I'm Charlotte Mloud with investingnews.com and here today with me is Steve Penny, founder of silvercharters.com. Thank you so much for being here. Great to have you back. >> You bet, Charlotte. Thank you so much for inviting me back. Uh certainly an exciting time to be talking about precious metals, silver, closing in on the big $100 level. So certainly a lot to talk about. Thanks for having me. >> Yes. Yes, of course. I thought you're the perfect person to be speaking to as


we have silver getting closer than ever to that tripledigit level. We last spoke all the way back in October and it feels like really a lot has happened, although it hasn't been very much time. I know that you were bullish on silver, but I'm wondering just to start out, were you expecting quite so big a move to happen so quickly for silver? >> Yeah, I have to be honest, I was not necessarily expecting tripledigit silver this quite this fast. However, using technicals, a lot of people focus on


charts to forecast and predict. And I do that to a certain extent as well. But one thing I love about charts is they allow you to make if then statements. If this happens, then this is likely to happen. So for a very long time now, I've been watching this, I call it the mother of all cup and handle patterns on silver. Some of your listeners may be familiar with it. It goes back to 1980 and um you know, we had this big cup and handle. So, I was saying if and when we break through $54 silver, then the path


of least resistance becomes a conservative measured move target of 96. We're within a few pennies of 96 today. So, while I wasn't predicting it necessarily this fast, I was saying once we break through that $54 level, 96 becomes the initial target and here we are. So, I'm not I'm not really surprised at all. And in fact, I think we're we're headed higher in the fullness of time. >> Yeah. Yeah. I do remember we talked about that $96 target and as you said we're we're quite nearly there. So


silver is known for making this type of big volatile type of move but I'm wondering is there a particular catalyst that you would pull out that you think sparked this move for silver right now? Yeah, I think it's just a lot of well there's a convergence of factors for that are driving the silver and gold price right now. And I look at some as like potential like kind of extra upside kickers but the primary investment thesis is that silver and gold are money and over time they do a full expans full


accounting for the expansion of debt based fiat currencies and that cycle goes has goes back for millennia. So I think that's the primary driver right now is there's more of kind of a mass awakening, a general awareness that this fiscal, monetary and debt situation, there's no solution to it. Problems have solutions, predicaments have managed outcomes. And I think people are just beginning to realize what a situation we're in. We're closing in on $40 trillion national debt. Uh with for


every 1% rise in interest rates, that's $40 billion extra of interest expenses. So the we're headed to a point where 100% of our tax receipts will go go towards simply servicing interest on the debt. Obviously, we can't get there, but I think that's the primary driver right now for silver. And then you throw on, you know, uh, export controls from China, a critical minerals list, uh, potential, um, supply issues in London and the Comx. I look at like the potential of a force majour, a failure


to deliver on the COMX or even the LBMA as just upside kickers. That's not my primary reason to invest in silver, but these are all very real possibilities and they all seem to be converging right now. So, it's really not surprising to see this type of a move. Although, it has been astonishing to see this vertical move. When you think about all the factors, how small of a market it is, and then you look from a technical basis, this is a 40-year pattern. 40-year patterns when you finally break


out, that's a lot of energy built up, and we're seeing that begin to be released and reflected in the price. >> Yeah, I think that convergence of factors for silver is really a theme that is coming up in a lot of the conversations that I'm having right now. And so of course with the price at these levels, everybody is wondering what's next. So you mentioned we've got that $96 level. We haven't quite reached that yet. But before we turn the camera on, you're also talking about looking back


to the 1970s as an analog for what's going on today and for different paths that silver could take moving forward. So I wondered if you could break down what you're looking at there. Yeah, I I think going back and really studying that 1970s bull market is constructive for anyone. No matter whether you're new, you have a 5% allocation or you're heavily invested in speculating silver. There's so much to be gleaned from there. How would you handle different scenarios? There were multiple times


