Where will Gold & Silver Top?

Six charts that predict the future and how they connect to Bitcoin.

While everyone in crypto was looking for the next pump, precious metals rallied like we’ve never seen before. Silver was less than $30 a year ago, today it hit $117. That’s a 4x return on your money. Crazy.

Gold only doubled in the same period and added $15 trillion to its market cap. That’s 5x the total market cap of crypto, including Bitcoin.

I’ve been recommending Gold for a long time, and in this post, I will explain why this is happening and where prices may top using six key charts. Scroll down.

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Why are metals going crazy?

Everyone is revising their investment thesis lately.

The fundamental reasons are slightly different based on the metal in discussion. Let me explain these in brief, then move to the charts showing where they can top.

• Gold - central banks FOMO, debasement trade, hedge against war and crises

• Silver - huge demand from AI sector, Veblen effect, short squeeze

• Copper - huge demand from AI sector, production to lag demand for decades

Performance since 2023 for Silver, Gold, and Copper

Why is Gold pumping?

Gold is old money, the real thing. Since USA decided to weaponize the dollar against Russia in 2022 by freezing their accounts in Belgium, the world realized they need an alternative to the dollar.

This is when central banks, with a focus on China, have been starting to buy huge amounts of Gold as insurance. Moreover, China opened Gold spot trading in Shanghai. The price of Gold is no longer decided by London, but by the biggest buyers.

On the other side of the world, in Switzerland, the Bank of International Settlements (the central bank of central banks) made Gold a Tier 1 High-Quality Liquid Asset. This allows banks to count Gold at 100% of its market value toward their core liquidity reserves, treating it as a risk-free asset similar to cash. This happened in July 2025.

In today’s world, buying Gold and seeing its price pump is driven by real incentives motivating bankers to hoard it. The other incentive is hedging against uncertainty. The world is becoming more decentralized (or multipolar), unstable, with crises and wars likely to proliferate. Gold is insurance in a world where globalization is collapsing and you can’t trust any fiat money, including the dollar.

Why are Silver and Copper pumping?

Almost 60% of all Silver is used in industrial applications. Silver is not pumping for the same reasons as Gold. The thesis here is slightly different and also applies to Copper.

To sustain AI development and reach AI singularity, where artificial intelligence surpasses human intelligence, huge investments have already been committed today where some AI companies are buying a decade-worth of future supply of resources.

Current estimates show that the existing demand for Copper is higher than the total expected production for years to come. This has naturally pushed prices higher. In the case of Silver and Gold, there is also the Veblen effect. Essentially, the demand for these precious metals increases as their price goes higher.

To make matters worse, some traders decided to short or already had massive short positions on Gold, Silver, or Copper. These were either naked or delta neutral positions. However, because of the accelerating prices, the margin requirements have increased, requiring more collateral to keep positions open.

If such traders were deep in red and needed more collateral, they likely blew up, and were forced to liquidate their short positions. This means they had to buy Silver, Gold or Copper at huge losses! That’s a short squeeze. The implication are severe and also impacts crypto as explained next.

Crypto vs Metals

What started as a joke is no longer a joke.

In the past year, Bitcoin and Ethereum have been moving sideways and most altcoins crashed. Last year, people joked that Gold may hit $5,000 before Ethereum. Well, that joke became reality this week.

This raises a bigger problem for crypto-natives. Look at this chart.

In blue we have Ethereum, in yellow Gold. Ethereum’s volatility was all over the place in the past five years, up and down, and underperformed Gold. Meanwhile, Gold was in a steady uptrend with little volatility, and offered better returns as of today.

Based on this data, you want to select the asset with the highest Sharpe ratio, i.e. Gold had a better risk-adjusted return due to its significantly lower volatility. If we add Silver to this discussion, then few altcoins are worth your attention.

This puts into question the whole crypto sector. It’s simply an inferior buy. Granted, such a run in metals is a once in a decade or two event. Still, I believe Gold has much more room to grow (Copper too). Silver, however, may be approaching a top. More on that below.

