Mike Larson | Editor-in-Chief
Was last week the wildest week in the metals marketâŚever? It sure looked and felt that way! But what does it mean longer-term if youâre a metals trader or investor?
Letâs start with a double-dose of MoneyShow Charts of the Day. The first shows the net 1-day price change in spot silver since the late 1970s.
As you can see, the dollar amount that silver covered last week was unlike anything weâve ever seen. The junior precious metal plunged from a high of $121.60 on Thursday, Jan. 29 to as low as $74 on Friday, Jan. 30. Wow!
Silver Just Swung the Most in History
Source: Bloomberg
Next, take a look at my second chart â the CBOE Gold Volatility Index (^GVZ). It shows expected 30-day volatility of returns on the SPDR Gold Shares (GLD). Or in other words, itâs like the âVIXâ...only for gold rather than stocks.
Gold Volatility Soared - But Not QUITE to a Record
Source: TradingView
In this case, the GVZ soared to as high as 48.1 last week from 23.9 the week before. Thatâs a huge move. But that reading wasnât quite as high as the 71.9 peak we saw during the Great Financial Crisis or the 54.3 level we saw during the Covid pandemic.
But letâs not split hairs. Wild it was. It put a big exclamation point on these statements I shared last Monday: âWeâre going almost parabolic in the short term, which increases the risk of a painful correction out of the blue. Traders should keep that in mind.â
Now hereâs the important part: Throughout this bull market in bullion, weâve had periodic blow off peaks. I wrote about the last one in October here. But none of them proved to be the proverbial âTopâ for the whole bull run. They were just waystations on the road to higher prices.
As a TRADER, you canât get caught up in the momentum when things go parabolic. You have to tighten stops, reduce position sizes, and take other precautionary steps to protect yourself.
As an INVESTOR, you have to remember to take advantage of sharp pullbacks. Let the volatility settle down, wait for metals to find new bases, then start adding on the cheap. One day that approach will stop working â when the final top is in.
But for what itâs worth, I donât think last week was it!
The AI boom has created one of the biggest market dislocations Larry McDonald has seen in decades. In this keynote from the 2025 MoneyShow Masters Symposium Sarasota, the political risk expert and Bear Traps Report founder explains why trillions of dollars have crowded into Big Tech...while the resources needed to power AI remain dramatically under-owned.
McDonald walks through the growing imbalance between the Nasdaq 100 and hard assets like natural gas, oil, copper, and power infrastructure. As a trader, if you want to understand where institutional capital may move next, this session lays out the risks and the opportunities.Â
MU: A Chip Sector Darling Under Heavy Accumulation
đ TICKER:Â MUHaving a process is critical to finding leading stocks. At MoneyFlows, we understand that supply and demand is the ultimate power law. Our work has identified Micron Technology Inc. (MU) as one of the best AI stocks for 2026, notes Lucas Downey, co-founder of MoneyFlows.
đ TICKER:Â SPX
Markets sold off late last week, with technology names under the most pressure. Bitcoin, metals, emerging markets, and international markets also took a hit. Let this volatility settle out for a couple of days, then review allocations and investments and adjust accordingly if needed, suggests Lance Roberts, editor of the Bull Bear Report.
đ§âđž đOne Tried-and-True Stock That Just Hit New 3-Year Highs. (Barchart)
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