I'm Charlotte Mloud with investingnews.com and here today with me is Steve Barton, host of the In Ittowin It show on YouTube. Thank you so much for being here. Great to have you as always. >> Thanks for having me, Charlotte. I love her talks. >> Yes. Excited to get into what's going on today with you. So, I think we should begin with precious metals. We last talked about a month and a half ago and it was right before we had the huge historic runup in gold and silver prices and then the big correction. So I


thought we could begin there cuz that is something really huge that happened. If you could walk me through it from a technical perspective what you saw playing out there with the metals. >> Yeah, let me share my screen here and we'll jump right to uh let's start with the gold chart. And uh I I've been doing this since the correction, kind of putting little boxes here and odds and percentages of where I think it's going and updating them um you know every few days as we get new price action and new


information. And so basically we're kind of at a pivotal point. It's it's it's lucky that we're talking today, Charlotte, because we're coming up on one of these intersections right here around $5,200 gold. So basically what I see and and my time frame on these is let's say looking out over the next month or so where do I think most of the price action is going to happen and uh I just adjusted these this morning. Um you know this number used to be 20% down here. So I think about 10% of the time


we come down and we touch this 200 day moving average. We kind of hit in that zone here. 40% of the time we bounce around in the zone that we're at now 4600 to 5200. And then about half the time we break through this 5200 and move up from there. Uh you're going to have resistance right up here around 5600 the all-time high. Uh but it looks to me like uh you know this has changed direction in the last week. I was more bearish a week ago but now I'm turning more bullish. I mean you can see there's


it's the price action is just moving up. We do need it to close the week in my opinion above 5200. If we do that, then this number will will in my mind increase. It'll probably it'll go higher and I think it'll be more likely that we trade in that range. Uh but gold is looking a lot a lot better now over the last week, you know, assuming you want the price to go up. I think most people do. But there is always the chance and you got to keep that in the back of your mind that every single bull market


during the bull market sometime and sometimes multiple times it comes down and it touches this blue line, the 200 day moving average. I thought we were going to get that. Uh it looks like now this correction probably isn't going to hit that 200 day moving average unless we just do this grind sideways for several months and the 200 finally comes up and meets it. Uh but I don't think this is going to be that, you know, but sometime during this bull market, we're going to come back and touch that or get


darn close to it. It just doesn't look like it's going to be this correction. >> All right, I think that gives us a nice idea of what's going on with gold right now. And of course, we want to take a look at silver, too. It had that similar price activity of the massive run up, the correction, but now today, I think we're back above $90 per ounce. So, where are you seeing support and resistance for silver right now? >> Yeah, so these are my percentages for silver today. I think about the same


down here. You know, maybe 10% of the time we get down to touch the 200 day moving average. 20% of the time we trade over the next month or so, 54 to 70. uh half the time 70 to 92 and right now we're getting very close to that kind of pivotal breaking point right there. So the $92 uh mark in silver if everyone can remember that and if it closes the week above 92 then that means we broke through this this resistance right here. It is pretty heavy resistance and this general pattern right here for silver is


not nearly as good technically as the one for gold. So I'm more bearish on silver than I am for gold. I think we're going to hit that $92 level and I don't think we're going to close the week above it. I think we'll probably get rejected and move down. When we compare the two charts, look at the light blue moving average here and the medium blue line. This is the 20-day and this is the 50. The 20 is starting to slope down. That's generally a bearish sign. When we look at gold here, they still look good.


They're all in sequential order. Not the case with silver. So I I would be more inclined that I think only one out of five times here we break through over the next month or so that 92 I think we're going to get rejected here and move back down. This this overall pattern is a bearish pattern. It's a pretty big uh bare flag that you know about seven out of 10 times or so uh if they're really really good it's even higher. They they they move they move to the downside. And that's that's kind of


what I'm expecting here shortterm for silver. you know, long long term, we're we're going probably to 200, but uh but over the short term here, over the next month or so, I see more weakness. >> Do you have any indication that you're seeing that tells you how long this more sideways to down motion for silver could continue? >> Well, there is some seasonality that comes in. Um, you know, the thing that could grenade that uh would be I would say investor demand. Um, so you know, if


if uh crazy town governments continue to do, I mean, that investor demand could could wall up that and maybe we don't get that seasonality. But with this chart pattern, I mean, this single day drop right here, I went back into the weeds and tried to find a bigger single day drop on the silver market and I found one that was close and it was in uh uh 1980 with the Hunt brothers. So, this was a historic moment. You know, I think this is like where were you the day silver crashed over 30%. You know,


it uh it was impressive. There's a lot of technical damage done here and I think it's going to take time for us to get back up to all-time highs. It may be quicker with gold and I think it will be. Uh but this one I think could take months. >> All right. So, little bit more bullish on gold than silver at this point in time. And you're right, we have been seeing these historic moves. And I want to go back to what happened when we saw those prices run up and then the correction. How were you playing that?


