Weekend Show – Doc & Jeff Christian – Gold & Silver Go Parabolic: Momentum vs. Macro
This week’s Weekend Show dives into the blistering rallies across gold and silver. First, Richard “Doc” Postma lays out why he still thinks we’re in the early innings of a secular bull despite extreme readings on the charts. Then Jeff Christian explains the mechanics behind silver’s breakout – what’s real, what’s hype, and what it means for investors as speculative flows collide with shifting macro risks.
- Segment 1 & 2 – Richard Postma, a.k.a. “Doc,” a longtime technical analyst and market commentator, who shares why he believes the gold and silver bull market is still in its early innings – highlighting record highs, strong technical momentum, supply deficits, and undervalued producers – while also noting his portfolio strategy across miners and his growing interest in oil and gas opportunities.
- Segment 3 and 4 – Jeff Christian, Managing Partner at CPM Group, explains that the sharp rallies in silver (back over $50) and gold (near $4,300) are being driven primarily by speculative/momentum buying amid rising political risks – rather than a “silver squeeze” – with temporary London tightness and a reversed NY-London arbitrage contributing at the margins. He adds that central-bank buying has cooled, CoT positioning isn’t extreme, refineries are backed up converting investor bars, and while prices look overheated short term, longer-term support comes from a fraught global political and economic backdrop.
- Click here to visit the CPM Group website to learn more about the firm.
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This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests may own shares in companies mentioned.
Good to hear Doc again!! He’s been missed!!
Vital Energy (mentioned by Doc) is being purchased by CRGY. Is said to be completed before year end. FYI. https://investor.vitalenergy.com/news-releases/news-release-details/crescent-energy-acquire-vital-energy-all-stock-transaction
I just got a proxy in the mail to approve the merger of UNP and Norfolk Southern RR.
Are you voting no? I bought UNP over 40 years ago and it has done better than I dreamed.
SCZ at $2.20 is a gift!
I have acted accordingly. GLTA
There is a lot of torque to the upside left in SCZ. DT
I added back some Santacruz Silver on Friday that I had trimmed back previously, for just those reasons.
I may have been a bit early in buying back into the sector carnage on Friday, but I’m actually happy to add even more to some names that still are due a larger rerating like Santacruz Silver.
This company has been producing ~ 16-18 million ounces of AgEq and yet it still doesn’t even have a valuation north of $1Billion like many of its peers that were taken off the board over the last year through M&A at $2B-$3B valuations, and that were actually producing far less silver equivalent ounces I might add…. (like Silvercrest, MAG silver, and Gatos all producing closer to 10 million ounces AgEq). Or look at the valuation Aya got up to producing FAR less AgEq…. Santacruz should have a valuation up around $1.5-$2Billion, and until then, it is still a stock I’m happy to hold at a higher weighting and to keep accumulating.
Their coming Q3 numbers should be solid, but their Q4 is always their biggest quarter, and I’m fine accumulating SCZ for the balance of this year on big corrective days to get into position before those numbers get reported in late Jan or early Feb of next year. It is my thesis that when the market sees what they produce and the revenues they generate during Q4, in early 2026, that this will be the “Ah-ha!” lightbulb going off moment for many analysts.
Additionally, I’ll be having Arturo on the KE Report in the week to come to discuss Soracaya, the company’s next development project that they are working to derisk and put into production over the next couple years. Soracaya will raise their silver profile even further and it should be a compelling future value driver for the company.
DT, at least short term, SCZ looks like it’s going lower…
https://schrts.co/xjqFwfWu
Weekly
https://schrts.co/MFGGwDsS
I don’t own any SCZ for the moment, cut back on all Silver stuff but got tagged on vanadium ownership, not much escaped last weeks drubbing.
Thanks for the heads-up Matthew, much appreciated! DT
Brutal Close To The Week In Resource Stocks, After Starting The Week In Rarified Air
Excelsior Prosperity w/ Shad Marquitz (10-18-2025)
Charts of Gold, Silver, GDXJ, SILJ, REMX, URNJ, and additional thoughts on Probe Gold, Americas Gold and Silver, Santacruz Silver, Aftermath Silver, Neo Performance Materials, Energy Fuels, enCore Energy, and Uranium Energy Corp.
https://excelsiorprosperity.substack.com/p/brutal-close-to-the-week-in-resource
Stock Trader Network Room: Shad Marquitz
Pre-Market Prep – Oct 16, 2025
Over a Dozen Trades for Top Commodities
Grey Swan Live – September 25th – Call transcript
Andrew and Shad covered the gamut in commodities…
Silver had four important highs during the last bull market: 2004, 2006, 2008 and 2011.
The gold-silver ratio at each high (roughly, based on daily chart):
2004 – 50
2006 – 44
2008 – 48
2011 – 31
Today, the GSR is 82 and silver is still in backwardation while PSLV is still trading well below NAV (-3.57%). In 2011, silver topped in April with PSLV trading at 25% over NAV. Even after that major high, PSLV remained at nearly 20% above NAV for the rest of that year before peaking at +34% days into the following year. Those premiums were nuts but that’s how motivated dumb money rolls when it gets greedy and confident. The herd was certain that higher highs were still coming. Obviously, we aren’t seeing anything like that currently. The herd seems quite open to a top forming here and that’s nothing but a good thing. To be clear, sure, we could get a pullback that lasts days or even weeks but when the real top finally arrives, you it will look like nothing on the chart, a blip.
It is also worth noting that even at the 2021 silver high of $30, the GSR hit 64, still way below the current 82.
When a government goes down the slippery slope of money printing what you are doing is greasing the wheels of speculation. When the money supply increases the public and institutions start looking for ways to increase their wealth even further. As time goes on the inflation of credit becomes more and more dangerous.
Speculation starts absorbing more and more of the money supply as prices rise on all sorts of hard assets and in the stock market. The normal course of The Federal Reserve at this time is to raise rates, which cuts the legs out of speculation. But The Fed would rather sit back and hope that speculation cures itself.
If The Reserve raises rates it runs the risk of bringing about a decline in the stock market, also forcing businesses and the government to pay higher rates. Instead they do what human nature always does and that is to take the easy way out. So, the money printing becomes more pronounced and so does the danger.
Now we have Trump wanting to lower rates to keep the money spigot flowing. If The Fed was to ask Washington to increase rates to force up the price of money for speculative purposes the permission would be denied. The trap was set a long time ago and no government would want to be associated with a terrific smash in the economy.
So like any Ponzi Scheme you have to wait for the pin to meet the bubble. DT 🧨