where we we were already extremely overbought in the 1970s and then we went on to have extremely rapid price moves. For example, that last 3 months in 1979, we were extremely overbought already at $16 silver and in November, December, January 1980, 3 months it went up 3x with an beginning from an extremely overbought RSI. So, these are good thought experiments. How would I handle that? Would I sell any? Would I trim? There's no right or wrong, but I think everyone should really think through


that because one of the unfortunate things we learned from the 1970s is that so many people were fundamentally correct. They invested and speculated in silver for all the right reasons, but they never pushed the sell button. never took any of those life-changing profits. So, for me, I've got some that I'm going to keep forever, but I've also got a pre-planned exit strategy based on uh ratios. And I think I've kind of maybe drifted a little bit from your question, but the question is now in my mind


anyway, are we in a 1974 moment or a 1979 moment? In 1974, for context, we had gone from a$120 something in silver up to $6.50 in 27 short months. So, less than two years, up almost 5x in silver. very big move. What happened after that? It was a blowoff intermediate top consolidation for 5 years before the big run in 1979. So, I do not expect a I I I lean towards this being a 1974 moment with some caveats. I think we're headed towards an intermediate peak here. That doesn't mean it can't go higher. Might


go up to 150. Not necessarily predicting that, but it's possible with this kind of momentum pullback consolidation. But the difference between now and 1974 is I don't expect a 5-year consolidation period. I think it'll be much shorter, limited to probably a few months, maybe a few quarters because the differences between now and 1970s, uh, you know, we have we've got the internet now. Information travels so much faster. There's leverage, there's social media, and it's more of a global market right


now where back in the 1970s, it was primarily US-driven. So, a lot of differences. I don't expect a 5-year consolidation after this intermediate peak at whatever target that is, maybe higher, but I I think it'll be the Fed's response to the next crisis that causes the big move, the 1979 moment where you go up. 1979 silver went up uh 700% 8x in 12 months. I think that that moment still lies ahead. It'll be the Fed's response to the next crisis that is the catalyst for that huge move.


>> Okay, a couple of directions that we can go in here. So if we are imagining a pullback situation for silver, how how low do you think it could go? Because I think there are many people who are looking at getting into the sector either for the first time or maybe they would like to add more given where it could be going in the future. >> Sure. And we'll have a better idea once we see kind of a clear topping pattern form if indeed this is not a 1979 moment. So I reserve the right to change


that. We take a basian approach and we change as new information comes in. you know, if ratios and other other data come in that suggest, hey, we're we're headed towards the end and there may be some kind of restructuring of the global financial system. Not to sound dramatic, this could be a 1979 moment, but assuming we're in a 1974 moment, we'll have to see where this intermediate peak uh forms, and then from there, we'll see what we'll identify support levels. We'll look at patterns. So, it's kind of


hard to say, hey, what are the pullback targets when we haven't formed a peak yet? So, I think it's possible. I mean, if we run up to 120, between 120 and 150 before the pullback, $100 could be this the support, and we're not even there yet. You just don't know. So, that's where I get that everyone wants predictions, right? And I I do make predictions, but big money and real wealth is made not so much in predictions, but in a strategy. Strategy strategy is greater than predictions. So, I would say come up


with a personal strategy that allows you to prosper in a variety of different outcomes. So, like for you asked about the new people, and I I totally get it. you're new and you see what's going on, you should absolutely, I think, consider getting some exposure to physical metals. So, I think a a logical way to do that maybe, hey, just take a starter position now, get some silver, some gold, perhaps some platinum, and then begin dollar cost averaging every month while keeping some cash aside in case we


do get a big panic-driven selloff, and that'll be your opportunity to buy a little bit more aggressively. I think taking a balanced approach like that kind of takes the emotion out of it and, you know, um is a is a well balanced, riskadjusted way to do it. I think your point about re-evaluating as we go is so important. I think what I took away from that, you know, if we go up much further, this this could be the level that is the pullback in the future. So, that's that's really interesting. And