Because you you often emphasized to us the importance of taking profits, which can be pretty tough for investors to do. So, how did you end up playing that whole situation? >> That was it was a lot of fun to me. It was it was honestly one of the most fun weeks that I've had since oil went negative uh during this sickness. So, what we did with my subscribers was we took profits in some uh physical silver. So PSLV here. So the red arrows are are sell points, green arrows are buy points. Uh and we we took profits on the


physical uh side. Uh we took profits with um yeah basically physical gold and physical silver. We did some swaps. So uh this was a really interesting uh ratio here. So this is gold divided by silver, right? And back here uh when we all remember when the silver ratio got up to 100, right? 100 to1 gold to silver ratio. You could trade 100 ounces of silver for 1 ounce of gold, meaning that silver is relatively cheap. And we had this white line drawn on this chart here at 45:1. So I was like, okay, this is


going to be our kindergarten method of when whenever this gets down to the 45:1 ratio, we're going to trade back and go from uh you know, trade some of the silver to go back to gold. And so that's that's what we ended up doing. We ended up trading some uh uh some silver for gold. Um, we put it into some oil. We put it into the profits from the physical gold and silver. We put into oil and we also put a lot into um, uh, gold and silver miners. So, they're at kind of a sweet spot right now,


especially with the earnings that have been coming out. Uh, the gold and silver miners are outperforming the metals. So, we also took some call options here on uh, SILJ. That was a nice double. I still have half my position in call options on SILJ. I think I may trim those here. Uh right up at the top around it's like 41 bucks is uh kind of the the high here for SIJ. I'm probably going to sell the remainder of those leaps on SILJ at that point. It'll be any day now. I think I'm getting out cuz I, you know, like I


said, my base case is 92 is a pretty significant um resistance level, meaning that I should probably be getting out of risky bets like call options on junior silver miners around that point as well, you know. And uh and then if it got back down here to the 50 or something, I might I might buy back in. But that that's basically how we played it. We we sold physical gold, sold physical uh silver, uh put it into mining stocks, put it into oil, and also played the ratio of the uh gold to silver ratio


when it when it got extreme like that. >> Thank you for going into that. And I was going to ask, so now are you are you happy with how you're positioned in the precious metals at this time or still some adjustments to make? >> Yeah, I'm I'm very happy. I mean uh this earnings uh quarter has worked out fantastic. Um yeah I I think right now uh the portfolio is over 30% gold and gold stocks and it's 12 13% uh silver and silver stocks. I'm very comfortable with that. I don't


think I want any more. Uh but if we continue to have runups like that, I'll I'll trim and keep about that percentage. >> And I wanted to follow up. So last time we talked about a potential catchup in the silver stocks because the price was on the move even back then when we were talking. So has that has that played out as you expected or has the price volatility curbed it at all? How how have the silver stocks group would you say? >> Uh yeah it's played out. I could pull up


a ratio chart here and then we could visually see it. So here's Silj uh uh divided by silver. So essentially when the chart goes up um the miners are outperforming the metal and we can see we had a sell-off moment right there and then yeah they they've been performing very well. I mean down here the ratio was 28 and today it's42. Um so basically you want to be betting on silver miners down at this end of the chart uh which we did and you know sell them towards this end of the chart which hasn't


happened yet. So yeah I think we got a ways to go. Here's one for gold miners. Um, I got this one from Michael Oliver. You could do the same thing with GDX uh divided by gold. This is the XAU divided by gold. I like this one because it goes out uh further. And you can see we're still at the bottom end of the chart. So, we still have a pretty wild outperformance here, I think, coming for the gold and and silver stocks. This is both gold and silver. And you can see right down here. So, this is this this


is a decently long-term chart. Where I've got the mouse here is 2016. So, that was 10 years ago. We're up at this ratio level. And I think here over the next month or so, we're going to break out and we're going to move up to the upside. And what this is showing is like if I take here from the breakout and just kind of go up to where the average is there, that's a double. And then if you go up here to where it kind of gets extremes, that could be a triple. And that's a triple outperformance. So if


gold and silver nominal prices are going up during this time, these miners, I think, are going to outperform doubles and triples, right? So, you know, they're not just doubling and tripling, they're doubling and tripling compared to the price of the metals. >> All right. So, you took profits in gold and silver, put some of it into the gold and silver miners, and then you also mentioned putting some into oil. And we spoke about oil last time as well. You're mentioning it as a cheap


