes, they can get the book for free there at the Daily Gold dot com. Just opt in at the top. How am I supposed to get an affiliate fee if you give the book away for free, Jordan? How is that supposed to work? No, Jordan, really, really.

I don’t know. Well, we’ll talk about that later. The checks, the checks already in the mail.

Fantastic. Appreciate that. Jordan, it was great to have you back on.

It’s been long overdue. Really great insights. Thank you so much for your time.

Really, really appreciate it. Everybody else. Thank you so much here for tuning in to soar financially.

Very gold and silver focused, of course, today. Really appreciate Jordan’s insights. I hope you did as well.

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