here's here's another question that I think is maybe not not so fair to ask at this point, but you mentioned what could cause the next big move up could be how the Fed is responding to the next crisis. So, when you're thinking about that, is there a particular type of crisis you have in mind or is that also impossible to know at this point? >> Uh, yes and no. So, I I can't help but try to think of them, but kind of by definition, a black swan event is it's something that no one knows because if I


can think of it, you can kind of bet your bottom dollar these people with Bloomberg terminals at Wall Street are going to think of it too. And then they start to adjust for that. So, it's the way I think about it is um the financial system is a complex dynamic system and then what happens in a complex dynamic system? and you get what's called emergent properties using physics terms. So I think of it an analogy would be like the the snow pack on the side of a mountain. Conditions are ripe for an


avalanche. But trying to predict the snowflake that's going to cause the avalanche is very difficult. Instead it's better to focus on the instability of the snowpack and say you know what the it's very instable system right now and conditions are ripe. In the same way the financial system right now is very fragile. We've traded efficiency for fragility and it could be anything. I mean, if we're just going to have some fun and kind of think, I look at what's going on in Japan right now. I mean,


they're further along in their debt spiral than we are. That's a very fragile situation. Certainly Europe is on the brink. Um, could be some some kind of contagion in the banking system, but really trying to focus on that. I just don't know. >> Yeah. Yeah, I think that's fair. And it is it is interesting to think to think about, but we'll have to see how it plays out. And I wanted to talk a little bit more about your strategy right now. So, I remember from last time you've got


your different buckets that you use. So, you have some metals, some silver that you will never sell. You also have, I believe, a basket that you use for trading. So, I'm wondering how you've handled that as we've been on this rise toward the $100 level for silver. >> Yeah, having those different buckets, as I call them, has really helped to kind of relieve the emotional burden of trying to navigate this market where So, I like you said, I've got some physical metal not selling. I've got another


basket of physical metal that I'm going to swap for ratios when they dictate. Not not really near that those levels yet. Then I've got a long-term account of just top tier quality mining stocks that I've emotionally decided ahead of time. I'm not selling till near the end of the bull market. Don't think we're anywhere close to that yet. Then I've got what's called they call a volatility advantage bucket. So I give myself permission to sell. So, you know, back in October, I'm not sure if we spoke


before then or not, but we had sold all of our positions in SILJ, the junior silver mining ETF, and URJ, the day before the peak, a little bit of luck involved there. I don't claim to be all the time, you know, exact peaks the day before, but we fully exited those positions. Looked for the pullback in silver. We pulled back to about 45 in silver. We began redeploying capital, and I thought that consolidation would be a little bit longer, but the day that we broke above 54, the day after Thanksgiving, that was my buy signal.


And you know, I I thought we were going to have a little bit more time, but we went ahead and bought on that day on that breakout, and that's worked out really well for us. So, we have that having that volatility advantage bucket is kind of nice. It g it gives you the emotional bandwidth. Hey, you know what? I'm going to trim some profits here, and it's okay. I'm I've decided ahead of time, it's okay if I sell and it keeps going up or, you know, and it gives it it gives you permission to kind of use


volatility to your advantage while capturing the long-term gains in a long-term account. >> Yeah, I like how you explained that. It makes a lot of sense to me. And so I don't think I asked you. We were talking about the $96 price target for silver after that. What would be your next upside target for the metal? Do you have something in mind that the technicals are showing you? >> Sure. I do. I've got I've got a few and that's where it gets really fun. So I've got probably five or six. I won't go


through all of them cuz it might be kind of boring. But the big one I mentioned 1979. We we were overbought at $16 and then we had the big run in three short months. We were went from 16 to 48. basically exactly a 3x move. Well, this move began, the really parabolic phase began when we broke through 54 times 54 times 3, that gives you 162. So, that would be a replica of the 1979 3-month move that we had. 162. I think that's the higher end of the potential target. Um, not necessarily predicting that, but that's


