Gold Rally in Danger? Chris Vermeulen Reveals His “Screaming Buy” Zone | Sprott Money
Sprott Money Sep 4, 2026 23:34
Summary
Vermeulen flags $3,600 as a deep long-term gold buy zone if prices pull back further.
Gold and miners are in a short-term uptrend, but the long-term 150-day moving average still slopes down — mixed signals persist.
Miners (GDX) broke out roughly a month before gold itself, with three significant highs cleared, signaling momentum.
Silver is stuck below the $75-$76 resistance zone and has yet to take out its 100-day moving average.
A potential bear-market bounce is the base case until a confirmed breakout to $8,000 arrives.
Craig Hemke's takeaways
- Top takeaway The host frames the macro backdrop: a Bank of Japan yen intervention earlier that day strengthened the yen, weakened the dollar, and helped metals reclaim early-week losses, with Friday's U.S. non-farm payrolls still ahead of the recording
- He cites COMEX silver open interest at roughly 103,000 contracts (the lowest since mid-July) versus a prior peak near 244,000 contracts as evidence that burnt speculators are sidelined, and argues that simply ending 2026 above last year's $71 close would already be a strong outcome for silver
Chris Vermeulen's takeaways
- Top takeaway The guest argues gold is sending mixed signals: the short-term trend is up but the 150-day moving average is still sloping down with a pattern of lower highs and lower lows, so he is sitting on hands and waiting for confirmation before putting fresh capital into physical metal
- If gold has bottomed, Fibonacci extensions point to roughly $7,900 to $8,000 as the next stop on a multi-year bull market; if it rolls over instead, the 50% retracement near $3,600 is what he calls a 'screaming long-term buy'
- Miners (GDX) are leading gold: they have already broken two significant prior highs with a strong impulse wave, while gold itself has not yet broken its matching high, which the guest reads as money rotating into the leverage play ahead of the metals
- Silver is lagging the rest of the complex, stuck just below the ~$75 pivot and resistance zone and still below its 100-day moving average; he frames silver as a potential late bloomer that could suddenly catch up to gold and copper
- He cautions the move could still be a bear-market or sucker's rally, stresses patience over emotional trades, and prefers to track physical gold pricing because he considers it the most trustworthy and stable reference