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  I'm Charlotte Mloud with investingnews.com and here today with me is Gareth Solway, chief market strategist at verifiedinvesting.com. Thank you so much for being here. Great to have you. >> Oh, it's great to be here, Charlotte. Thank you for having me. >> Of course. Always good to catch up with you. Usually I start us off with gold, but I thought today it would make sense to begin with silver because of all the exciting price action that we've seen there. I believe the last time we spoke

back in September, you told us it was pretty much inevitable for silver to go to 50 and beyond, which we've definitely seen. So, I'm wondering if we can begin with a look at silver and where you're seeing support and resistance for the metal right now. >> Yeah, absolutely. And it's been quite the run on silver. No doubt about it. And I think just from a macro standpoint, while we all should be realistic and assume there'll be pullbacks along the way, we also look at the fiat currency scenario, what's going

on with gold, what's going on with the US debt. And what that does is it gives us that long-term positive bias on silver as well as gold. Now, that doesn't mean we're not going to get pullbacks, right? So, that's where we come in and start looking at the charts of silver. And what we did see on Friday of last week was this down day. Now, it wasn't a big down day. So, again, we see today silver is rallying back to the upside, but what this could be showing us is just a little bit of near-term

exhaustion. It's been a big move. And if we just take a look at percentages here, just from uh November 21st's low to the recent high, that was a 33% move in silver. I mean, we're talking crypto numbers here on silver, which is pretty exciting for the precious metals group. There's no doubt about it. But what I would say is start paying attention to this key trend line here. There's a little bit of a a trend zone here. If you look, you can see that you've connected these lows from this last

vertical move before this consolidation. To me, at least if we did surge up, that would be where I would start to anticipate a stall out, a bigger pullback. And again, bigger pullback is a shorter term movement, but it could replicate this type of pullback we saw back in October where we dropped from about $54 back to about 45. So again, look for that type of movement. That would be my short-term upside target, maybe around $70 per ounce. And then once we get there, I would generally say that look for that 20% correction. I

know that seems like a lot for silver players, but in reality, 20% drops in silver are almost common place um historically, right? I mean, we do get these bigger moves in silver. Now, in terms of support in technical analysis, what we always look at is the prior major highs that were resistance and caused a pullback. So, this pullback here, that now becomes our next base point. Meaning that it's kind of like, think about it like a jumping block. So here initially we had resistance and it rejected price to the downside here. We

came down and it took a little time. We hit it, we got rejected and then finally broke out. If we do have a pullback, that would kind of be the big drawd down viable level for us as technicians. And that's right around $54 per ounce. All right. So again, that just gives you a rough idea of upside potential. And then if we do hit that level, look for that pull back to about $54 uh an ounce. >> I think that sounds very reasonable. And I wonder if there's anything you can say about the silver price longer term

because as you mentioned, people are getting pretty excited right now, but there's so many factors when it comes to silver. It's got that volatility that is just inherent for silver. So any anything further that you would add there? Yeah, I mean with silver it's super super tricky because you know needless to say the economics of the the US can play a role in in the industrial side of this um versus gold it's a little bit more cleancut but what I would say is that in general um as long as we

maintain this beautiful uptrend and what we could do is we can go to a larger time frame and look at this right so this is a kind of the some of the it's a little bit more inaccurate in terms of potentially not playing out but what I like to do is I say okay when we surged previously on silver when we had these vertical moves on silver what type of percentages were we seeing and here we had in the 2010 to 2011 move vertical up and it was about 175%. And then here in this period from the COVID low to the

recent high there we had about 153%. And so I kind of use that as my starting block and say, okay, well, if we replicate, let's say, somewhere in the midpoint of that move, where would the bigger move take us before let's say we could go into kind of a more bearish type uh price movement? And that kind of honestly it brings us to this. I mean, if we do 163%, it brings us to about $70 to $75, which was what we talked about as that prior trend line. And one of the things I love to see in charts is

synergies, right? Factors that align because when factors align, it means the odds are there's there's a higher probability that that's going to be a stopping point. So again, it's not to say in 5 years we can't be at $100 uh an ounce or even less. But at least for me, over the next 2026 period, let's say the next year, I'm looking at a potential high of around $70 to $75. >> Okay? I think that makes very clear what you see coming for silver. And of course, don't want to forget about gold.

