Did Gold and Silver Go Too Far Too Fast | Lobo Tiggre
The Deep Dive Feb 3, 2026
Summary
Lobo frames the new Fed chair as a market overreaction -- policy direction was already priced in regardless of nominee.
Gold and silver charts look vertical, but Lobo prefers consolidation over another leg up to set up a longer bull run.
Producers built at sub-$2,000 gold still print cash after a 50% metal drop, yet equities typically oversell in corrections.
Lobo is not buying gold or silver equities here; he favors oil stocks and would only add majors on a confirmed breakout.
Copper and uranium offer compelling demand cases but their equities have held up well, so Lobo waits for lower entries.
Steve Hyland's takeaways
- Top takeaway Notes that Rick Rule's announcement at VRIC that he had sold 80% of his physical silver was met with silent acceptance from an audience of 1,000-plus, reading that tolerance as evidence the precious-metals crowd is not yet in the 2011-style manic phase
- Argues that producer equities modeled on sub-2,000-dollar gold would still be gushing cash even if gold fell 50% from current levels, and warns that any official bear-market 20% drawdown in the metals would likely hit equities roughly twice as hard
Lobo Tiggre's takeaways
- Top takeaway Warns that gold and silver price action in the weeks before the post-Fed pullback was unsustainable - vertical charts, silver looking like 1979, and online hostility toward anyone questioning the rally - and says there is a very significant danger the market is now in a blow-off-top phase rather than a normal bull-market pause
- Is not buying gold or silver equities here, even on the pullback, because quality names are still way up; his shopping list right now is oil stocks, where he sees opportunities to actually buy low in a hated sector
- If forced to deploy more in the gold and silver space, would buy the majors with trailing stops, arguing household names attract the late money first and there may not be time for a rally to trickle down to mid-tiers and juniors before any reversal
- Holds an intact long-term bullish thesis - central-bank buying, hot-war geopolitics, institutional and family-office rotation back toward a historically normal ~2% gold allocation, and industrial tailwinds for silver - but expects a multi-year consolidation similar to 2020-2024 before the next leg higher
- Likes copper and uranium on supply-constrained demand cases but is waiting for lower entry points after their recent strength, and expects continued volatility and policy uncertainty out of Washington as the main market driver