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What metal to buy today and where will they top?

Silver to $150. Gold to $10,000 or even $20,000. Copper to $10 and beyond.

If you did not load up on metals last year, you are late today, especially on Silver. One way to assess it is to look at the Gold and Silver ratio. As you can see below, we left the zone to buy Silver some time ago.

If you already hold Silver, this is the time to think about rotating it into Gold. I do not recommend buying Silver here or above $100. You’re taking too much risk.

Another look at Silver can be seen on the Bitcoin and Silver ratio. It seems Bitcoin can still dump a bit against Silver, but the main move is behind us. The below chart indicates that Bitcoin may soon bottom against Silver since a major support is about to be hit. That can signal a top for Silver and a buy for Bitcoin.

In this context, you want to rotate out of Silver into Bitcoin. This is similar to the Gold/Silver ratio presented earlier. Both indicate a top on Silver is likely in the near future. I estimate any price up to $150 could end up as a top for Silver. If you hold any, it’s good to reduce risks in the weeks and months to come.

When it comes to Gold, the horizon is quite different. This is obvious once we look at Gold against the S&P500. The chart below gives a good long term perspective.

Gold has been in a bull market since 2000 against the S&P500. The ongoing rally is just the second leg or pump in a multi-decade Gold bull market.

If the uptrend breaks above a ratio of 1 on the above chart, then Gold will be well on its way to hit the previous high from 2010 which would be around $10,000 in today’s dollars. Should this second pump make a higher high (likely), then even a $20,000 price becomes possible. That’s a 4x from today’s price. Crazy, but not impossible!

The alternative is a massive crash in the US stock market, which would see Gold pump hard on this chart even if it just holds its current price.

Lastly, Copper broke away from a massive and long consolidation, presented below. This can easily hit $10 or higher later on. If you can get access to spot, not a bad hold in the next year or two. You can hold Copper futures on Hyperliquid, but the funding rates will erode any gains.

With that said, let’s look at Bitcoin compared to Gold.

Historically, the BTC/Gold ratio was always on point to signal a top for Bitcoin. This happened again in September 2025 when Bitcoin topped at 126k. Since then, BTC quickly fell against Gold. That coincided with the breakdown on the below chart, highlighted in red.

I saw the breakdown when it happened and even tweeted about it, but it was hard to believe this BTC/Gold ratio would be so accurate. Looking back, it was the exact top.

Can Bitcoin go lower against Gold? Definitely. We have support at 16, 13, 11, and 9. While 16 is interesting for a bounce, 13 is a better candidate for a bottom. This tells me Bitcoin is likely to bottom in 2026 against Gold with a higher low then return on an uptrend.

In other words, Gold is expected to continue its uptrend and outperform both Bitcoin and the US stock market in the near term. In the medium term, a pullback is likely sometimes in 2026 which can give you a good entry if you’re aiming for 10k or 20k within three to five years.

Where next for Bitcoin and crypto in 2026?

In general, I have a bearish outlook for crypto in 2026. I expect the market to bottom sometimes in mid/late 2026, then a recovery and sustained rally can start in late 2026 or early 2027.

This crypto bear market could be extended further if the stock market crashes at any point in 2026/2027. On the other hand, I believe metals like Silver or Gold topping will be bullish for crypto since money will look to rotate into the next best thing. After Gold, only Bitcoin qualifies as such.

Silver investors are more likely going to look into altcoins since that suits their profile better. However, neither Silver nor altcoins are a good long term investment, they are, at best, a great tool for speculating quick gains. In a year or two, most of the current Silver gains will likely be lost as it crashes 70% to 90% like in the past.

That’s because the AI driven demand also looks like a bubble that may pop in a year or two. This AI FOMO is also driving most of the stock market returns lately. This makes me stay away from buying stocks nowadays. Too risky.

In such uncertain times, bet on certainty. That’s Gold and Bitcoin. These are the best assets to protect your wealth long term. Don’t be tempted by other investments beyond speculative bets. They end up as a massive trap. We know that well enough in crypto if you’ve been here long enough.

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