Silver, Gold Are Signal Charts to Watch; Almost Everything Else is Noise Longer Term; Government Remains "Shut Down"

A close look at the overnight silver spot chart showed that around 1:32 am ET, silver spot set down a key reversal with a hammer pattern in place that marked a continuation of the uptrend begun Monday. Since that hammer appeared, silver has not traded below 52.48.

Should the closing level of 52.69 hold through Thursday's expected "bear raid" that occurs regularly just before the cash market for U.S. stocks opens (9:30 am ET), it's very likely that spot silver may have established a new bottom.

Everything else - stocks, interest rates, oil prices - at this point, is noise. Gold and silver spot prices are the only charts and prices that require attention. Continuation of the explosive uptrend is indicative of a complete reversal of fortunes in global financial markets.

There exists ample supporting evidence in other areas, such as the skittishness in stocks, jumping one way or another on tweets from the president, especially those concerning trade with China. The White House narrative, as clouded and murky as it has become, illustrates just how badly the major indices are juiced by High Frequency Trading (HFTs), algorithms keyed to headlines, and programmatic trading.

Adding to the bad mix on Wall Street are the Zero Days to Expiration (0DTE) options, operating as sentiment leaders on a minute-to-minute basis.

Bitcoin is another secondary indicator, continuing to bounce off $110,000 since September 26 with coincident near-bottoms stretching back to the May 21. Holding that level appears to be a key element of the crypto narrative. A significant break below it could trigger a waterfall effect, sending prices back to $92,000, which would make the trade even for the year, or, just below $70,000, the one year out level. Bitcoin's pattern from November of last year to the present is creepily similar to that of November 2020 to November 2021, wherein bitcoin ramped from $14,000 to an eventual peak above $64,000 with a double top firmly in place. After that, through June of 2021, the price of bitcoin continued to fall precipitously, eventually bottoming around $16,000 in November, 2022.

Should the same condition develop, expect losses in bitcoin of 40-60% over the next six to eight months, with a bottom setting somewhere in a range of $54-65,000. The drop, despite ending at a much higher level than the 2021 iteration, would be no less devastating to long-term, "diamond hands" hodlers. Anything below that level could trigger repudiation of the entire crypto space.

It's not by accident that precious metals and crypto have been diverging since earlier this year. Bitcoin has stalled and dropped while gold and silver continue to advance.

Another area of interest worthy of attention are one ounce silver coin and bar auctions on eBay. Observations over the past 24 hours show these auctions routinely closing at prices above $55, with some as high as $64 to $65 for non-numismatic coins, the idea being that a particular year of American Silver Eagle or Canadian Maple or other popular coin or bar might be worth more to an individual to complete or continue to build a consecutive run, not unlike comic books or other periodicals.

As the morning progresses toward the opening bell, stock futures are modestly higher, which is the usual case, especially during earnings season, which is almost entirely meaningless in the current context.

Gold is off to the races again, above $4,235, though silver is being threatened by the bears again, knocked down to $52.80 at 8:45 am ET, as the usual morning bear raid commences, but as of this writing, the aforementioned level of $52.48 has not been breached and has actually not even come close to being a low.

The idea that silver does not follow gold's lead higher is ludicrous and indicative of the desperation in London as their vaults are being emptied by dealers and buyers standing for delivery. The LBMA and COMEX riggers are not long for this world. They will be euphemistically "carried out on stretchers" before his episode in precious metals is resolved.

Fascinating times...

At the Close, Wednesday, October 15, 2025:
Dow: 46,253.31, -17.15 (-0.04%)
NASDAQ: 22,670.08, +148.38 (+0.66%)
S&P 500: 6,671.06, +26.75 (+0.40%)
NYSE Composite: 21,570.92, +70.67 (+0.33%)