the high end. Now, where it gets really fun, and I I want to be careful cuz I don't want to be the guy that says we're going to $500 silver this year. I take kind of a one step at a time approach. However, um using a log 96 is the measured move target using a linear scale. But if you look at that move from uh $4 silver up to 50, that's about an 1100% move. Let's just call it 10x for easy math. Well, 10x on 50, that gives you a log scale target of $500 silver. I think that's realistic. Not this year,


probably not. Maybe next year, but I think in the next two, three, four years, that is possible. It's certainly possible. And you know, um, I what I don't want the takeaway to be is for people to say, I'm gonna hold all my silver till 500 and then sell it all because you maybe we don't get there, but I do think it is a realistic target and scaling out along the way, you know, is is a useful kind of thought thought exercise. >> Yeah. Yeah, those really high levels are honestly sounding more realistic than


ever. So, thank you for running through that. And as the silver price is climbing, I'm starting to read headlines about manufacturers starting to substitute silver or looking at ways that they can do that. And I I'm wondering, especially when it comes to solar, there's been a lot of emphasis on the way that's important for demand. It's driving forward. So, what what are your thoughts on that? Is that a a danger to this silver price? Is it something we should worry about or how


are you seeing it? >> Yeah, it's it's not something I'm too concerned about. re really the price of silver is set in the margins and the margins come from investment demand. Yes, silver is primarily an industrial metal, but that's fairly predictable. It doesn't change very much. Yes, potentially there's some replacements for silver, but I think those would be offset by, you know, potential uses for silver. I think it was uh Samsung uh that came out with this new battery


that's going to need all this silver. I I haven't dug too deep on that story, but I I would say uh silver is largely inelastic. In other words, like um got my iPhone here. There's probably, you know, just a couple grams or two of silver in this thing. So, it doesn't whether silver's $200 an ounce or $50 an ounce doesn't really affect the price of the iPhone. It's not going to cause Apple to go change, you know, the way they manufacture these things because it's such a used in such small amounts.


It's called price inelastic. Um, so, uh, I'm not too concerned about the industrial, you know, uh, the price getting too high where industrial users say, "Hey, you know what? Let's scale back on silver." Not not really worried about that. Well, and so you mentioned it's the investment side that is important here and we should be paying attention. So I know that within the mining sector, there's a lot of excitement from people who've been following silver for a long time about


what's going on. But to what degree do you think there are generalist eyes on the sector at the moment and how could that start to change moving forward as the price continues to go up? >> Yeah, I think I think we're in the early stages of it. I think that we're in kind of like an awakening stage where the general public is starting to realize what's going on with silver. It had been so forgotten about for all these years. And what's really I think catching catching generalist investors attention


is the relative outperformance. So I've been tracking this for years. I look at the silver Dow ratio and the gold Dow ratio. And over the last couple years now, silver and gold have been outperforming general equities by a wide margin. So what does that do for fund managers, institutions? They say, "I want some of Maybe they don't fully understand debt based fiat currency and this Federal Reserve and all the things that you and I have been talking about for years. Uh but they just say, "Hey, I


want some of that price, that relative price performance. Get me some." And I think that's looking at those ratios that would suggest we're in the early stages. For example, the Dow gold ratio 1980 got to 1:1. Gold peaked at 850, the Dow bottomed 850. There's your 1:1 ratio. We're a long way from getting back to any kind of ratio like that. So that tells me there's a long way to go um for generalist investors to kind of come in. And as we're seeing this interest in silver increase, I'm also


having conversations about how larger entities are looking to take delivery of physical silver. And you mentioned kind of the supply demand issues with the LBMA and the CMAX. So is that something you're watching? And I'm also wondering how you see that potentially continuing to develop. >> Yeah, I think as the supply constraints for silver begin to come be begin to become um you know, what's the word I'm looking for? uh more important more obvious uh well I think that's an


