Gold and Silver Pullbacks Explained, Why Everything Can Drop at Once
In this February 2026 discussion, I sat down with Craig Hemke from Sprott Money to walk through what’s really been happening in gold, silver, and the broader stock market after an extremely emotional 2025.
Both gold and silver experienced powerful, euphoric rallies to new highs, followed by sharp and fast pullbacks that caught a lot of investors off guard. In this video, I break down whether that silver move may have marked a meaningful top, and why gold could still have the technical structure to push much higher, even toward the $6,000 level, while silver struggles to keep pace.
We dig into the charts, Fibonacci extensions, sentiment extremes, and momentum shifts that matter right now. I explain what the price action is telling us, how I’m thinking about trimming versus holding, and why asset rotation becomes critical after parabolic moves. This isn’t about predictions, it’s about letting price guide decisions and understanding where risk and opportunity may be shifting next in precious metals.
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The topics Ben and I discussed include:
- 00:00 – February outlook begins
- 01:56 – Best asset right now
- 03:21 – Stock market trend overview
- 04:10 – Gold’s measured move pattern
- 05:38 – Silver’s euphoric phase ends
- 06:36 – Is the top in?
- 10:38 – Gold’s longer-term strength
- 14:45 – Silver price resistance zones
- 17:43 – Gold to $6,000?
- 20:11 – Strategy: rotate, don’t hold forever
Chris Vermeulen
Chief Investment Officer
TheTechnicalTraders.com
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