First, let me show you this excellent report from Jesse Colombo from the Bubble Bubble report:
Many investors dismissed gold and silver after President Donald Trump’s victory in the November election. However, his first two weeks in office have proven exceptionally strong for both metals. While sentiment toward precious metals had been at a low point in recent months, I’ve consistently argued that this pessimism was unwarranted—gold and silver were merely consolidating before resuming their bullish trajectory. Now, with mounting evidence of a global rush for physical gold and silver, both metals are breaking out, signaling that the next phase of their bull markets is underway.
The big story this week centered on speculation over whether President Trump will impose tariffs on imported goods—and whether gold and silver will be affected. In a recent piece, I discussed how the mere threat of tariffs was already roiling the precious metals market. Now, just days later, massive shipments of gold from London to New York in anticipation of potential tariffs have led to a bullion shortage in London, the world’s most important gold trading hub. As this physical supply squeeze becomes apparent—contrasting sharply with the abundance of “paper” gold and silver—both metals are surging.
Let’s start with gold, which continues its strong rally after breaking out of the triangle pattern I highlighted back in December. As I’ve emphasized, this breakout strongly suggests that gold’s 2024 bull market didn’t end with the early-November sell-off. Instead, it is gaining momentum, likely extending well into 2025. In my view, gold is now on track to target $3,000, with the potential to reach the low-$3,000s relatively quickly. The next key test for spot gold is a decisive close above the $2,780–$2,800 resistance zone that’s just overhead—an achievement that would confirm that the next phase of the bull market is officially underway.
Beyond tracking gold in U.S. dollars, I also closely monitor its price in euros, as this removes the impact of dollar fluctuations and provides a clearer picture of gold’s intrinsic strength. Recently, gold broke out of its €2,400–€2,600 trading range, reaching a new all-time high in euros. This breakout serves as a strong confirmation that gold’s bull market remains firmly intact, with plenty of upside potential ahead.
I also pay close attention to gold priced in euros, British pounds, and Swiss francs as this particular mix of currencies shows gold’s movements very clearly. Gold priced in this mix recently closed above the key 7,200 resistance level signaling that the yellow metal is ready for liftoff once again.
Fortunately, silver is now rallying alongside gold. Today, it broke out of the consolidation pattern it had been stuck in since October—a strong bullish signal. For further confirmation of this breakout, I’m watching for COMEX silver futures to close decisively above the key $32–$33 resistance zone, which would reinforce the bullish momentum.
Just like with gold, I closely monitor silver priced in euros to strip out U.S. dollar fluctuations and get a clearer read on its intrinsic strength. The good news is that today, silver in euros broke above both the downtrend resistance line that had been in place since late October and closed above the key €29–€30 resistance zone—a level that has been a major hurdle since May. While I want to see this breakout hold, all signs point to silver being primed for liftoff.
Silver’s bullish move this week isn’t surprising. As I noted last week, silver sentiment had hit its lowest point in years, reflected in the elevated short interest in the popular iShares Silver ETF (SLV). According to contrarian logic, extreme pessimism often precedes a strong rally—making this breakout a textbook example of sentiment-driven reversals.
One particularly intriguing development amid the global scramble for physical gold and silver is the surge in trading activity in the Sprott Physical Silver Trust (PSLV). Unlike most silver-tracking ETFs, PSLV is fully backed by physical silver. Over the past week alone, it has traded an impressive 120.36 million shares—the highest volume since its inception in 2010. Meanwhile, non-physically backed ETFs like SLV have shown no unusual changes in trading activity. This divergence strongly reinforces the notion that demand is surging specifically for physical silver rather than “paper” silver, signaling that a silver squeeze may be underway.
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It’s true.
Superman himself, Clark Kent — Dean Cain — came on my show a few weeks ago and we broke it all down:
Watch here:
Stay safe!
Make sure you can weather the storm when it hits!
Because the storm always hits eventually, doesn’t it?
As for me and my house, we will be ready.
This is a Guest Post from our friends over at WLTReport.
