What’s Next for Gold & Silver

The 2006 Halfway Point

During the last major bull market, gold spiked to $730 in 2006 and then consolidated for 16 months before resuming its uptrend. That marked the halfway point of the decade-long bull run.

undefined

The 2026 Halfway Point?

A repeat of the 2006 halfway pattern in 2026 would suggest gold remains range-bound between $4,000 and $5,600 into 2027, before entering the second half of the bull market, potentially driving prices to $10,000 to $15,000 by 2030 or 2031.

undefined

Silver’s 2006 Consolidation

In 2006, silver fell to its 200-day MA, which then acted as support for the 18-month consolidation phase.

undefined

Silver 2026

Silver didn’t quite reach its 200-day MA, so it’s hard to know if prices bottomed. If the 2006 analog continues, we may not see a sustained breakout above $100 until 2027.

undefined

Platinum’s 2006 Consolidation

Platinum made its consolidation low about 5 months after the initial peak (below the 200-day MA). Overall, the consolidation took about 16 months.

undefined

Platinum 2026

If platinum repeats the 2006 playbook, prices could make a low around $1,600 in the June timeframe.

undefined

HUI’s 2006 Consolidation

The gold miners ETF GDX began trading in 2006, so the pattern isn’t very clear. Therefore, I used the HUI index as a comparison.

The initial breakdown in miners took prices below the 200-day MA, but that low held throughout the remainder of the 16-month consolidation.

undefined

GDX

The setup in miners is less clear. Overall, as long as prices remain below $102.50, I expect a move below the 200-day moving average before a bottom forms. Sustained strength above $102.50 would open the door to fresh highs in Q2.

undefined

GDXJ

I’m expecting lower lows in juniors and a dip below the 200-day MA as long as prices remain below $137.

undefined

SILJ

I’m expecting lower lows in silver juniors and a dip below the 200-day MA as long as prices remain below $35.50.

undefined

Closing Thoughts

The powerful uptrends in metals and mining stocks are likely taking a breather as we approach the midpoint of this major bull market.

But make no mistake—the bigger picture remains firmly intact. I expect gold to climb to $10,000–$15,000 by the end of the decade, with silver advancing to $300–$500.

In the months ahead, my focus will be on identifying the optimal window to deploy capital—particularly in gold and silver miners—as we position for the next multi-year leg of this historic bull market.