These are price levels for sure. They’re also psychological markers. When a market reaches numbers like these, attention concentrates, opinions polarize, and discipline matters more than conviction. The term event horizon comes from physics. It’s the point where you cross into a black hole and can’t see what comes out the other side. In markets, the event horizon is the price level everyone sees, talks about, and reacts to. Some think it’s going much higher, others think it’s the top. What it always does is spark a battle. The battle can be long or short, but it’s real.

New buyers show up, new sellers show up. Buyers include believers in higher prices and shorts who can’t take the pain anymore. Sellers include people who have never seen these prices before and are comfortable locking in gains. There’s also a psychological satisfaction in saying, I sold silver at $100 or I sold gold at $5000. So don’t be surprised by choppiness. Don’t be surprised by violent moves. Around the event horizon, you’ll see every order type, imaginable. Stops, limits, icebergs, scale ups, scale downs, spikes, slams, everything is there. What matters isn’t the noise at that level, but what comes out the other side of that horizon.

There are a few common outcomes. One, price touches the level and gets rejected hard because sellers overwhelm buyers. Two, price hits the level and pushes through as shorts cover, not because fresh money wants all-time highs, but because shorts have to buy. Three, prices spike through, shorts cover, then heavy selling hits, and uses that buying for liquidity. And then four, price rejects first, big buyers step in in the dip, and then the market pushes higher. That could take a long period of time. In the end, it’s simple. You reach the strike and you’re either above it, below it, or stuck on it.

It’s an options type of trade. Above it, you’re bullish until it fails back below. Below it, after rejection, you’re bearish until it reclaims the level. If it churns for days, you may be building a base for the next move, which way we really don’t know. But if you’re churning below the base, if you’re churning below the price, you’re building for a higher buy. If you’re churning above, right above it, you’re building for a rejection. Think of it like leaving a casino at the end of the night. You made money, you see the roulette wheel spinning, and you throw five bucks on a number.

That’s fine. What’s not fine is forgetting your gambling. At these levels, you’re gambling. That’s okay. Just be honest about it. This is amateur hour. Amateurs buy, professionals sell. It doesn’t mean professionals are right. But the first test of these levels usually fails. If price blows straight through, that should make you uneasy because then the rule book changes. If it rejects and hovers below for several days, that’s actually constructive. Expect more selling pressure in gold than in silver. Gold’s market is larger and there’s more metal waiting to be sold. Silver has less available supply, though higher prices will draw out scrap.

Keep that distinction in mind. If you’re taking profits at $5,000, do it because you need the cash or have a better use for it, not because the number looks pretty. If you’re buying above $5,000, understand you’re speculating. And that’s fine. Just know what game you’re playing. There’s the home page. PM Recap. Goldman Sachs raised their price target. We’re going to talk a little bit more about that in a second. Here’s the markets. Tenure yields are down too. The dollar is up too. The S&P 500 is up two and a half to three. NASDAQ is $25,492.

Up 12. The VIX is $1574. Up 11. Gold is up a dollar. It was up close to $49.75. Right now trading $49.38. Silver’s trading $99.19. Up and stable. Gold gave back more of its gains than silver did overnight. Silver’s up $3. The spread between China and the US is about $9. It’s more than that, but that’s just what we’re looking at right now. It’s open. It’s $9. China, silver, Shanghai, silver, 108, Shanghai, gold, 1591. Copper is $5.86. Up 12, 2%. WTI is up 75 cents, 1.27%. Natural gas, $5.25. Up 9 cents, 1.74%. I’ll just make a comment about natural gas, having lost a lot of money.

People talk about silver being the devil’s metal. Natural gas is the widow maker. I can’t tell you how many times that I bought natural gas because the cold was coming. And then when the snow fell, I bought it again, only to have the snow be the reversal moment. Just keep that in mind. It really, really gets crazy. Where were we? Bitcoin down 245. Ethereum down 16. Palladium up 71. Platinum leading the race again, up 85. Gold, silver down a penny and a half. A buck and a half, I should say. Wow. And grains are up.

Goldman just raised its gold target to 5,400, warning that, quote, sticky private sector hedges and relentless central bank buying mean this really doesn’t end on price alone, only when policy risk finally breaks. That statement means the buyers are priced inelastic. And until policy changes, it’s all systems go. Goldman raised its December 2026 gold forecast to 5,400, arguing that sticky private sector macro hedges have joined relentless central bank buying with supply largely inelastic and demand inelastic. Gold tops only if central bank demand fades, macro risks ease, or the Fed shifts from cut to hikes.