opportunity that investors should consider. What are your updated thoughts on oil? I know you're focused on the charts, but there's a lot geopolitically happening for the oil market right now as well. >> Yeah, I I talked with Rick about this uh the other day. Um there there is the wild card of Iran. What does uh Iran do? Um are they going to, you know, attempt to close the straits of Hormuse to throw a wrench into the system? Are they going to mine it? Uh, anything they do, if if they close down


the Straits of Hormuse, that could interrupt about 60% of the global oil market goes through there. So, that could be a real disruption, but anything that happened is probably going to be short-lived. Um, you know, these companies will reroute the oil and go someplace else. And, uh, eventually the straight will get opened back up again if that's what they end up doing. So, I guess long story short is we don't really know what's going to happen there, but whatever does happen, it's


probably going to be relatively short-lived, meaning you know, months, not years. So, what we're seeing on the charts here is very interesting. Last time we talked, uh, the oil price would have had to been below the 200 day moving average. We've now broken above that used. So, this dark blue line right here is the 200 day moving average, a moving average that almost every single chartist has on their screen. And so it kind of becomes this self-fulfilling prophecy that when it gets down to there


or up to there, that's those are very common buy and sell points, right? Well, WTI here has held above that uh 200 day moving average, forming up a bull flag right now. I think we're going to go up here to the top part of this channel, which would be around 69 70 bucks. Uh I think that's going to happen here in pretty short order. Um when you look at Brent, it's already broken out above its parallel channel. Also, oil is looking pretty uh pretty bullish. Um some of the oil stocks though have had a heck of a


run. I mean, we've had this is just the XLE ETF. This is my favorite ETF for oil and uh we got in down here when it was kind of boring and it's just had this nice run up here. We are starting to get a bit of a rollover here. So, I think in some of the oil stocks, although we have some potential really bullish news, um the oil stocks are starting to show that they're stretched and I think there might actually be an opportunity here uh to make money on the oil stocks going down. So, I haven't taken the bet yet,


but here's one with Exxon Mobile. If we go here to the weekly chart and we zoom in on that one right where I got the circle here, that is a topping tail. And that is uh in trader speak, it basically means that until we can close above this top right here, until we can close above this all-time high at 156, we'll round up to $157. The chart is showing that it's going to go down. Uh it's yet to be taken out. I think there's some opportunities right now to maybe buy some puts on like Exon


Mobile or maybe Chevron or some of these big guys and you might actually be able to make they're they're a little overvalued right now, you know, and uh I don't think anyone should be buying oil stocks right here. I think we should have been buying them back here last time we were talking, right? Um, I think they're overvalued now and I think there might be a trade in here where the other the part that's keeping me from doing it is I'm like, well, what's going on right


now with Iran would dictate that the chart is probably going to go go up. But when you look at these things, this is a visual representation of what millions of people think that this thing is worth. And the chart is saying that's not the case. It's going to go down. So, uh, I, like I said, I haven't had the stones to take the bet yet, but man, it's looking like we might get a little correction here in some of the oil stocks, and that could be a way you can make money from it. >> Yeah, it does seem like there's a lot of


uncertainty right now, and that can be tricky to figure out how to play it. But, thank you for going into that as well. And this is probably also maybe there's too much uncertainty to really figure it out at this point. But I don't know, we've talked about the oilies. I don't know if I've asked you about your longerterm price outlook in terms of oil. So, anything that you would share there? >> Longer term outlook? Uh, I would say probably the main level that I'd be


looking at would be around like 85 to 90 bucks. I think that that has a lot of price action around it. There's going to be a lot of resistance to get through there. Um, that's kind of my base case. When I ask Rick uh when I ask some of these oil experts about where they expect to see the oil price going, that kind of lines up with their thinking as well. And that's what I see on the charts. And um that would be my basic base case for for the for WTI. >> All right. And we want to make sure that


we take a look over at copper as well. I remember this was your pick for top performing asset of 2026. So, how are we tracking on copper so far? How is it looking? I know we had higher prices at the I think it's maybe flattened out a bit, but tell me what you're seeing. >> I'm not as bullish as I was at the New Orleans investment conference. We had a uh a break of a trend line right here. So, this one goes back to November and it was just being obeyed and then it broke through here, couldn't quite get


uh broken above it and now we've basically been going sideways. So although I'm very bullish on copper going forward here uh you know in the years over the next short term uh I'm a little more bearish. The price action has has has stopped moving up and now it's basically going sideways to down and the trend is sideways to down. I think we're probably going to lose this 50-day moving average. It's just kind of slowly grinding here. I think it's likely to go down. Um the the level I'm


