$120 Silver, $6000 Gold In 2026 | Craig Hemke
Liberty and Finance Jan 9, 2026
Summary
Craig Hemke targets $6,000 gold and $120 silver by end-2026, citing four straight years of supply deficit and central bank gold buying.
Backwardation (spot price above futures) signals physical silver is genuinely short, not just a paper positioning story.
China's silver export curbs and the US critical-mineral designation reflect a strategic war-footing trend that Craig argues will not reverse.
Commodity index rebalancing over five days equals only 1-2% of COMEX daily volume — Craig calls the media scare a 'none deal.'
Treasury could mark Fed gold to market and route the ~$1 trillion proceeds into a sovereign wealth fund without issuing new bonds.
Michael Oliver's takeaways
- Top takeaway The guest cites Oliver approvingly as having a strong handle on silver, noting Oliver's earlier calls for silver to $100 and $200 (which the guest initially doubted) and referencing Oliver's projection of $100 by end of the current quarter.
Craig Hemke's takeaways
- Top takeaway The guest is the most bullish on precious metals he has ever been, with 2026 year-end targets of roughly $6,000 gold and $120 silver.
- He argues the silver rally is physically driven, pointing to the first spot-futures backwardation on Oct 2, four straight years of supply deficits totaling roughly 800 million ounces, and sustained London lease rates.
- He frames US/China actions — the US declaring silver a critical mineral and China's October export controls — as a 'war footing' he does not expect to reverse in 2026.
- He sees the Trump administration's plan to 'run it hot' — half-point rate cuts, yield curve control, and another $2T+ deficit — as 'extraordinarily bullish' for gold.
- He flags a pending tariff-constitutionality ruling as potentially bullish for metals, since an adverse ruling could force repayment of roughly $250B already collected.