And now, here’s Vince. Good morning, everyone. I’m Vince Lancey. This is the Golf Fix Market Rundown. Last night, while I was trying to write a recap for the day, you know, a disastrous day as it was, we need to keep people in the loop. I was struggling with it because I really wasn’t unhappy, but I know people were a little bit perturbed and wondering what was going on in the market. And it didn’t seem like a regular, the market did this, the market did that, recap would have sufficed. So I thought about it.

And I put together a retrospective for the last month or so to give you an idea of where we’ve been and how far we’ve come since August of 2025. Really October is when it starts to get interesting, but August is when this all started. So if you bear with me, I’d like to give you a recap, not just of yesterday, but of the last four months with a couple slides on the way. So let’s step back and put the last several months into perspective. This we’ll cover yesterday as well. We’ve just closed what I would call chapter one of a historic run in silver and gold with silver as the focal point for this conversation.

In August of 2025, amid tariff turmoil, the United States made a decisive move and designated silver as a critical mineral. When you label something critical, you create the conditions for hoarding. Governments must secure supply while building the capacity to produce more. The closest parallels are uranium and lithium, as we noted back then. Those markets suggest that over a four year window, silver trading between $140 and $212 is entirely plausible, driven by sovereign accumulation. The first target we had was $100 and then $144 after that. It eclipsed the first one. Our next target is in the $200 area, but $144 is our next target.

But silver, the point is silver is unusual, that there is metal in our hemisphere. What we lack is sufficient refining and manufacturing to turn raw material into finished silver at scale. Once silver was designated critical, it rallied aggressively from $40 to $50. At $50, it stalled, producers having missed the last move and paid for it hedged heavily. At the same time, however, retail holders flooded the market with junk silver. Strong demand met surprise supply. The market kind of bifurcated back then. We see that to this day in the supply chain stresses from the lack of money.

Then Thanksgiving and Black Friday. China, facing supply chain disruptions in Latin America, attempted to take delivery of US silver. JP Morgan withdrew metal from the market and likely deferred delivery. Industrial users began to panic. China and India saw it finished silver abroad, reportedly bidding $80 when spot was about $70. That’s from Chris Marcus at Arcadia. That established real value between $70 and $80. If they’re selling it at $70 in the US and they’re buying it at $80 in China, then the price is between $70 and $80 if those two people could ever actually meet.

Then Western investment demand woke up. Gold was holding above $5,000 or close to $5,000. Silver looked cheap. ETF buying began. Meanwhile, China needed silver to keep its solar industry functioning. Without silver, especially that silver that JP Morgan withheld, that machine stopped. Silver moved from $70 to $80 rather quickly. Then Chinese retail demand ignited. That long-only fund was inundated. Silver surged from $80 to $100. FOMO spread in the West as well. Around $70, American volume banks flipped from short to long, consistent with US accumulation, but faster than expected. There’s a lot of the time frame for you.

Then the spike to $120. The market seized. A structural flaw in the Chinese long-only fund was exposed. That fund was tamped down, disassembled and reassembled. Momentum collapsed. Silver corrected nearly 30% in a day and faded from the headlines. Now we trade around $75. The froth is gone. Industrial demand proved it could operate profitably with finished silver at $80 as China proved with the information from Kuya. That anchors value. Could we see $60 in every session? Now we get to the current events. Could we see $60 in every session? Sure. Could we see $90 in a small squeeze? Sure.

But the specific conditions that produced $120 have been addressed. Current events. From here, silver likely resumes a relentless structural trend higher targeting $150 to $250 into 2030. In between, it behaves like a regular market overbought at $90, oversold at $65, deeply oversold at $50. A global recession would be the reason for that. The chains of decades of repression have cracked. They may tamp it down as China just did, but they are not extinguishing the fire. That’s where we’ve been, where we are, and where we believe silver is likely headed. Silver has called up a couple of bucks today in the range, and our levels are holding for now.

Thank you. Here are the markets. Tenure yields are unchanged. The dollar is up 10. The S&P 500 is up 18 to 19 handles. The NASDAQ is up 154. The VIX is down 15. Gold is up $50 at $49.29 holding in its range. Silver, $75.38 above the very first level that would make me pay attention, $75, after holding in the $72 to $70 area. China is closed. Here are the horse. WTI, very, very nice reversal today. Up $1.69. Natural gas down $0.09. Platinum up $0.41. Palladium up $0.43. Palladium is starting to kick Platinum’s ass again.

I’m putting you on notice, Platinum. Gold silver down $0.90. Soybeans up $0.05 to $0.06. Beans in the teens are coming. We like soybeans now. Corn unchanged bid. Weed is up $0.05 and a half cents. Center of your screen there. It’s mining earnings season. City enters the 2025 result season, expecting global precious metals miners to deliver strong year over year earnings growth, driven primarily by higher gold and PGM prices. Balance sheets remain solid. Payout remains supportive, ratio as I should say, and dividend increases are likely to feature prominently. Investor attention will center on fiscal year 26 guidance, project ramp ups, and capital returns with Anglo gold and gold fields position for material, EBITDA, and EAP earnings per share expansion.

That post has been sent out. You can read that in premium. Data on deck today is Fed Day FOMC meeting at 2 o’clock. Please support independent media and buy a coffee for the gold fix and turn. Charlie. His name is Charlie, not Charlene. I’m just kidding. And that’s it. Let’s take a look at the chart. Now, certainly, we’re not out of the woods. We’re just in the woods. We just got in the woods. I’m looking for this to be a bottom. Am I married to it? No, but I have risk. So I took it on the chin yesterday, and maybe I’ll make a little bit back today.

But this is the way it is, right? I do want to show you something that, again, remember we talked about this yesterday? The knife is caught, and then they want the metal. The knife is caught, and then they want the gold. The knife is caught, they want the gold, not really that much, and here we are. Okay? So now look at oil. The knife is caught, they want the oil. The knife is caught, they want the oil. That’s two bullish engulfing patterns. I would not mess with oil right now if it gets above my level here, which is 66.

I’m Vince. Have a great day. Well, thank you, Vincent, for another great show this morning, and thank you to you at home for being out there and joining in here and watching along with us. Fun to talk with so many of you in the chat. And if you enjoyed the show, go ahead and hit that subscribe button and the notification bell so that you can stay posted as these different events continue to unfold in the precious metals markets. And just in case you missed what Vince had to say yesterday, well, that one is coming your way now.

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