Steve Penny – Chart Analysis Video – US Dollar, Silver, Gold, GDX, SILJ, SRUUF, URNM

The KE Report Jul 1, 2026

Summary

The dollar's confirmed technical uptrend is a headwind for metals, but the guest stays fundamentally bearish and expects a topping process.

Silver's January peak mirrors 1974, so the guest expects a long base but is accumulating the $48-55 'mother of all support' zone.

Gold must digest its most overbought reading ever; the guest treats 3,500 as worst-case support and still expects $10,000 gold.

Uranium's dip reflects AI data-center doubts; Sprott Physical Uranium Trust's ~10% NAV (net asset value of holdings) discount tends to mark bottoms.

The guest pre-maps if-then levels, sizes positions modestly, and trims into strength to keep dry powder for dips.

Top takeaway Not a guest on this episode, but the host relays a recent interview in which Justin Huhn argued the AI data-center narrative has driven uranium both up and down, while the base fleet of about 440 global reactors plus units under construction already gives the sector a positive supply-demand tailwind even without AI demand.

Top takeaway As of the July 1, 2026 recording, the guest argues the precious-metals complex has swung from his earlier caution back to attractive entry points, with risk-reward now skewed to the upside across silver, gold and uranium.
He maps silver's January peak near $121 onto the 1974 analog and expects a longer sideways base than most expect — he would be thrilled just to reclaim $121 by 2027 — before the 1970s-style '1979 moment' (an 8x move in 12 months) he is confident still lies ahead.
On silver he calls the $54 area the 'mother of all support,' treats $48 as the plausible worst case, and is buying on weakness in the roughly $55-to-$48 zone.
On gold he says the most overbought monthly RSI in its history still needs to be worked off; he sees $3,900 as the next support and $3,500 as the worst-case major support, would trim above $5,000-$5,500 if overweight, and still expects gold north of $10,000 eventually.
He remains technically bullish but fundamentally bearish on the US dollar — a confirmed uptrend above a rising 200-day moving average that he says must be respected as a headwind, not a barrier, for the metals.

Top takeaway The host frames the dollar's rate of change, not its level, as the key variable for metals this year: a rising dollar pressures the commodity space while a falling one acts as an accelerant.
He tells disheartened listeners to size positions properly and keep a profit-taking plan, and suggests the current pullback is a place to commit a little spare cash rather than go all-in.