Marc Chandler – The Great Metals Meltdown: Navigating Market Volatility and the Dollar’s Revenge
In this high-stakes editorial, we sit down with Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of the Marc to Market blog, to dissect one of the most volatile trading days in recent memory.
As we record on Friday, January 30th, the markets are reeling from a historic “crash” (maybe) in precious metals, with Silver plummeting over 30% in a single session. We explore whether this is a simple technical correction or the end of a massive momentum trade, while diving into the geopolitical tensions – from the Middle East to Canadian energy deals – that are reshuffling the global board.
Key Discussion Points
- The US Dollar’s Counter-Attack: Analyzing the recent “free fall” to 95.5 on the DXY and why a technical rebound toward the 97.00 level is likely ahead of upcoming jobs data.
- The Precious Metals Correction: Making sense of the staggering moves in Gold and Silver, and why Marc views this as a “snap-back” of a dangerously overextended rubber band.
- Quantitative Red Flags: Using Bollinger Bands and standard deviations to identify “three-sigma” events – extreme readings that signaled the market was dangerously stretched.
- The Energy and Geopolitical Shift: A look at the US “Armada” in the Middle East, Canadian energy pivots toward China and India, and the sudden volatility in Uranium and Rare Earths.
- Mastering Risk Management: Why “knowing where the exits are” is more important than price targets during unhinged market moves.
Click here to visit Marc’s site – Marc To Market – https://www.marctomarket.com/
For more market commentary & interview summaries, subscribe to our Substacks:
- The KE Report: https://kereport.substack.com/
- Shad’s resource market commentary: https://excelsiorprosperity.substack.com/
Investment disclaimer: 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 or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
When Bob Moriarty said this time is different what he meant was that Shanghai controlled the precious metal market and that the Comex shorters were gone, wiped out, destroyed, slaughtered. I think you have it wrong, you are still stuck in the tech bubble and this time it won’t be different for tech investors. This correction is only part of a long term bull market in the precious metal commodities. DT 😊
I’m a trader, I make money where things are moving and not married to any one asset class,
That was one freaky Friday. How much is silver in Shanghai?
$591.95 CNY-You better get used to reading Chinese currency! LOL! DT 😊
It looks like Shanghai silver closed today at $84.78…. which is likely what actually triggered the selloff in US Comex Silver futures….
(not the appointment of Marsh at the Fed as some believe – there’s no possible way a fed head being named would cause one of the most violent intraday selloffs ever seen in the silver and platinum in nominal terms)
https://goldsilver.ai/metal-prices/silver/usd/per-ounce/5-years
FREAKY FRIDAY…………….. and what a FREAK SHOW it was…..
+1 It was extra freaky this Friday!!
Metals Mania and The Market Rollercoaster
Excelsior Prosperity w/ Shad Marquitz (01/30/2026)
https://excelsiorprosperity.substack.com/p/metals-mania-and-the-market-rollercoaster
I’m going to write another article over the weekend on the VRIC conference, but one has to wonder if these 3 back-to-back Vancouver resource conferences, where sentiment was up at a fever pitch, actually top-ticked the metals sector for a while.
BofA says silver is vastly overvalued, but retail demand could lift it to $170
Senad Karaahmetovic – Investing.com 01/17/2026
Silver has sharply outperformed in recent months, with prices posting gains in days that previously took months or even years to achieve. The move has been described by analysts as “unusually strong.”
Bank of America commodity strategist Michael Widmer said the rally has exceeded expectations, even for a house that was already constructive on the metal.
“We have been bullish silver going into 2026, but the recent exponential rally has been even stronger than we had anticipated,” Widmer wrote.
He noted that the surge has come alongside a sharp increase in realised volatility, adding that such moves are “usually followed by corrections, but dips have been shallow this time around.”
Gold & Silver: A Volatile Day, Not a Broken Thesis
“Volatility is part of the journey, not a signal that the thesis has changed.”
Quoth the Raven – Substack – Jan 30, 2026
https://quoththeraven.substack.com/p/gold-and-silver-a-volatile-day-not
Allowing all this speculation, and price setting, by a crowd that has no real intention taking any physical………..is a total joke as a real market………..the ponzi that erupts should not be a surprise……..as of Feb.2…………the comex will change the 5000 ounce contract in silver, now you can buy 100 oz lots. This is their idea of having more liquidity, and less volatility…………..and shares are supposed trade reflective of a real price discovery process ? This is a total joke and in need of serious reform..!!!
A great correction and opportunities coming up to add to positions in this ongoing metals bull market. Added a little to my svm position. I put together a list of the best stocks to purchase during this correction.
In January silver spent three whole days in the $70s…$72 the bottom as i recall. It closed today at $85.
Pretty good month.
I’m sanguine about today’s silver action. Blase even. That’s what i get for listening to freakin Excelsior five years ago, getting into Santacruz and making life changing money in the bargain. I just can’t get worked up. Buying opportunities look like this I suppose…when you’re buying SCZ.
You don’t need nerves of steel, two big brass ones, none of that. Watch for SCZ’s 4th quarter earnings at the end of February. They will reflect $55 silver, more than, you know, 3rd quarter’s $40 silver.
By then January’s $100ish silver price will be averaged into February’s average and you’ll be a month away from March’s average and before you know it it’ll be 1st quarter earnings at the end of May reflecting all this quarter’s dynamic daily market action about which I really couldn’t care less.
I blame you Ex.
“This time is different.”
Even Bob Moriarty believed it this time.