Michael Oliver on What to Do Now with Gold, Silver, Oil, Uranium | Michael Oliver and Jimmy Connor
Jimmy Connor Feb 10, 2026 43:47
Summary
Oliver argues silver's 30% one-day plunge broke sentiment, not momentum structure — trend markers on long-term momentum charts — and calls the pullback a buying opportunity.
He reiterates a $3,500 silver target by summer, citing markets like copper that abruptly repriced after ending decades-long trading ranges.
Silver near 2% of gold's price versus over 3% in 2011 and 6.5% in 1980 underpins his call for silver to outperform gold.
Bitcoin's breakdown validated Oliver's sell triggers; he now calls it a busted bubble whose unwinding could hit companies with no obvious crypto ties.
A momentum breakout above $63 suggests crude oil can reach the mid-$90s; Oliver favors commodity-related stocks, miners included, for multi-year positions.
Michael Oliver's takeaways
- Top takeaway Oliver calls the silver pullback a buying opportunity and expects silver to rise into the hundreds of dollars (roughly $300-500) within a couple of quarters, largely by summer 2026, and he favors silver over gold.
- He argues the one-day 30% drop broke only sentiment, not long-term momentum, because no structural support or resistance lines sit nearby as they did at the 2011 top and 2015 low, and daily momentum has already crossed a short-term buy trigger.
- He calls bitcoin a busted bubble whose rival-to-gold narrative is finished: momentum sell triggers near $102,000 preceded the crash to his stated $60,000 minimum target, and he treats any rally toward $76,000 as a sale.
- He says crude oil has turned after a long-term momentum breakout above about $63 and could rise roughly 50% into the mid-$90s within a quarter or so simply because it is historically cheap, and he has bought oil-related ETFs.
- His closing stance: he personally favors silver over gold and the gold and silver miners over the metals, expecting the miners, still stuck in an 11-year range of low relative-performance readings, to break out sharply this year.
Jimmy Connor's takeaways
- Top takeaway Connor says he has been long gold for two years but had little silver exposure after missing the run, and he frames the interview around whether the crash is his buying opportunity.
- He is long some oil-related ETFs and sees WTI as constructive despite the bearish news flow.
- He argues bitcoin looks like it is breaking down badly, down about 50% from its October high and wanting to go lower, and he presses on whether $60,000 will hold.
- He plays devil's advocate on silver, noting the 30% one-day drop was the biggest since 1980, when silver fell 63% in one day and went on to lose about 70% of its value, and says silver's volatility concerns him.