Hello everyone. Welcome to Bald Guy Money. And it's been a wild two weeks with plenty of volatility in the markets, not only for gold and silver, but for stocks, Bitcoin, and basically anything traded on an exchange. Now, to kick things off, I want to remind everyone that silver is up nearly 8% in 2026. Gold is up nearly 15% in 2026 and both metals are outperforming the S&P 500 so far this year just like they did in 2025. And it's important to remember that and not get tempted to measure the


value of what you hold versus a single price, but rather measure it versus what you paid and what the alternative would have been. Because if we zoom out a bit with the understanding that holding cash has arguably lost you a minimum of 30% over the past 5 years, gold and silver have basically been your best bet, outperforming the S&P 500 significantly, even when you factor in dividends. And although it's been a bit of a roller coaster, especially for silver stackers, holding metals has clearly paid off. And


if we're being objective, what we've experienced recently for metals hasn't been much different than what we've seen in past bull markets, except of course the size of single day moves. But what I'll say about this is if you're going to make huge moves to the upside like we've made in the prices for both gold and silver over the past year, you have to be ready to accept some big moves to the downside. That's simply how it works. And instead of panicking at every move down at the risk of literally


becoming the cat meme, the best thing we can do is check back at the reasons we bought metals in the first place and ask ourselves if those conditions and reasons for owning gold and silver still apply. Now, of course, that was supposed to be a joke. I wanted it to be funny, and I don't want to disregard the stress that comes along with market volatility because I understand very well that every person reacts to it differently. But with that in mind, I want to approach this from two angles this week.


By presenting some of the latest technical factors that will help us determine if the bottom for gold and silver are in or if we should still be playing it safe, as well as show you all some of the latest fundamentals from this past week to help us determine how long it will likely take for us to reach new all-time highs for gold and silver. if of course our reasons for being bullish on them are still valid and I'll talk about that too. First by covering gold and finishing on silver as they are


really two different animals. Now just before we start I want to remind you all that if you're still bearish on the US dollar and fiat currency and you're bullish on gold and silver this pullback has created a major opportunity for you to buy at lower prices. And since I'm making my dollar cost average purchases now, I want to encourage you all to think about buying into this pullback too, that doesn't mean go allin, of course, but if you are buying, please check out the new and improved Summit


Metals website. The prices are good, the customer service is the best, and you can be 100% sure when you buy from Summit Metals that all products are real, no fakes, no scams, and it supports what I do here on YouTube. So check them out at summitmetals.com. So jumping in, I wanted to make this video in response to a viewer question I got from a person who calls themselves collab because they asked how Kevin Walsh, who President Trump has selected to replace Jerome Powell at the Federal Reserve, will impact gold and silver


prices. And this is one of those times where I have to remind everyone to focus on the signal and ignore the noise because as I said in last week's video, it was not a coincidence that Kevin Walsh was announced as President Trump's nominee to replace Jerome Powell as the chairman of the Federal Reserve just as the US dollar was about to make a major breakdown. And gold and silver at the same time were breaking out to new highs. It was strategic because although this administration wants a weaker


dollar, and I've spoken about that in recent videos, a rapid decline in the US dollar and its value relative to other currencies could shake confidence in the dollar and spark a massive sell-off of American stocks. And that was happening at the same moment where an investing narrative of sell America was gaining steam. And maybe you've heard that on other channels or maybe you've read about it in the news. So basically the administration had to intervene. They had to react. And the announcement which


was accompanied by a media campaign painting Kevin Walsh as being against lower interest rates and against money printing while simultaneously calling gold and silver a speculative bubble. It worked at least for now. The dollar has bounced and it was successful in scaring off some people who were thinking about gold and silver as an alternative to the US dollar or US stocks. But to anyone who thinks Kevin Walsh is a gamecher, let me just bring your attention to the fact that since he was announced as


