저자: PeterSchiff · 외국인
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11월 말 금·은 급등과 금·은 광산주 강세를 근거로 귀금속 강세장이 계속된다고 주장. 은이 금보다 강하게 상승하며 금·은 광산주가 금을 선도한다고 봄. 2026년 금 5,000달러 이상, 은 100달러 전망. 반면 비트코인과 암호화폐 관련주는 약세. 연준의 12월 금리 인하 등 거시 환경이 금속에 우호적이라고 설명하며 실물 금·은 매수를 권유.
다듬은 글
And again, don't forget the Mondays have been some of the biggest updates and I think this Monday will be no exception. Uh when they reopen trading on Sunday night and traders get a look at where silver is and the fact that gold hasn't even made a new high. We could have a huge move up in gold and silver on Monday.
So don't wait for Monday, right? You want to buy Friday, you want to buy Saturday, even Sunday up to the afternoon before they start trading in Asia while everybody is not paying attention, right, and having, you know, leftover Thanksgiving meals. Uh, take advantage of the quiet time to buy more physical gold and silver at Shift Gold.
And I hadn't even intended on doing the Friday market wrap this week. I was just going to skip it. Uh but given what happened today in gold and silver in particular and during the week, I thought I had to take a little time off from the holiday weekend to record this message. You know, this really gives a new meaning to Black Friday because the reason they call it Black Friday is because that's the day that all the retailers were supposed to be in the black uh because they sell so much stuff on the day after Thanksgiving.
in advance of Christmas. Well, this is a real black day when it comes to the gold and silver mining companies. They are going to make a fortune based on the moves that we saw today. Silver ended a great week and a great month up over $3 an ounce. New all-time record high. We're trading above 5630. I think I just saw it trade above 6 5640.
I was watching March futures and there the contract was trading well north of $57. So we're blowing through uh the high. The previous record high that we set I about a month ago or so was around 5440ish. So we went right through that through the 55 handle and then through the 56 handle. Gold not too shabby either up better than $60.
I think I just saw it up $65 trading at $4,220. It's not a new record high. Uh but it's getting close probably on a monthly basis because this is the last day of November and on a monthly basis. It probably is a new high for the month. In fact, it may even be a new high for the week. I'm pretty sure that it is.
In fact, looking at how the precious metals have performed, silver up 6% today, which is, you know, startling by itself, but it's up 13% on the week, 16 12% during the month of November. What a November to remember. But I think we may get an even more memorable December because I think we're going to get a big follow-through year to date.
Silver is now up 95%. Think about that. And the year isn't even over. We still have another month. So, I think we're going to end up with a double in the price of silver in 2025. Gold up about 1.3% today. on the month up more than 6% and on the year still up better than 60%. But silver is now outperforming gold year to date by about 50%.
Now this is something I have long been forecasting on my podcast and on these weekly market wraps. I've been saying that silver would eventually wake up from its slumber and take the lead and outperform gold. And that is exactly what it's doing. That's why I've been so bullish on silver. And I've been recommending that all of the shift gold customers buy silver too, not just gold.
In fact, I've been recommending more silver than gold uh this year for the specific reason that silver was so cheap and you had a long way to go to catch up. Now, it's still cheap, clearly not as cheap as it was, but I think we have tremendous upside potential. I think silver could trade $100 an ounce by next year.
I don't expect gold to make that large a percentage move. Although I do expect gold to be above 5,000 next year. So, both metals should still be purchased. Uh, but I still think that even with this move, you still want to make sure and be buying some silver along with your gold. And the fact that silver is now leading gold higher, this is very bullish.
This means that the precious metals bull market is much stronger because in the past gold was leading silver. In fact, it was dragging silver almost kicking and screaming like it didn't even want to go up. And that was one of the negative divergences in the precious metal space. People would be doubting the gold market because they weren't getting the confirmation from silver.
Well, now we've got that and then some. We've got silver even stronger than gold. That's what you want. This new leg of the precious metals bull, which is being led by silver, is going to be even stronger. So, gold is going to make even bigger gains now following silver than it did when it was leading silver.
And the other uh divergence was the failure of the mining stocks to perform. Well, that's all changed. They've had a great week. The GDX up 13% on the week. The GDXJ up 16.3%. But more important, the year-to-ate gains in the GDX at 145% and the GDXJ 157%. That's why in Q1 of this year, if you remember, I came out with a special report, the best way to buy gold, and it was to buy the mining stocks.
And at that point, the mining stocks had barely moved on the year. And now we've got this spectacular gain because it was crazy to me that we had $3,000 gold, yet the gold stocks had made no progress since 2000. We had a 50% increase in the price of gold and the miners had barely moved. I knew they would catch up and they have caught up.
But more significantly for gold and silver is the fact that the gold and silver mining stocks were lagging, right? They were not confirming the move in gold. That was a negative before. Just like silver wasn't uh validating gold's new highs, neither were the mining stocks. And a lot of people looked at the mining stocks as an indicator and they didn't believe that the gold rally was real because they weren't seeing it priced in to the mining stocks.
And I kept saying that you should ignore the weakness in the mining stocks because they reflect the uh views of the Wall Street analysts who didn't understand why gold was going up and they didn't expect it to keep rising and so they didn't factor higher earnings into the gold stocks. In fact, because they all expected gold prices to collapse, they thought that the gold stocks would go down even more.
And so that's what kept them on the sideline. But now it's clear that we have confirmation. The gold stocks are not lagging. They're also leading. They're now outperforming gold, which is exactly what should be the case in a healthy bull market. So we've moved from the early stages where it's just complete denial to the next stage.
We're not even near the final stage. So, don't even think that, oh, it's it's too late to get in, you know, now it's a blowoff top. We're we're years away from that. The general public is completely asleep. They have no idea what's going on. There's really no media coverage whatsoever uh about the precious metals or the mining stocks.
