So what people are talking about, gee, this has got to be over, it's gone ballistic, etc. Two things are wrong with that. One, the spread is just about to break out versus the major asset category, meaning the game just beginning. And secondly, gold is only four-fold off of its prior bare low. Back in two 79 peak, excuse me, 1980 peak in gold. And at the 2011 peak in gold, it had had an eightfold bull market to get to those highs. We're only four-fold right now. So, the game is not over. The game is just beginning.


>> Silver's recent pullback has done little to weaken the foundation of its ongoing bull market. Beneath what appears to be mere consolidation, momentum has been quietly rebuilding. According to market technician Michael Oliver, silver's long-term trajectory remains one of the most explosive setups in modern financial history. After years of artificial suppression and investor neglect, the metal is beginning to assert its true value. When analyzed through spread relationships and momentum structures, silver's price


behavior reveals a market far from exhausted. It's only beginning to stretch its legs. Oliver points to a powerful breakout formation developing between silver and gold, a relationship he considers far more revealing than simple price charts. He highlights the silver to gold spread ratio now hovering just below 1.3% as being on the verge of a multi-year breakout. A modest move higher, he argues, could trigger the kind of explosive rally last witnessed in 2010 to 2011 when silver quadrupled in price within months. To Oliver, this


isn't market noise. It's the calm before the surge. While many analysts interpret silver's pullback as the end of a rally, he views it as temporary market fatigue before a major structural pivot. In his view, gold remains in the early phase of a larger macro bull cycle. Currently trading only about four times above its 1999 lows compared to the eight-fold increase that defined the 2011 peak. This suggests both metals still have substantial upside potential. Oliver believes the key lies in spreads. the


intermarket relationships between precious metals and other asset classes. These spreads, he says, are the true indicators of capital migration, and they're telling a clear story. Money is quietly but decisively flowing out of overvalued equity markets and into monetary metals. As these spread structures begin breaking out across multiple time frames, they signal not the end of a move, but the birth of a new market reality. For silver investors, that means the most powerful phase of the bull market still lies


ahead. In his latest analysis, Oliver explains why he expects silver's next move to be swift and transformational, and why he's shifting his focus not only to silver itself, but to the miners, the companies he believes will outperform dramatically as momentum spreads begin to ignite. [music] The pullback I think is probably largely spent if not totally spent. In fact, that was like a week or so ago. If you'll just notice what's going on like weekly close to weekly close, we're


wheel spinning. It's not really going down down. It it went down and then it's wheel spinning. uh on a when we examine the short-term technicals of silver, you know, like the day-to-day, week to week type stuff. Uh it's building a base, which there's you can't quite see it on the price chart, but on on weekly momentum, I can see a clear ceiling that's been built such that I'll give you a number. It's tenative right now. You get these silver back above about 4809 next week. Okay? We get one more day


this week. Okay? Uh, and I'm going to break out of that base. So, all you got to do is spin your wheels here. Uh, and I think that's what it's doing. I think it's next to meaningless. I know every time we get one of these, there's a whole crowd of internet analysts that say, "Oh, I got to go to 40 bucks or 41 or whatever, you know, and this is the this of the that and so forth." I don't see it. I see it as a pullback buying opportunity. In fact, I'm I'm making a


list right now of miners to add to because I'm shifting not just into silver related but also the silver miners. As far as upside, the key trigger for us, and we've stated it over and over for the last month or so, has been the spread relationship between silver and gold. Not the net trend or the momentum of silver or gold, but the relationship between the two. because we've examined back in the past and when silver goes ballistic and again within that 50-year range which is ridiculous