I know it's being outshawn by silver at the moment, but gold is also having a historic year. And I want to make sure we get your take because it's in kind of an interesting situation. We've had a big move this year and a big move in October. And after that October move, I think a lot of people expected to see more of a correction, a longer correction than we've seen. So, I'm wondering your take on that and in general where you're seeing gold at the moment. Yeah, and I'm one of those that

I thought once we topped out here in October, I thought we would pull back as low as 35 to 3600 and we only pulled back to about 38 to 3,900. And so it really was more shallow. And what that does is it tells us there's just so much distrust of the financial fiat system. And then it also tells us that central banks and we know China just keeps loading the boat on on gold, right? And so there's this insatiable demand coming from many avenues. And gold obviously is not pulling back as much because of

that. And so one of the things we saw recently and this is just a beautiful educational piece in technical analysis is you had the big move up in silver and then we started to get into this little bit more of a consolidation phase and it's called a wedge pattern. And essentially wedge patterns are two lines that are converging and price initially because it has a long way to go. It's the most volatile, but as it tightens inside of the wedge, it gets tighter and tighter and tighter until we break out

or break down. In this case, we broke out right up here. From that breakout, we got beautiful bullish consolidation and now it's been pushing up. And so, again, classic bullish consolidation leading towards this more recent up move in the chart. And really what we have to be watching as a technician and listen our emotions I'm I have a big long-term position in gold. So obviously I'm I'm bullish longer term but I always try to kind of separate that with my shorter term analysis and just say hey listen

let's look at reality here. And reality is as of now is we have to break above this all-time high to get that next momentum leg higher. And so as of now, notice how the last couple days we've stalled out just shy of that that the 4,400 level. Let's watch over the next few weeks. Can we make a new high? Cuz if you don't make a new high, you have a lower high and it brings the possibility of a bigger pullback in early 2026. And so for bulls out there, we have to see a violation of that 4,400 level. If that

happens, then I think we're headed to 5,000 um even by, you know, the first month or two of 2026. But if not, we still could see a pull back to 35 to 3600. >> So, a couple of scenarios that we need to watch for gold. And I'm sure we'll have you back early next year sometime so we can we can revisit that. Briefly, while we're on precious metals, I want to take a look at platinum as well because I think also during our last conversation, you'd mentioned you really needed to see it get past 1,500 in order

to be bullish and it it's done that and platinum is on the move right now as well. So, how are you feeling? What do you see as the the potential there for platinum? >> Yeah, this is a great chart on platinum. So, here was your 1500 marker right here. You can see we broke out above it here. We went to our next resistance at around 1730. And then notice how this level right here becomes the new base point. Right? So, when we saw a pullback in platinum following this hit of resistance around 1730 to 35, notice how

it kind of holds that former level right through here. And that's really bullish. When you see those type of levels hold, it generally tells you it's holding the bullish trend and you're going to see a bigger move to the upside. And lo and behold, we've now just breached this last resistance level. And so upside here, and I'll just show you guys from a bigger perspective on time why where we hit resistance. Right? So, if we just look at this and we zoom out, we can see over here, and I'm going to actually go

to the weekly so we can see it even more clearly. There we go. That's a little bit better. So the first high pivot here at 1730 to35, it was these highs right in here and it did push price down, right? I mean that was a former high three times in a row. Price collapse down and so it makes sense that when we came up right here, price would get rejected, but that has now been breached and price is going up. So what do we do? We look at our next major high. This again you can see big run up and then

this was our high as we came down. This is what we call a mountain peak and it should be major resistance. That would be your next point as a technician to say, okay, platinum hits there, it should pull back off of that level. Now, again, doesn't mean it's going to top out there for the longer term. In fact, I still think platinum goes even higher. But again, just like this last scenario, expect a multi-week or multimonth pullback off that level. And that level is around 1,900 on platinum.

>> All right. Well, I feel pretty situated in terms of the precious metals at this point. And when we have precious metals moving to new highs, moving upward, I think that generally tells us that something is going wrong in the economy. So, I want to pivot over to that direction right now and ask you your your updated take on how the economy is doing heading into 2026. >> Yeah. So, you know, the economy, we had the New York Empire manufacturing index today. It was a negative number which

shows contraction there. I still am getting this sense from the data that we're in this kind of stagnant environment, right? So, you know, there's been a lot of talk that, oh, growth will resume in 2026. I'm not necessarily firm on that partially because if the stock market does correct here uh into 2026 and throughout 2026, that's been the driving force behind consumer spending. Right? So if you look at the entire US consumer, you have middle and lower incomes that are basically paralyzed. They're unable to