Jerome Powell's replacement at the Federal Reserve, odds of seeing two or more interest rate cuts to the Fed's target rate in 2026 have actually increased. And the reason is despite glowing GDP numbers in the USA, what many don't realize is a lot of that growth approximately 30 to 40% of it according to the Federal Reserve and JP Morgan Bank is thanks to AI related investments by major tech companies while the real economy is still very slow and you can see that clearly in the US job openings data here on the screen


which are at their lowest levels in more than 5 years. In fact, there are less job openings in the United States today than there were in December 2020 during C19. And in reality, there are probably even less than the 6.5 million jobs shown here. As many job listings, approximately 25% according to many experts, are fake. They are what are called ghost listings that companies post to keep a stream of résumés coming in and make it look like the company is doing well. So, with the US economy still moving very slowly, unemployment


still rising, and 2026 being an election year, do not expect major changes from the path that the United States is on, which is not only lower interest rates, but also quantitative easing or money printing, which has already started with the Federal Reserve adding $70 billion in funny money to its balance sheet since it bottomed out back in December of last last year. And since central banks are already wise to the US dollar devaluation game, you should note they are not scared of pullbacks in the price


of gold. If anything, they embrace them. Considering the fact that the central banks bought the last dip in gold price massively, making October and November 2025 the two largest purchase months of the year for central banks in 2025, coinciding with the price dip of about 10% for gold from $4,400 an ounce to $4,000 an ounce. It's no wonder large investors and major financial institutions are saying buy the dip in gold. And of course, take what they say with a grain of salt. But gold as money


is a reality that even the United States government is beginning to admit as Scott Bessant, the US Treasury Secretary, recognized that China is likely building a goldbacked alternative to the US dollar. And in a world where new large gold discoveries are disappearing despite many fake news articles claiming otherwise, gold hoarding and use of it as the global monetary reserve asset once again after a more than 50year break suggests there's still a lot coming not only for the price of gold but also for the


mining sector which I will cover in a separate video later on this week. So with the fundamentals still looking strong, what comes next for gold? Well, this past week, after a disastrous one, gold price bounced back. It was up about $69 per ounce or 1.4%, closing the second highest weekly level for gold ever, finishing less than $30 from the weekly closing high. So, despite some big price swings on a technical basis, not much damage has been done to gold. certainly no more than we saw back in October of last year when price went


from $4,400 an ounce to just below $4,000 an ounce. Now, what I pay careful attention to is the simple 50-day moving average. And that's just the average price of gold over the past 50 trading days. And the reason I look at that is because high momentum bull markets live above the 50-day moving average. And yes, price goes below it from time to time. And we saw that this week and we've seen it in previous months in 2025, even during the summer specifically. But gold has since reclaimed a price above the 50-day


moving average, which has acted as a reliable support level going all the way back to the 2024 breakout. And that tells me even on a technical basis, apart from the fundamentals, gold is still very strong. And with the futures price of gold still leading the spot price, this is a good sign that the speculative tourist money has been flushed out. In addition to that, short sales volume on the spat physical gold ETF, which are bets against the price of gold, has crashed. All of which suggests that even if we revisit some of those


recent pullback lows around $4,400 an ounce in February or early March, the bottom for gold is likely in. And of course, I can't make a guarantee on that, but I'm saying it's highly likely. Now, what I think comes next is based on the types of weekly candles we've seen gold make over the past two weeks. And they are one bearish topping tail indicating a lot of selling pressure above $5,000 an ounce and a bullish bottoming tail telling us that there are lots of buyers around $4,500 an ounce.


So, right around the 50-day moving average. And the last time we saw something similar to this was between April and July of 2025 when gold had four months of price consolidation moving sideways for basically the entire summer. So although I think gold has already made its bottom and only time will tell if that's correct or not. Don't be surprised if we see a period of consolidation between now and the April Federal Reserve meeting between $4,500 an ounce and the low 5000s potentially extending into May. It is possible. That


said, I still urge everyone to use the time they have because this market is moving fast. It may happen earlier and nobody can predict how geopolitical issues like a war with Iran will impact price. So, as the Boy Scouts say, be prepared and remain on a schedule. Now, just before we get to the situation for silver, please remember that if you've decided to sell some metals or simply want to branch out into other hard physical assets like land, but may be having a hard time getting started, that


channel partner, Land of Land, can help you make that happen both easily and affordably. With lots starting right around $1,000 in both rural and developed areas, Land of Land can help you find something that suits your needs and budget. They accept credit cards for payment, and they deliver the title deed to you quickly. And if you'd like guided help, call them at the number on the screen or just check out their website at landofland.com. And remember that by using the code bald guy, you get $300