eyeing a lot is around five bucks around this 200 day moving average right there. I like that level a lot. And the level I like even more is this trend line that we've had drawn since July of 2022. And it's yet to really be violated. I mean, there's moments where it gets down below it, but it's generally just been obeyed. And uh what I've been doing uh with my guys is um here here's the COPX is all of these little buy points that you see here was when copper came down and


touched this white line. And so I think we can just continue to use that. I think um everyone can draw the same white line on their chart here. And it doesn't have to be exact, but generally speaking, if we get back down to here, that would be a great great buying opportunity. That would be like if gold got down to the 200 day moving average. I don't think gold's going to get down to the 200 day moving average. I don't think it's going to hit $4,000. But if you did, it would be huge mistake in my


opinion not to press the buy button. And that's the way I look at copper right here. I think you need to be buying copper here on the 200 day moving average, which is around five bucks. And I think you need to be buying it, especially if it gets down here into this trend line, which would be $4.60. So my bias for the next, you know, month or two is uh sideways to down. Although overall in you know we have a deficit uh we're basically consuming 2% more copper annually and the mining supply is going down. So


uh I'm very bullish on copper longterm. Shortterm here I think we get uh sideways to do. >> Okay. So continuing to buy maybe a longer term price or riser or for copper. I wonder so do you have an updated top performing 2026 asset pick in that case? We had some recent news in uh around nickel. Okay. And uh one of the reasons I think I'm on to something here is nobody's talking about nickel which is making me pretty excited. All right. What's happened fundamentally is uh Indonesia has been responsible for about


60 to 65% of global supply in nickel. And what they've done is so not all nickel is created equal. There's there's latitic nickel and then there's sulfide nickel. Lateric nickel is what Indonesia and the Philippines have and especially in Indonesia um largely funded by China. They've gone in and they've started to extract a lot of that nickel. Like I said, you know, more than half of the of the global supply and they've been doing it um pretty much without any kind of


environmental regulation. You can literally go on Google Maps and see this from space of just them just washing the stuff out into the ocean of what used to be fishing villages and just decimating the shorelines. And you can even see it in the middle of the country around these mines. They're essentially doing the same thing. And um anyhow, it looks like they're cleaning up their act. The uh Indonesian government has said that they're going to decrease uh their um exports of nickel, which is exactly what


we've been waiting for for the last two years. You know, I mean, I didn't think that that could go on forever. I mean, you know, sometimes things can go on longer than you think, but basically what I'm saying is that we've had this surplus of nickel that's just been flooding the market. And now Indonesia has said, "Hey, I think it's time we clean up our act. We're going to lower uh those and increase our environmental standards. So, enter new uh uh nickel projects that have been completely


uninvestable because they have um um they've just been too expensive. The the the nickel price has been lower than what it would cost them to, you know, pull this stuff out of the ground and do it environmentally friendly. Well, I think we get a rerating here pretty quickly in the nickel price. So here are the nickel futures and for several years this price was just boring and it was around 15,000 and you might get little spikes here and there but it it was just doing nothing and as soon as Indonesia


came out with that news it went from 14,000 a ton all the way up to 18,000 and we started to kind of form out right here around 17. So, I think this was the market seeing the same thing I did, right? And uh I think that we're about to get a pretty good rerating here in some nickel miners, probably taking a year or two. Uh but I think that uh you know, focusing on some nickel deposits that are outside of Indonesia that are uh sulfide deposits, I think that's where the winner's going to be. Um a


real easy way to play this. Now, you do get a lot of the Indonesian uh miners in here, which kind of goes against what I'm what I'm thinking. Uh but this would be an easy beta way that you could play the nickel market. And this is Nikk put out by our friends over at Spott. And um you know, here's my red, yellow, and and green lines. Green lines are stink bids, you know, when when I think it's really cheap. But uh this would be a way that you could play the nickel market that's


really easy that I think just about anyone could do it. >> That's that's pretty interesting. I definitely have not heard anybody talking about nickel even since this has happened. So, it seems like one to keep an eye on. And anything else you would say for people who want to get exposure, they want to look at companies that are outside Indonesia, how they can look at evaluating them because I think maybe maybe it's a space that people are less familiar with. >> Yeah. Um I go over some of that with my


uh with my premium guys. There are some nickel deposits out there. Uh, first of all, you're going to want a big deposit. You're going to want high grade. The nice thing about sulfide is it's not low grade. Like typical grades with sulfide deposits are going to be between 1 and 3%. So, you want to hit ones uh on that. Um, I'm looking in Brazil and Canada right now. And and more than that, I don't really want to say my guys haven't completely gone in gotten in yet. Uh, but uh that that would be my focus area.