They're still fixated on fool's gold, on Bitcoin. By the way, Bitcoin was basically flat on the day and it's down 4% on the year with gold up 60%, silver up 95%. Bitcoin is down and it would have been down more if it didn't pop back about 7 and a half% this week uh off the lows. And of course, the poster boy for the crypto industry, uh, Michael Sailor and his strategy company, Strategy is down 34% this month in the month of November.
And year to date, it's down a little bit more, closer to 40%. It's down 60% from its high a year ago. In November of 2024, you're down 60%. and strategy is off the lows because a few days ago it was down 70%. This is a major bare market. But this is also very bullish for gold and silver because Bitcoin and the whole crypto space was stealing their thunder.
People were buying uh Bitcoin treasury stocks uh or Bitcoin mining stocks and not gold and silver mining stocks. Why? because they were looking in the rear view mirror instead of through the windshield and they saw this big, you know, outperformance in the past and they just assumed that that would continue.
And so it was hard for the metals and the miners to gain any traction uh when they had to overcome well look at how much better uh crypto has been. Why should I buy gold and silver? Why should I buy these mining stocks when I could buy strategy or I could buy a Bitcoin ETF? Well, now that's all changing.
Now people are seeing losses, huge losses in cryptoreated companies. And while the losses aren't huge in Bitcoin yet, although if you bought near the peak at 125, 126, and now we're back down around 90,000, by the way, the low for Bitcoin this week, I think earlier was 80,000, right? So we were down, I think, better than 36% from the peak.
So Bitcoin's in a bare market. Bitcoin stocks are in a ferocious bare market, not just strategy. In fact, a lot of the companies are doing much worse than strategy, down 70, 80, 90% or more. So, you're getting complete decimation in the crypto space. Meanwhile, gold, silver firing on all cylinders, massive bull market, new record highs in silver, soon to have record highs in gold.
In fact, even though we've had this surge in the gold and silver stocks with the GDX and GDXJ uh up, you know, 145 and 157% respectively. Neither of those indexes has hit new highs. Now, there are many individual gold and silver stocks that did hit new highs today, but the broad indexes did not. I expect that to happen probably next week.
But in the meantime, everything that's happened, it couldn't be more bullish if I had just scripted it myself. And the fundamentals, the Fed is about to cut interest rates again in December when it should be hiking. Rates are already too low and they're going to make them even lower. This is extremely bullish.
So, you have these bullish fundamentals. You have incredible technicals. I mean, there are no charts that look better uh than the charts of uh silver. I mean, it's, you know, in no man's land, right? There's zero resistance. It's broken out of a massive double top that started in 1980 and then again in 2011.
And now we've blown through that $50 top. We're more than 10% above that massive overhead resistance with no additional resistance anywhere in sight. Uh so you've got all the central bank buying uh that's going to continue into 2026. You've got more central banks that probably weren't buying that are going to start buying.
The banks that have been buying are going to buy more. But now private investors that were barely a factor are going to start piling into this trade because now the past performance looks great. And not only does it look great by itself, but relative to Bitcoin and crypto, it's that much better. And so you're going to see a lot of that money uh moving into the gold and silver complex, either the physical metal or the mining stocks.
And of course, the budget deficit is going to explode here. Uh you've got a weakening economy, a weakening labor market, health care costs skyrocketing. Uh everything that could possibly be going wrong in the economy is going wrong. There's an election year obviously coming up next year. And so they all they want to pump everything up, right?
Try to goose the economy with more inflation uh going into those midterm elections. Uh and so things could not be uh better positioned right now uh this holiday weekend for gold and silver. And in fact, if you are going to go shopping uh on this uh Black Friday, forget about, you know, buying stuff, buy gold and silver.
You know, that should be what you want to put in uh your kids stockings. Give them some silver coins, right? They make great stocking stuffer stuffers. I mean, a gold coin maybe if you got a kid that did really well. You Well, you could buy 10th ounce gold coins. They may be more appropriate. Guess a whole 1 coin now is like what $4,300 or something like that.
That's a little rich to put into somebody's stocking. I guess maybe you can put it in your wife's stocking. Uh but I think that uh gold and silver that's the gift that's going to keep on giving and so that's what you should be buying uh for Christmas. You can go to shift gold and do that. And in fact what you can do for your kids uh or actually I'm not sure we have this ready yet for miners.
I think you got to be 18 years old right now. I want to set up a situation at t-gold.com where you can gift gold and silver accounts uh to to miners. So I got to get working on that. But if you have some adult friends and you want to give them a gift, you can set up a an account at T-Gold as well. And that way they can have some uh digital gold, real digital gold, not Bitcoin, but you could have an account where you could use uh gold and silver in commerce.
In fact, everybody who is buying some physical gold uh from Shift Gold uh this Black Friday or this holiday weekend because many of you won't see this uh video until after Black Friday is over. But you can still keep shopping uh over over the weekend. But everybody who buys some physical gold and takes delivery should also buy uh or set up an account now at T-Gold.
Uh so you've got some gold that you'll be able to use as a medium of exchange. Not just a store of value. That's the physical gold in your possession, but it's obviously not that easy to use that gold to buy a cup of coffee, but you could do it with T- Gold. In the meantime, your uh your account won't lose value as the price of coffee gets more expensive, right?
Uh you'll you'll be able to maintain your purchasing power. And so, as coffee prices heat up, well, so will the value of your teold account. And so, from your perspective, you won't be looking at inflation. In fact, you're probably going to see deflation. My bet would be that as expensive as coffee is, it's going to get cheaper in terms of gold and silver.
It's only in terms of fiat currency, dollars, uh, that you're going to continue to see, uh, the prices rise.
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