Skip to main content

Christopher Aaron – 45-Year Breakout In Silver To New ATHs, And Breakdown In The DOW To Gold Ratio

The KE Report Jan 3, 2026

Summary

Silver has broken a 45-year consolidation and could realistically reach $150-$250 within the next 1-5 years based on historical commodity breakouts.

The SIL-to-silver ratio sits near multi-decade lows — silver miners have not yet captured leverage, setting up a revaluation trade.

Near-term, silver is in a descending triangle that could flush to the upper $50s if $70 support fails, offering a possible last entry.

The Dow-to-Gold ratio has just broken its 45-year uptrend — the 'fourth turning' — with history suggesting a 5X gold revaluation toward $20,000.

Junior miners have lagged the move so far; the historical trickle-down effect argues late-stage juniors with defined ounces could be the next to revalue.

Key points on Agnico Eagle Mines

  • The guest notes Agnico Eagle has already had a nice move over the last two years as part of the senior gold miner leg of the precious metals cycle.

Key points on Newmont

  • The guest cites Newmont as one of the senior gold miners that has already posted nice gains over the last two years.
  • The guest references the Eleanor mine, now privately owned, as having previously been owned by Newmont and as a 15-mile neighbor to the Sirios Chi Choo deposit.

Key points on Wheaton Precious Metals

  • The guest names Wheaton Precious Metals alongside Newmont and Agnico Eagle as senior gold/silver names that have already moved nicely over the last two years.

Key points on Sirios Resources Inc

  • The guest highlights that Sirios Resources tripled in three weeks, after the company had been ignored through the entire prior leg of the gold rally.
  • Sirios's flagship is the Cheechoo deposit in Quebec, described as 3 million ounces in a large open-pit style, with backing from Quebec government investment vehicles.
  • Three weeks before the interview, Sean Roosen of Osisko Development joined the Sirios board and the company announced a merger with an Osisko Development subsidiary holding nearby assets.
  • The guest notes Sean Roosen built the Canadian Malartic mine, currently the largest producing gold mine in Canada, as the reason the appointment matters.
  • The guest frames Cheechoo as sitting about 15 miles from the producing Eleanor mine, positioning Sirios as a value play trading at $5-$10 per ounce in the ground versus gold near $4,300.

Christopher Aaron's takeaways

  • Top takeaway The guest argues silver just broke a 45-year consolidation a few weeks before this January 2026 interview and is setting up for a 3X to 5X move, implying $150-$250 over the next 1-5 years.
  • He frames a short-term descending triangle on silver around $70 support, arguing a break lower could flush price into the upper 50s as a final buying opportunity before triple digits, while a break above ~$74 skips that flush.
  • He makes the case that the Dow-to-gold ratio has just confirmed its fourth multi-decade trend break, and that averaging the prior three turnings implies a 5X revaluation in gold, roughly $20,000 per ounce, by the end of the decade.
  • He argues silver miners have yet to show leverage to the silver price, with the SIL/silver ratio still near multi-decade lows, meaning a major revaluation in the miners is still ahead.
  • He is giving a related in-person talk on the Dow-gold thesis at the Vancouver Resource Investment Conference on January 24, 2026.

Shad Markwitz's takeaways

  • Top takeaway The host frames the conversation around precious metals strength in 2025 and the late-December silver breakout, then prompts the guest through the silver, gold, and Dow/gold ratio sections.