I'll comment on that in a minute 50 bucks 50 bucks 50 bucks you know uh the surge that got you up to those levels in the final phase of the 79 to 80 bull or 2010 to 11 where silver went up four-fold in 5 months or went up 2 1/2 fold in 6 months uh 2010 to 11. The signal that generated that change in silver's verticality was when it broke out versus gold. The spread relationship not evident on the silver charts themselves. Right now, the spread between silver and gold is at 1.2%. Divide D silver to D gold. Express it as


a percent. The major breakout level is not far above 1.3%. So, it doesn't take too much to blow that spread through a multi-year high that anybody, even an amateur technician, if you only looked at the spread chart, you could see the ceiling. You clear that and we're gone. The ballistic tone will change from accelerated price tone that we've had for the last, you know, 5 6 months where silver went from the 30s up to the 50s. Boom, boom, boom. Um, then it will go into that next phase. And we're arguing


that silver is about to do again waiting with that trigger level spread silver gold to go into a new reality. And it's not going to do it incrementally. It's not going to go from here to uh uh $150 $200 or something like that in a matter of oh a year or so. It's going to do it rapidly. When mistakes are made by a market overpricing mistakes or underpricing mistakes, sometimes they're protracted. You know, we see bubble tops sit up there and froth around for a long time and then finally they fall apart


and you look back and say, "Oh, gee, I should have known that." Okay, similar at bottoms. Sometimes markets get undervalued and investors just say, "Ah, fooy with that market. It's, you know, it's a dog. Don't touch it." And when it wakes up, it wakes up so fast they miss it. That's where I think silver is right now. Anyway, so right now I if I were looking at one single chart, I would say look at the silver gold spread relationship and the momentum of that which we plot every week in our weekend


reports. Uh and I the momentum of that spread which requires going from like above 1.2 two to 1.32% to be precise to break out. Momentum of that is already pushing at the breakout levels and usually momentum will lead a spread chart breakout. When that spread breaks out, it says something's beginning. Okay? It's not saying, "Oh, it's over." It's saying it's just be the race just began. And there's another spread that's very very important and that is between the essent uh gold


measured against the US stock market and we've run numerous charts on that especially last weekend's report where we went back to 2013. During that time 11 12 and 13 gold peaked and was headed down into a low that ended in late 2015. Well, obviously during that time, gold was underperforming the US stock market because it was really going down hard and therefore the spread was negative. Gold was underperforming. But since a guy actually go back 11 years now about from 2014 that spread chart when you


divide the price of gold into the S&P 500 and express it as a percent and simply plot that chart monthtomonth has a massive super clear ceiling on it that you're bumping and bumping and bumping. It's now for the fourth time. Okay. Right now, the spread if you divide gold into into the S&P is at about 58 a.5% price of D gold divided into S&P 500. If you ever close a month at 60%, you blow that entire structure out and gold breaks out to the upside. This is a fresh signal. Whereas when that occurs,


it's not old. It's not saying, "Gee, I'm an old trend." It's saying, "I've just begun a major asset class shift." Now, [clears throat] when you do something else that we thought we should do on the weekend report, and sure enough, we were glad we did it. We know the S&P is distorted. It's like NASDAQ 100. In fact, you go to the top five or six stocks in both indexes, and you'll find that those stocks constitute 30% of the entire S&P 500. And you know what? Those


stocks are AI tech related. NASDAQ 100 the same symbols four or five five or six of them constitute 50% of that entire index so they're heavily front end distorted when we divide gold into the Dow Jones 30 or divide gold into the New York composite index indexes people seldom look at anymore we've already broken out words you've had that breakout what it says then is that with the exception of those couple stocks who by the way look at those stocks today They're getting hammered. Palunteer,


Nvidia, etc. far more than the market. When you lose those leaders and gold breaks out versus the S&P joining its already existing breakout versus New York Composite and the Dow 30, it's saying there's an asset class shift that just occurred. It's new. It's brand new. And whenever gold breaks out versus the S&P and surges in performance, it always converts into net price gain for gold. So what people are talking about, gee, this has got to be over, it's gone ballistic, etc. Two


things are wrong with that. One, the spread is just about to break out versus the major asset category, meaning the game just beginning. And secondly, gold is only four-fold off of its prior bare low back in it 79 peak, excuse me, 1980 peak in gold. And at the 2011 peak in gold, it had had an eightfold bull market to get to those highs. We're only four-fold right now. So, the game is not over. The game is just beginning. Subscribe, share, and join our community of thinkers who see beyond headlines


into the truth that's shaping