incentive and I will put this in the upside kicker category that's very realistic te Tesla Samsung these big users Apple we just mentioned they may say hey you know what our our whole business model we we shut down without any silver so yeah we may have to pay up for it but let's just go stockpile it right now and I think we're even I think there's even some companies that were in negotiations or signed some agreements directly with mining companies so I think that's kind of early stages too


we're going to see more and more of that where potentially industrial users become hoarders of physical silver kind of competing against the the bankers who like to short the paper metal. So I think that what we're seeing here is the price discovery me mechanism for silver beginning to be set by supply and demand of actual physical silver where that has not been the case for the last you know couple decades. It's been based on the supply demand of paper contracts set on the comix. >> Yeah it does feel like there's a real


shift taking place right now in the silver market. And the other thing that I wanted to ask you, I'm starting to see this question come up come up among our audience is the silver stocks. It seems that they are not performing as as much as one might expect given how much the silver price has run. And I remember back when the gold price really started to move, everybody was wondering, all right, when are gold stocks really going to pick up? And we had to essentially wait for the higher price to come


through in their results. And so I'm wondering how you're looking at the silver stocks right now. Is that something that we have to wait a little bit longer for to see that outperformance? >> I'm expecting that relative outperformance to kick in soon. Now, now I would have thought it would have happened already, but I think there are some explanatory factors, but for context, let's just use SILJ. That's the most popular junior silver mining ETF. Well, back in 2016, the ratio of SILJ to


the physical metal to silver got to 0.85 to1. In other words, SILJ was 85% the price of silver. Right now it's about a third the price of silver. So to get back to let's just use $100 silver. What's 85% of 100? That would be an $85 price target just to get back to that ratio we're at 2016. So that highlights you know the upside potential here in you know silver miners. SILJ could go from the mid-30s up to 85. And I think that is within the realm of possibilities. Not again not predicting


it but it's possible. So why are these things lagging? I mean even today silver's up what 5 plus% and SILJ is up 4%. I mean that's a nice move. It's moving nicely, but it's moving less. It's supposed to give you leverage to the price of silver. So, I think what happens, what's happening, and I don't have any I haven't really dug deep on this, but I know how these mining companies operate. So, we ran up to $54 silver in October, and these mining companies are printing money handover


fist at $50 silver. So, I suspect that they hedged their production, and there's probably a lot of hedges on. They said, "Hey, you know what? Let's just lock in $50 silver or $45 silver, whatever the case may be." And now they're kind of that caps their earnings. Well, those the good news for speculators, investors, and mining stocks is that those hedges expire. So, I would look for those things to begin expiring probably, you know, in the next few weeks to over the next, you know,


month or two or even quarters ahead. And then that's where these mining stocks, the profits are just going to go through the roof. I mean, even if even if we pull back to mid60s, not expecting that, but even if that were to happen, these mining stocks are not pricing in $60 silver. They're still pricing in sub $50 silver. So, a lot of upside potential here for the mining stocks. >> Right. Right. And as you said, it's not to say that they're doing poorly right now, but I think there is that


expectation for the outperformance. So, that will definitely be interesting to see if that plays out. And for you, looking at the silver stocks, are you still favoring the mid-tier producers with exploration upside? Is that what you like right now? >> Yeah, you've got you've got a good memory or you take good notes because that's exactly the the kind of mining stock I look for. Now, look, if you want to go speculate and explorers, developers, I'm not against that. you can hit some big home runs, but that


requires a very specialized skill set. And I think it the the most favorable riskreward ratio, especially right now, is in like you just said, mid-tier producers with exploration upside. And SIJ is an ETF that represents a lot of stocks that kind of fit that bill. So why not keep it simple and just go with the ETF? Um so yeah, that that's kind of the sweet spot right now for me where I think you could have all this potential upside, not so much downside risk. You know, you don't take on all that single


mine risk. um you know uh getting the mining permits um all these kind of risks that come with these explorers and developers. >> Yeah. Yeah. Good to go into that. And I think we should shift over to gold. Gold has been a little bit overshadowed at this point by what's happening with silver because there's so much excitement. But important to remember gold is also reaching all-time highs. So I'm wondering if we look at gold, where are you seeing support and resistance for the metal?


