Gold miners relative to gold may be approaching a breakout, but the most attractive risk–reward opportunity could lie in silver miners, which have lagged the move in spot prices.
Gold miners are currently trading within their respective target ranges. As a result, I’m shifting focus toward identifying potential topping signals, at present, there is no evidence to support a peak.
Silver Weekly Chart
Silver is going vertical after breaking out of a 45-year cup-and-handle pattern. We believe $100 represents the first major milestone, with $200 and $300 likely over the coming years. In all probability, buying silver below $50 is now ancient history, and those who sold below that level may regret it for the rest of their lives.
Silver Daily Chart
Silver breached $100, and the steep uptrend remains valid provided prices hold above the rising trendline around $85. Expect heightened volatility as bullish and bearish forces clash; a brief overshoot cannot be ruled out. After a final peak is confirmed, a 30% to 50% pullback is likely.
Gold Daily
Gold is within striking distance of $5,000 as prices test a trendline that has capped rallies since late 2024. Overall, I expect prices to form a multi-quarter top sometime in Q1, followed by a pullback that could be sharp. The next significant buying opportunity may emerge in Q3, assuming prices follow typical seasonality.
Platinum Daily
Platinum has closed above the December high, finally joining gold and silver. The next logical resistance sits near $3,000, which could be reached quickly if the momentum seen in December reemerges. A potential overshoot toward $3,500 cannot be ruled out.
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GDX Daily
Miners have made a fresh closing high and are now trading within the $105–$112 target window. I’m shifting my focus to monitoring for signs of a top, though there is no evidence supporting that yet.
GDXJ Daily
Juniors made a fresh closing high and are trading within the $135 to $145 target window. I’m shifting my focus to monitoring for evidence of a top.
SILJ Daily
Silver juniors are in the middle of the $35 to $40 target range. More upside remains possible, especially if silver shoots for $100.
GDX-to-Gold Ratio
The GDX-to-gold ratio is at multi-year highs, supporting the case for a potential breakout. I would be surprised to see an immediate, sustained breakout without some consolidation first. Overall, this supports the view that miners should continue to outperform gold going forward.
In Closing
Our work suggests metals and miners are likely to form multi-quarter peaks—potentially in the first quarter—followed by a corrective phase that could create a compelling buying opportunity in the third quarter.
Silver reached its first major milestone at $100, with $300+ plausible by the end of the decade. Our gold target remains $8,000–$10,000, though this may prove conservative depending on geopolitical developments.
AG Thorson is a registered CMT and an expert in technical analysis. For more price predictions and daily market commentary, consider subscribing at www.GoldPredict.com.