spend. Prices have gone up. They're not able to keep up with the cost of housing and all these other things. And so they haven't been spending. Who's been spending? The people that have a lot of investments in the stock market and in precious metals, frankly, because those prices are going up. So they're able to afford still to spend money aggressively. If we see the stock market come in, it's going to kill off that higherend consumer a little bit. And I think that really triggers us to move

into recession. In fact, there's two factors that have kept us out of recession. Number one, the stock market, the the wealth effect. So those higherend consumers are spending. The other one is capex from AI. So the estimate is that 90% of GDP is due to capex expenditures um from the AI buildout. And so again the question is has that gotten along in the tooth and then the consumer on the other side and they are kind of tied handinand because stocks like Nvidia and Broadcom are starting to come in pretty substantially

as their earnings are starting to show a margin contraction and when those come in then the stock market begins to come in. And so again for me at least I do think that we're due for some sort of um worse economy in 2026 um even with Fed rate cuts that have been put into effect recently. It is it is all kind of interconnected in the way that you're laying out there. And I did want to touch a little bit more on stock market and concerns about the AI bubble. It seems like those were really coming to a head toward the end

of last week, but indexes are still definitely elevated. So any any further thoughts on where we could go that way next year? Yeah. And so here I brought up the S&P 500 chart and this is really just so clear in the risks of being long the market right now. So what we see is there's a these are these two lines are perfectly parallel. It is an a amazing example of how the markets there's there's there's order in chaos. We think the markets just go up or down or this way or that way. But in reality, we can

see that the low of COVID down here in 2020, if you connect a trend line through the lows of the bare market in 2022, it gave us perfectly the liberation sell-off low in 2025, right? Early 2025. And when you stretch that parallel up, it gave us also the high of the bull market in 2021. And so what we've seen here is we tagged that high right here on the S&P 500. We've pulled back. Now we're pushing up again, but we have to assume that this level will reject price again. And so, you know, if

you're doing a riskreward assessment of being long the market or short the market, upside long, you got about 2.7% of upside, that's not a big reward for being long the markets versus to the downside, how far do we correct? I think in early 2026 we'll come down to our former high from 2024 and that's about a 10% drop from here. And so again, when we look at riskreward assessment, it really doesn't make sense to be heavily long the market right now. If anything, more in cash or maybe even on the short

side of the S&P. >> Yeah, it's it's very telling when you show those percentages. So, thank you for going into that. And usually we also talk about the Fed and that's very timely as well since we had the latest meeting last week. Of course, we got the interest rate cut as everyone expected. And I think the the point that I'm hearing a little bit more about is this potential start of quantitative easing. So I wanted to get your thoughts on the Fed and what we could see heading into

2026. There's so much going on. Of course, we know that Powell's term is also ending next year. >> That's right. That's right. So, it looks like again the Fed just obviously recently cut by 25 basis points. You know, again, the argument is there's a lot of dissension in the Fed. Um, a lot of people are writing off the rest of Jerome Powell's kind of tenure because he's only in there till May. Um, I would just mention that it's still a vote on whether they cut interest rates or not,

right? And so, even if the new Fed chair says, "Hey, I want to cut rates." If enough of the Fed officials vote against that, then he can't cut rates, that new Fed official. And so again, this is going to be something very interesting. Excuse me. I think overall the Fed is airing on the side of caution. I also think Powell, he's kind of saying, "Hey, listen. I don't want to in my final few months kind of kick the economy over the cliff at this point. So what's the harm

in cutting in December like we just saw?" But it's pretty clear that at this point he is not looking to cut in the first few uh months of the new year. The only thing that kind of has me a little concerned is that we did see the Fed introduce essentially a style of quantitative easing. I was always under the impression quantitative easing was more for emergency scenarios, but the Fed announced that they would be buying 40 billion in for uh short-term u treasuries. Right now, the the original

QE was long-term treasury. So, a lot of people out there saying, "Oh, it's really not QE." But if you just look at an apple, right? It's an apple is an apple. In other words, the Fed is buying 40 billion in in bonds, treasuries, and they're in injecting that 40 billion of liquidity into the system, i.e., it really is quantitative easing in some respect. And so, it's a little concerning to see that already starting up. I worry that that's going to just give the new Fed chairman a license to

be even more doubbish. Now, if you're a fan of gold and silver like your viewers are, then maybe that's ultimately the good outcome, right? It's going to mean those metals go even higher. But again, for us as an economy, for us as the dollar, um you know, if we want to see the deolarization kind of slow down, then you really don't like seeing the Fed being so aggressive on those type of things. Always important to remember if gold and silver prices are going higher. Yeah, there might be something like that