Yeah, gold has just been on a tear as well, but gold is kind of like seems boring. I mean, it's only going up, you know, 10% a week instead of I'm kind of kidding, but yes, gold is on a really nice move. It's north of it's closing down $4,700 as we speak. Um, I mean, it's moving so fast. Is it above $4,700? It's right about $4,700 on gold. So, mindset wise, here's how I think about gold. Gold, I think about capital preservation. Where silver, platinum, mining stocks, I want capital


appreciation. Now, I think gold will increase your purchasing power over time, but that's not kind of not my mindset. I'm thinking how do I just want to preserve my purchasing power through all the uncertainty in this world. And I think gold is doing a fantastic job of doing that. Ultimately, I ultimate price target um $15,000 gold. I think that's that's just based on an average of the previous two bull markets. Doesn't mean it's not going to be a wild ride on the way there. So, um yeah, I really like


gold now. And by the way, the gold silver ratio has come down from 108 to1 in April of 2025 to 50 to1 now. So silver has outperformed gold by 2x even though gold has gone up. So um ultimately I think that gold silver ratio is going to go lower. I think I think silver is going to outperform. However, if if you're worried about a pullback and you don't really want to ride through that and maybe you want to derisk like for me I was like 90% exposure to physical silver and only about 10% gold. So what I've been doing


even though I think silver is going to outperform over the long run I've been taking some silver swapping it back for gold. And that way if we get a pullback gold will still go down. they'll probably just go down less. But if we keep running higher, yeah, gold will still keep going up, but it just won't go up as much as silver. So, it's a way to just kind of derisk, manage your emotions, and something just to think about. >> Yeah. Yeah. I guess it's really interesting to hear about how you use


the ratios. I don't know if it is for everyone, but it's it's a good strategy, I think, to take a look at. And we talked about your silver price targets for 2026 and about how you use all these ratios. So for gold, when you're looking at 2026, do you have an upside target that you have in mind? >> Yeah, I think uh $5,200 is would be the next target that kind of is equivalent to maybe $100 silver. If we get to $100 silver, I think we probably get to right around $5,200 gold. Those are, you know,


logical targets. Of course, this market is moving so fast it can overshoot, but I think 5,200 the the $5,000 level and $100 silver I think kind of have magnets on them. We're so close to those psychological levels. I think we're just going to be drawn to them. Now, do we punch through and they become support or are they kind of resistance and then we consolidate below? That remains to be seen, but I think they're targets over the short term. >> Yeah. Yeah. That constant re-evaluation


is so important. And while we're on precious metals, I want to bring up platinum as well because I know it's one that you're bullish on. And when we talked last time back in October, you mentioned that there's potential for platinum to to even outperform silver. So I wonder just given everything that's happened since then, is that still something that you think is in the cards? >> I do. Yeah. So I look at the platinum to silver ratio. I was just looking at it last night and you know it has moved in


platinum's favor, but there's still room like to get back to where we were back in 2007. There's the potential for platinum to outperform silver. Now I think on a riskadjusted return basis, silver is the safer play, but platinum has that potential to outperform. It's such silver is a small market. Platinum is even smaller. And platinum is just now breaking above its previous 2309 all-time high. So that's kind of like the equivalent of when silver broke through 54 back in November. So


silver's, excuse me, platinum is just having its big breakout moment and there's, you know, a lot of upside potential here. I wouldn't be surprised to see, you know, $45,000 platinum over the next few quarters or even year or so. >> Really, really interesting. So, we'll keep an eye on those ones and got to keep all the precious metals in mind and not let one of them come to the floor because there's interesting things happening in all of them. But, I do want to move over and look at uranium. I know


