Gold to $8,500 After a Brutal Pullback? Chris Vermeulen’s Warning for Metals

Sprott Money Jul 2, 2026

Summary

The guest sees gold's short-term trend pointing to a sharp slide toward $3,600, a level he expects to be brief.

Above that, he maps a potential impulse breakout near $4,600 and a first pullback as the better place to add physical metal.

Silver, platinum and palladium share similar charts, with a fast, violent drop toward $40 framed as a short-lived buying window.

Watch for an impulse move through two resistance levels: the first pause afterward is the entry before the next leg.

Equities look unresolved, so he liquidated his S&P 500 and QQQ positions and is waiting for a new buy signal before re-entering.

Top takeaway The host frames June as a hawkish surprise — he says he watched 'Warsh' expecting a more dovish outcome than the market had priced — and that it quickly trimmed about 10% off gold and nearly 20% off silver in a week, leaving both metals trying to find a base.
He says they liquidated their S&P 500 and QQQ positions and stepped aside after taking profits near the peak, because the market is giving choppy signals and he does not yet know whether it will roll over or hand back a new buy signal.
He reads the QQQ chart as pointing to about 20% upside, to roughly $879 if it resolves higher, and asks whether a global equity washout is the kind of event that could force margin calls and drive metals lower.
He describes money rotating from one day to the next between mega caps, small caps, technology, dividend stocks and utilities, and reads that choppy rotation as unhealthy internal volatility and a market that may be stalling out.
He argues that with debt and the money supply still increasing, the stock market should keep chugging higher over time, and that expanding money will help the metals at some point too.

Top takeaway The guest's Fibonacci work on gold points to a decline toward $3,600 — potentially in the next week or two as of the July 2, 2026 recording — and he expects any slide to be very short lived, a huge lower wick followed by a sharp rebound.
On silver he expects a fast, violent Fibonacci-driven drop toward $40 an ounce, which may tag that level for only minutes or hours before bouncing back into the $60 range, and he notes platinum and palladium are showing similar chart patterns.
His longer-term case has gold near $8,500 if the super-cycle holds, easing to roughly $8,100 if it first pulls back to $3,600, which he frames as about 30% more potential upside from that lower level.
Before treating the gold downtrend as broken he wants to see an impulse move through two resistance levels, which he puts at about $4,600, followed by a pause that creates a higher high and then a higher low.
He calls Bitcoin a bear market with all major moving averages sloping down, and a Fibonacci target of about $45,000, roughly a 20% haircut, while warning there is no buyer interest in that market right now.