sulfide, nickel, big deposits, high-grade. >> Okay. Okay, fair enough. So, people can go find you on your your channel and you'll talk about that over there. We'll have the links below, of course. And I wanted to ask, so usually we don't go in that specific company type of angle, but taking a step back from nickel looking more broadly, are there any companies with potential that you would want to mention heading into the rest of 2026? >> Uh, yeah. Okay. So, uh, most of your


listeners are probably familiar with, um, Seabbridge Gold. I interviewed Rudy out at the, well, I've interviewed him several times, but the last time I interviewed him was out at the New Orleans Investment Conference, and he was a little more uh, giddy than usual, and he was very excited about uh, getting a joint venture on one of his projects. So, Seabbridge Gold has a giant deposit up in the Golden Triangle in uh British Columbia, Canada. And uh it's it's like 50 billion pounds of


copper and some ridiculous amount of gold. And it looks like their biggest deposit uh the KSM deposit is going to get a joint venture. My guess would be with Pneumont uh the mining company, right? Um, if that joint venture goes through, I think the price of uh, Sebridge Gold goes from 35 bucks a share to probably double, you know, maybe 60 bucks, 70 bucks. I I think it's a real quick uh rerating overnight because that's been the unanswered question with that company since Rudy started it 26


years ago is who is going to be able who's what mining company is big enough to be able to take on this KSM deposit because it will instantly become one of the biggest mines in the world. I think we're getting very close to an answer on that and uh if that happens I think Seabbridge could uh double overnight. Now, there's an even more leverage play than that, and this is a real wild card, but I think this one could be absolutely fantastic. And now, there's a uh royalty company in Canada, a little tiny royalty


company that has a royalty on that KSM deposit, and it's tied to the taxes that come out of that at a rate of 5 to 11%. So, what's really exciting about this is, yeah, I mean, a double in Seabbridge Gold would be pretty exciting. You know, call options on that are are are nothing to sneeze at, but if they actually get a joint venture with uh with uh uh Newmont, then I think what'll happen is is through the news, people will start to realize like, hey, there's there's there's a company out here that has a


royalty on that deposit. This company is called Nation's Royalty. It's uh the market cap is I'm putting myself on the spot. I think it's about 200 million right now. Uh I think that thing will well more than double. I think it'll be a five 6x. And and the the beauty of this bet is there is almost no free float. So near as me and my buddies can figure I think about 8% of that company is actually available and open to retail. Right? So there there's no float on this. And uh all it takes is uh one


wealthy guy making a mistake of hitting a market order instead of a limit order and you could absolutely blow up that stock. And I think that's exactly what's going to happen uh if that deal goes through. Now if the deal doesn't go through, the company probably goes sideways to down. So your downside could be, you know, 30%. Uh, and you know, I think that probably happens half the time, but the other half of the time that something goes through, I think that could be a monumental like that


could be that could make your year. >> Okay. Really interesting. And I was going to ask, you know, it's an if, but what's the probability, but you you spelled that out for us. So, that could definitely be something for people to look into. I will let you go unless you had any final thoughts. And we do usually end also by mentioning your technical analysis course which we'll have a link to in the description. So, anything further that you'd like to add on either of those notes?


>> Yeah, I would say the opportunities I see right now are in uh select uh nickel sulfide miners. Um I I would not be buying oil here. Last time we were talking, I thought it was a great time to buy oil. Now I think you need to wait a little bit, let that cool off. um you know and uh yeah thank you for mentioning the uh technical analysis series. So if you've ever you know watched my charting videos and thought okay Steve how do you actually do that? Well then uh I put a program together


exactly for you technical analysis series for beginners and I walk you through step by step uh through support resistance bull flags Fibonacci retracements moving averages RSI how I find levels for limit orders and I show you exactly how I set up my charts. There's a 30-minute video and I literally show you mouse click by mouse click how I set them up and how I manage my own portfolio. So, if you're a do-it-yourself investor and you want to take the fear out of buying and selling, do it with confidence and have a


repeatable system. You know, that that's the key is you got to be able to replicate this over and over and over, then this course is a shortcut that I think could uh save you years. So, thank you, Charlotte, >> of course. And as I mentioned, that will be in the video description for anyone who wants to check it out. And thank you so much as always for coming on to go over what's happening in the markets. This was great. >> Thank you, Charlotte. >> Of course. And once again, I'm Charlotte


Mloud with investingnews.com and this is Steve Barton with In It to Win It.