Doc and Dana Lyons - A Word Of Caution For PM Investors: Technical Outlooks

The KE Report Jun 13, 2026

Summary

Technician Richard Postma argues gold has entered a cyclical bear market within an intact secular bull, with a potential low near $3,500-$3,700.

He expects a multi-year consolidation, targeting silver at $50-$60, and plans to accumulate low-P/E, high-cash-flow producers once charts bottom.

Fund manager Dana Lyons says precious metals and miners are sell-the-rip markets, flagging GLD near $350 and resistance in GDX and SIL.

Lyons sees the broad equity market holding up far better than stretched AI and momentum stocks, with small caps and market breadth still healthy.

Copper and energy charts remain constructive, uranium equities look weak, and long-term equity valuation indicators warn of poor 10-year returns.

Doc names Equinox as one of the producers he plans to accumulate on weakness, citing cash flows and P/E ratios falling to around 9-11 even if gold drops further.
He argues producers like Equinox are way undervalued relative to record revenues and margins, and would be among the first to rebound when the sector bottoms.

Doc names Hecla among the low-P/E, high-cash-flow producers he intends to buy once valuations reach around 9-11 times earnings on further weakness.
He frames names like Hecla as a 'slam dunk' accumulation target even if gold falls another few hundred dollars, expecting them to rebound hardest.

Doc says he missed Santacruz Silver on the way up but does not intend to miss it a second time, signaling intent to buy it during the bottoming process.

Top takeaway Lyons says the late-January blow-off top in gold broke his low-400s line in the sand on GLD, opening downside toward roughly 350, where he would look to buy; rallies back to the low 400s are for selling or hedging.
He is short silver and would add to the short on any bounce toward 60-61 on SLV, saying the precious metals complex requires selling rips while the intermediate trend is down.
In equities, his models remain long: the broad market is holding up far better than the extended AI/chip momentum trade, with breadth, small caps and equal-weight indices resilient through the correction.
On long-term valuations, he warns background indicators (valuation, fund flows, household equity allocation) are at levels historically followed by roughly flat to negative 10-year stock returns, making this a terrible time for a 10-year horizon even if further near-term gains come first.
He is bearish crypto — out of his position and selling rips in Ethereum near 2,000 and Bitcoin bounces into the low 70,000s, with a possible significant bottom scenario only in the upper 50,000s.

Top takeaway Doc declares gold in a cyclical bear market within an intact secular bull: he expects the washout to take a couple of years, with a possible low around 3,500-3,700 on gold and a new bull market starting around 2029 at the earliest.
He sees silver breaking its 50-week moving average with a horrible MACD, targeting a $50-60 handle within two to three months, though he believes a new silver paradigm means prices never return to $30.
He plans to accumulate low-P/E, high-cash-flow producers (naming Hecla and Equinox) near P/Es of 9-11, calling record revenues and margins against 50-60% stock declines a coming opportunity, and dismisses the $6,000-gold-by-year-end calls as under 1% odds.
He flags the bond market as the key risk — watching for a second leg down off the 50-month moving average — arguing rising rates and a firm dollar mean the Fed cannot cut, keeping metals suppressed while structural inflation eventually sets up the next leg in two to three years.
He advises fully invested holders not to sell into the decline but to use the sharp-sold-off bounces (likely after another vicious month) to trim, and to watch the monthly 12-month MACD moving average bottoming as the signal that the worst is over.