that is negative happening in the world. I want to also take a look at Bitcoin with you as we usually do. So, this is a market that you pay close attention to. It's a little less familiar to me, but I remember we had spoken about a potential move under 100,000 and it's gone it's gone much below there. So, do you see improvement in the Bitcoin price in 2026 or further further declines? >> Yeah. So, I still think there's further declines to go unfortunately. And again, um people always will try to tell me

that are hardcore Bitcoiners that Bitcoin is not a risk asset. It doesn't trade with the stock market, but it really does. In fact, it's a great leading indicator of the stock market. And what I mean by that is if you go back to 2017 here, let's see if we can go back to 2017. Let me bring up one of my other charts that shows that a little bit better here. In 2020 2017, right here, right, the stock market didn't top out until early January. But Bitcoin right here topped out in December. In

2021, Bitcoin topped out in November. It wasn't until December, late December, that the stock market topped out. And so what we're seeing is a theme here developing where Bitcoin tops out of its cycle and then the stock market tops out four to 6 weeks later. And lo and behold, what do we get here? In October of 2025, Bitcoin topped out and here we are with a market that's looking tired. It's up at the upper range of that S&P parallel that we just talked about. And Bitcoin has started to correct. And that

makes me think number one, the S&P is going lower. Number two, Bitcoin if it's making its cycle high here, there's a lot lower to go. In fact, previous cycles have always at least attacked the high of the previous cycle. And so, so here we have at 69,000. This would be at least where I would expect Bitcoin to come back to 69 to 70,000 as a bare minimum um on this corrective move. And again, depending on how much the stock market drops, obviously that could be greater, but in the very minimum, you

would expect basically a 70,000 69,000 handle on Bitcoin. >> Well, that that would definitely be a level two watch. Very interesting the connection as well with the stock market. And as we're getting toward the end, I've got a maybe a question, a fun question or two that I'm trying to ask everybody heading into the new year. So, what would be your pick for top performing asset of 2026? Wow, that is a good question. Um, in past years it's been gold. Uh, wow. Gold has had such a run. I think gold will

perform well in 2026. I don't know if it will be the top performing asset in 2026. H wow. Um, I'm going to lean more towards defensive names, names that have been at their long term. And this isn't really a sector. Well, it's not really an asset class unto itself, but like for me, names like something like Fizer, it's trading at a forward PE of 8. Um, it's been beaten down. It's it's trading when it was down at these lows, it was trading at levels not seen since 2013,

2012. I think these are the sleeper moves of 2026. These kind of these these old school drug stocks, the old trusties, they're not sexy, but at the same time, they get the job done with making money every single quarter. And I think that's really where I'm expecting the gains from. I could see Fizer up 50% in 2026 very easily. And even at that point, you're only basically taking it back to maybe about $40 per share. And so so at least I know that may not be specific to gold, silver, Bitcoin or or

or the stock market, but I think within the stock market, money rotation will lead us to the things like that. >> Yeah. Yeah. No, it doesn't have to be precious metals at all. It's just whatever whatever you think it might be. So great. We'll make sure to follow up on >> I'll get I'll throw out one of them to you here. So, it's it's very rare and it's not liquid, but I like roodium. Rodium is a very very precious metal. Um, it's way rarer than even platinum

and palladium. And it I've been noticing that it's still in the lower echelon, right? So, I think years ago it went to like 25 30,000 maybe even higher, but it's still from what I've seen and I haven't checked the price in the last week, but it was still below 10,000. And that might be a sleeper play. The problem is it's very hard to find like an ETF that tracks it or or invest in it since it is so pricey. But something to keep on your radar. >> Okay, I'm going to come back to Rodeium

with you on the next one cuz that's that's very interesting. I'll let you go unless you had any final points on your mind right now, pieces of advice for investors heading into the new year. >> Yeah, just I think the the biggest advice is just be patient. Um, just like the housing market recently where a few years ago people were paying a h 100,000 over asking, now all of a sudden housing prices are dropping and buyers can be bidding 100,000 under asking and get the deal done. Be careful and be safe. Don't

feel like you're missing any trade. Remember, there's always another trade around the corner. And again, things will pull back if you're patient. Be patient and let the charts come to you. >> Yeah, I think that's a theme that I've seen reflected quite often. So, be careful and patient in 2026. Well, thank you so much for coming on to talk. This was great. >> Thank you so much. Have a wonderful day. >> Of course, you as well. And once again, I'm Charlotte Mloud with

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