that's on your list as one of the commodities you're bullish on at the moment and it had a pretty different 2025 compared to the precious metals. It stayed pretty rangebound. So, when you look at 2026, what do you see coming for uranium? Are we do we have a good base that could set it up for a move this year? We do. Yeah. Uranium had a fine year in 2025. It's just when you look at silver up 140%, you're like, uranium only up 30%. Come on, uranium. Um, we're I'm I'm just kind of kidding, but also


um I am very bullish on uranium this year. Uranium is again very small market. I love silver, uranium, gold, and platinum. Those are our kind of focus sectors with now looking at conventional energy. I I think 2026 we'll probably see uranium be the outperformer amongst those focus sectors. I think that's likely to happen. It's It's off to a fantastic start this year. URNM, the Sprat uranium miners ETF, as we're speaking today, just broke above a new all-time high. So, it's up 20 20 plus% already on the


year. The SPRA physical uranium trust just broke out of a clear head and shoulders pattern. I think u $106 uranium kind of has a target on it for this year. I think that's probably conservative. You know, we're just in the mid80s now. Um 106 was the previous high from January of 2024. Wouldn't be surprised to see it overshoot. 2007 uranium got up to $148 a pound. Um I think that's ultimately we're going to go there and exceed it. That $148 a pound adjusted for inflation is about $200 a pound. Uh so these are


just conservative targets, things to think about. And I would note that the supply demand characteristics for this current uranium bull market are are more bullish. There's a larger structural supply deficit this time around than there was back in the early 2000s. So I'm expecting a lot of fireworks ahead for uranium. And for those in both in silver and uranium, you can look back and say, you know what, how did I play this silver run so far? Not that it's over. I mean, we got more ahead, but


like how have I made any mistakes? Um, is there anything I wish I did differently? And you can take those lessons and apply them to what what I think is likely to come in the uranium market. Hey, how can I do better when uranium has its big move? Maybe I should have trimmed a little more on the way. Maybe I should have held more. Just thought experiments to think about to make you a better trader, investor, and speculator. Yeah, I I can definitely see how you could apply those those lessons in a different sector. And for uranium,


what I've been hearing, my impression is that we are waiting for utilities to start coming back to the market in earnest and and start buying again. So, I know you focus on the charts, the technicals, but anything that you're hearing there on the fundamental side that people should be aware of that that could kick this this next move off? >> Yeah, I do follow the fundamentals fairly closely. I wouldn't say I'm like um I you've had some guests on who can talk about all about the enrichment


cycle and all these things, but what what I'm hearing is that uranium utility buyers are kind of price insensitive. They're not so worried about the price going up. They've gotten used to just a stagnant uranium price for all these years. And I think they're a little bit uh complacent with regard to what's happening. And I think um is it trade techch or UXC? those are the two big kind of um you know uh industrial uh they they supply the data to the utilities and I think they're just now


they they've normally been complacent as well. I think they're just beginning to kind of pound the table on the supply deficit and I think these uh utilities are going to begin waking up pretty soon. I mean if they don't they're going to the longer they wait the higher the prices they're going to pay. And what we're I'm hearing from the companies as well is that they're willing to be patient. they realize that kind of they're they're in this the driver's


seat in these negotiations. Um so I think that's that's a the fundamentals for uranium are extremely bullish. >> So we've run through the ones that you're most bullish on for 2026 and interesting to see that uranium is at the top of the list, but it makes sense given everything that's already happened for precious metals. I think you also mentioned conventional energy is something that you're taking a look at. So are you able to expand on on what you're looking at there?