off your purchase to buy something the Federal Reserve cannot print. Okay, so moving on to silver. the situation is much more complicated and I keep hearing people say that March is the big month for silver because that is when the COMX which is basically the US marketplace for silver may not be able to deliver on contracts they have sold. And the reason people say this is because there are currently 380 million ounces demanded in contracts with only 105 million ounces available to be delivered. Now, we know


most of these contracts won't ask for the physical metal itself. They will be settled with cash or rolled over. No big deal. But we can also assume that about 15 to 20% of these contracts will stand for delivery, which means they will request the physical metal, likely because they need it for something. telling us that as things stand today, anywhere from 57 million to 76 million ounces of silver may be taken out of the ComX vaults in March, leaving them with very little silver, which is also why I


think big banks, by the way, are encouraging people to buy the dip in gold and not encouraging them to buy the dip in silver because there is so much stress in the physical silver market right now. So, this is not a topic I typically talk about because the contract situation on the COMX is so dynamic that I find it more fruitful to focus on the fundamentals. And that's served me and the community very well since 2021 when I started this channel. But with demand being driven by parties that need silver mainly for industrial


applications, as you can see in this silver demand chart from SPAT, we have to be prepared for a possible turnaround in silver price as soon as March or even April or May as parties that can't get the silver they need in March from the ComX go elsewhere to get the silver they need. That is a realistic situation that we have to be aware of. That said, we have to consider the fact that Asia has been driving a lot of the positive price action for silver with most major sell-offs happening during American


trading hours. And I'm sure most of you have noticed that trend over the last 2 or 3 years. And because of that, we should expect more volatility during the Chinese New Year holiday as mainland Chinese markets as well as Hong Kong, Singapore, South Korea, and Taiwanese markets will also experience their own temporary closures happening between February 16th and February 23rd. So, moving over to the technicals, where gold has held up very well, silver remains in a place of technical uncertainty, at least over the short


term, even if fundamental supply and demand factors tell us that $121 an ounce likely wasn't the top for silver price in 2026. And even though I think the major pullback level that I shared on Patreon two weeks ago leading up to the correction for silver and one week ago with you all here on YouTube at $71 an ounce remains very strong. And follow through by the way on silver miners which were up this past week tends to support that even though the price of silver was down. We have to remain open


to the possibility of a return to $54.50 50 cents an ounce during that Lunar New Year holiday. Which is why even though I think this is and remains a pullback to buy, I am leaving a little bit of cash on the side to buy a bigger pullback in case we see it. Now, let me be clear. I don't favor such a steep pullback for the price of silver. And I give it well less than 50% of a chance of happening, especially because bets against the price of silver on the PSLV ETF have dropped so much and the price


backwardation on silver, which is the amount spot price is above futures price has come down so much. And this is telling me that most speculators have already been flushed out of this market. But I say this now to prepare you all mentally for what could be the worstc case scenario. That's it. And when it comes to new highs, although we may see that major price reversal to the upside between March and April for silver, which by the way is why I'm preparing for it now, it may take up to five or 6


months before we get a proper retest and break out above the $120 per ounce price level for silver. Just like we saw for copper, which is also in major demand by the way and being driven massively, also by market fundamentals, but experienced a major setback in price in the last week of July 2025, after which again it took about five or 6 months for price to recover. So please keep that in mind. Prepare yourselves mentally for another leg down while also preparing yourselves for what comes after and take advantage


of the opportunities you have when you have them. With that said, that's it for this video. I want to thank you all for joining me for this one. And I want to thank you all, the majority of you, for staying positive despite this market volatility. Look, riding a bull is not easy. Sometimes the bull bucks. It tries to kick you off. But what I'm really really impressed by is the fact that so many people who watch these videos are remaining positive. You all understand what is happening and I think you all


understand that this is not a 1980 or 2011 style blowoff top. With that said, if you enjoyed this content, please remember to leave a like below. Please leave me a comment, maybe a question that I may feature in a future video. And if you find this content useful and valuable, please don't be shy. I share this with people you know as it helps my channel grow. So with that said, I want to encourage you all to take care of yourselves and take care of each other. See you all next week. Goodbye.