Jordan Roy-Byrne, Founder of The Daily Gold, joins us to review both his near-term and longer-term technical outlook for gold, silver, GDX, GDXJ, and SILJ. We start off noting the reversal in candles the last few days on the precious metals charts, where the momentum is loosing steam for the near-term and may need to correct and consolidate for while after quite a big surge higher the last 6 weeks. However, in the longer-term, Jordan believes that most of the upside targets for gold are going to get blown past and projects a potential upside move to over $5,000 in gold by late 2026.
We then shift over to discussing the recent leverage of the mining stocks to both gold and silver. Jordan points out that mining stocks are just like call options on the underlying metals prices, and that they perform best when the underlying metals have big breakouts higher like we just saw. This makes looking at only pricing levels for resistance on the mining charts, incomplete if not factored in with the levels of the underlying precious metals.
Jordan reiterated that he is still most animated by the quality growth-oriented gold producers, and quality developers of size, that are within 1-2 years of getting their mine built and into production. He also likes the silver optionality plays with quality ounces in the ground that could get rerated higher on rising metals prices.
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