Yeah, there's an interesting dichotomy. So, there's a floor of support for oil right at $55. And we that support may give way. And to be honest, I kind of hope it does because that could give us some buying opportunities. But oil is way down in the dumps. Technically, it's in a downtrend. It's below a declining 250day moving average. It's just been going down and to the right in a world where almost everything else has been going up and to the right. Interestingly, right now, an ounce of


silver now buys more than one and a half barrels of oil. That's never happened before in all of history, even in 1980. uh gold, an ounce of gold has never bought more barrels of oil than it does right here, right now. In other words, oil has never been cheaper when priced in real money ever. But what's interesting is the the the companies, the blue chips, Exon Mobile, the Chevrons, the Kico Phillips, uh even some of the royalty plays, they're threatening break, they're either breaking out to new all-time highs or,


you know, on the verge of a major breakout. So, the mining stocks versus the companies, I I wouldn't say they're um expensive, but they're not as cheap as you would think they would be with, you know, oil in the 50s. So, that's kind of an interesting dichotomy. Um I still think they're fairly valued. So, what I'm doing, this is kind of a long-winded answer, is I'm getting starter positions and I'm hoping it goes down more so I can buy more aggressively. And what I like about


these companies is they pay big, fat, stable dividends. And I like that as an income investor to kind of cycle some of these big profits we've made in speculating inur uh silver and uranium and platinum and all these things into just kind of more boring dividend stocks that just pay you a fat paycheck every quarter. Kind of allow you to sleep well at night. So I'm looking forward to that next phase. I think that's probably the next big bull market. Not sure when it starts, but with that dividend, hey, I'm


content to just get paid to wait. >> Yeah, I'm glad you brought that up. I'm seeing increasing amounts of attention, I would say, on the oil and gas sector. So, I think it's something that's important for people to pay attention to. And just as we're getting to the end, I remember last time as well, we talked about what was going on in the overall stock market and just how high the value valuations were getting, especially with the AI stocks and are we going to see a correction? So, it it


kind of just seems to keep going. So, I wonder from a technical perspective, what are you seeing here? And is that correction that people have been waiting for, do you see that coming in 2026? I think conditions are ripe for an unexpected pullback in 2026. However, we're not seeing any technical signs of that yet. So, when I look at the charts, I think they'll give us an early warning sign. We've got key support levels, moving averages, indicators we look at that say, hey, things may be beginning


to crack here. Momentum is slowing. We're not seeing that yet, although I would not be surprised to see that in 2025. One thing I am watching very closely is this long-term chart of the dollar index. And it, believe it or not, it's rising. It's in an uptrend going back to 2008. Um, it may not feel like that because over the last year it's come way down. So, it's sitting right at the lower edge of this long-term support. Now, could that support fail? Absolutely. But when everyone's on one


side of the boat, so to speak, it's kind of like where I'm thinking, could there be a surprise dollar rally? Everyone's bearish on the dollar for valid reasons, and I agree with all those fundamental reasons, but could the dollar be telling us something? Could something be forming underneath the surface that causes a deflationary impulse, a panic, spike in the dollar, hits our focus sectors that gives us an opportunity hopefully to redeploy capital and scoop up bar organs. That's kind of a potential


outcome for 2026 that I'm watching very closely. And you know, if we see any indications of that, I'm I'm not afraid to kind of move on a dime and take profits so we have capital available to scoop up bargains. >> Really interesting to go into that as well. and I'll let you go. But before I do, I want to ask you if you have any final thoughts that you would leave investors with as we're continuing on into 2026. I think clearly we're setting up for a pretty unique year.


>> Yeah, I think so. And I would I would say the key takeaway just thought experiment for people, you know, we always want to focus on the predictions and that's what kind of gets the most clicks and attention. And I do that too. I I like to see what people's forecasts are. But really the real money is made I think in the you know six seven inches between our two years managing our emotions having a plan and these are very emotional markets right now especially precious metals they're very


emotional markets so kind of write down just a plan you can write it in pencil you can give yourself permission to kind of change it as new you know developments happen but have a plan have a profit taking strategy what's your accumulation plan and what's your profit taking plan just think through that write it down in pencil that'll make executing the plan a little bit easier it'll still be difficult but it'll make it a little bit easier. >> I think that's a a great piece of advice


to end on. So, thank you so much for coming on to go through precious metals energy. This was really informative. >> You bet. Thank you so much for having me. >> Of course. And once again, I'm Charlotte Mloud with investingnews.com and this is Steve Penny with silverchartist.com.