Now, that’s a zero hedge premium article titled Sticky Hedges, Goldman upgrades, gold forecast. These are the markers to watch for a top. And we just went through some of the main points for you. It’s actually must read. I expect to go over to be a little bit more euphoric. They’re being very professional. It’s pissing me off. I can’t be mad at them. So that continues in the zero hedge post. We will cover it ourselves today, later on. Gold, Goldman issues, an upgrade and a warning. Goldman Sachs raises December 2026. Gold forecast, yada, yada, yada.

That’s going to be out that January 23rd, that is today, isn’t it? At 2 p.m. You should read it one way or another. If you’re subscribing to zero, just click on that link and go over there right away. And if you’re a subscriber to gold fix, hang out or subscribe to zero hedge tip. I’m not a commission salesman founders first look other news founders first look, the previously mentioned report silver lithium switch to revolutionized batteries. You know, no one’s really covering that. We should probably do a little bit more on that. Silver and copper deep partnership forms.

That’s our contention that silver and copper silver wants to be industrial now. It really wants to be industrial. But the investment demand is coming in and it’s pulling it higher overseas. In the U.S., everyone’s liquidating. That’s the retail liquidating. I got a call today from a friend about Morgan Dollars. A deep discount to spot. Morgan Dollars, not, you know, not regular metal, Morgan Dollars. So I might be stepping in for some of those. Silver Museum emptied in massive overnight heist still exclusive for us in the West. Daddell and deck. I swear PC was today.

Maybe they released it yesterday. I don’t know. But I’m losing my I’m losing my mind on this stuff. I think I pretty much have covered everything needs to be covered in a very brief thing. So over the weekend, we’ll have a lot more stuff, as you know. Oh, I know what I wanted to do. The plug. Please buy a hat or a coffee mug or whatever it is you like. Interestingly enough, we were I was thinking about if gold hits five thousand or silver hits a hundred. Is there an appropriate thing to put out there? Like what would I want? And you know what I would want? I would want revenge.

Remember those Dow ten thousand hats and those Dow twenty thousand hats. I would want a gold five thousand hat or a silver one hundred hat. And so we put it into Gemini, which is apparently pretty good for pictures. And it came back with a complete zoomer millennial picture. Like the hat is like it’s like a hip hop hat. I mean, it’s cool, but it’s not something I’d wear. So we’re going to get something more appropriate for our more mature audience. That would be me. I am the more mature person in the audience, allegedly, at least at age.

I’m Vince. Have a great day. Well, thank you, Vincent, as always, for another fantastic week of coverage and another truly historic week in the precious metals markets. Hopefully you’re getting ready to catch your breath at home for the weekend after what we just witnessed and only about 57 more hours till gold and silver reopens in the Far East on Sunday. So thanks again for being here all week and watching the history as it’s made. Before we wrap up, did want to pass along a note from Dolly Bard and Silver as in addition to a lot of progress they’ve made throughout the past year and a rally in their share price this week.

They did also announce their latest set of drill results coming in with four hundred sixty seven grams per ton silver over fifteen point three meters in the midst of a merger with Contango ORE. And for a quick word from Sean Kunkum, the CEO of Dolly Bard and Silver on the latest drill results. Well, here we go. We’ve hit some really, really high grade. You know, we’ve got this area in northwest British Columbia. So right on the Alaska, British Columbia border in Canada, we’ve got the rich past producing Dolly Bard and Torbert mines.

And then we’ve built up a very large land position, hundred thousand hectares of ground, five past producing silver mines. We were buying silver when it was sixteen twenty dollars an ounce. And we were aggressively doing so until April of this year. And what today’s announcement highlights is we invested over twenty million dollars in exploration activities throughout the summer. And the results of the summer program are still continuing to be announced. So, Chris, we’ve taken those past producing mines and we’ve stepped out. And what we’re finding is that the old timers in nineteen fifty nine that stopped producing silver because it was eighty five cents an ounce.

Eighty five cents an ounce in nineteen fifty nine. There was no incentive. We followed up on the good work they were doing when they were out there producing four hundred and sixty six grams per ton. And what did we find today? Well, we found four hundred and sixty seven grams over fifteen meters. It was a big strike. It’s really good numbers. There’s a number of really, really, really high intercepts in there, including thirteen hundred grams of silver over two meters. So there’s a high grade core, but it’s continuous over a very, very mineable width.

Well, thank you, Sean. Thank you, Dolly Varden. And thank you at home for watching and making the Arcadia channel possible. Hope you’re getting set to have a great weekend and celebrating all the credible things that are happening in the precious metals markets. And hear the rest of what Sean from Dolly Varden had to say about those drill results. Well, just click on the video coming your way now. [tr:trw].

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