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Weekend Show- Precious Metals & Market Trends: Gold Bottom? Copper Strength? Oil & Market Volatility

The KE Report Aug 1, 2026

Summary

Gold and silver look like they are basing after a five-month slide, but a rising US dollar and higher interest rates still pressure the sector.

GDX, GDXJ and SIL broke down even as metals went flat; both hosts say stocks and metals take turns leading, so read the signal cautiously.

Copper holds near record highs but copper stocks (COPX) are catching up after outperforming; possible US copper tariffs add a wildcard risk.

Rick Bensignor calls the gold bottom questionable: $4,036 support is holding, but weekly closes must prove themselves above $4,208 to confirm it.

Bensignor says strong S&P 500 breadth reflects sector rotation out of tech into financials and healthcare; keep active trading to 10-15% of investable funds.

Cory Fleck's takeaways

  • Top takeaway Cory argues gold and silver may finally be basing after four months of decline — a month of flat prices is progress — but he dismisses calls for a major run as coming from the same people who were wrong all the way down.
  • His historical dig on silver: after the price was cut in half in a few months this year, the best recovery to the old highs ever recorded took about three years, so talk of silver back at 120 is years off.
  • He frames the rising dollar (up since May) and a 10-year yield at levels last seen in early 2025 as the two markets to watch, calling higher interest rates the sector's biggest bugaboo.
  • On juniors he says the financing window is largely closed and he would trim drill plays that got rewarded before results, since only 300-plus gram-metre holes get the market's attention now.
  • He remains constructive on copper, noting long-term charts show copper stocks hugely outperform the metal, so the current lag in COPX could be setting up another run higher.

Kevin Warsh's takeaways

  • Top takeaway Kevin Warsh led the Fed meeting the day before the show: rates were held with three expected dissents, but his press-conference remark that the Fed will look at calculating inflation differently triggered a market tantrum.
  • Cory and Shad add that the statement itself was nearly identical to the prior month and markets initially took the release well before the late press-conference comments threw them on the back foot.

Rick Bensignor's takeaways

  • Top takeaway Rick argues Comex gold has a tradable floor at weekly support of $4,036 (one weekly close below, then two up weeks), but a lasting bottom needs Friday closes above $4,208 — failing that he sees a possible flush toward $3,400, where he would do major buying.
  • He boxes the S&P between 755 resistance (a triple top below the 761 all-time high) and 727 support, calling the six weeks of trading in between pure noise that whips people out of positions.
  • On the AI trade he says investors are done tolerating multi-billion-dollar hyperscaler capex for zero return — Microsoft holding capex flat rose about 15% while Meta, still raising spend, fell 10% — and he notes fringe talk of a tulip-mania-style blowup.
  • On oil he sees a hard lid at $120-$135 no matter the geopolitics, says the prestigious banks calling for $150-$200 oil are consistently wrong, suspects manipulation given extreme crack spreads, and went long USO near the early-July bottom.
  • He is launching a TOPS report around September 1 identifying the hot sectors with 10-20 stock picks each, modeled on his old 711 report that beat the S&P by more than 13 percentage points over four years.

Shad Marquitz's takeaways

  • Top takeaway Shad argues gold and silver are building a healthy sideways base — bottoms rarely V-shape — but he wants prices back above the 50-day and 50-week moving averages before calling an uptrend.
  • On silver, his 'heartbreaker metal,' he says crucial support near $54 (the old October peak area at $54.41) still holds, with $50 the line in the sand and $48 behind it; as long as those hold he expects at least a substantial rally into late summer and fall.
  • He calls higher interest rates the sector's biggest weight since gold pays no yield, adds that the Middle East war has been a headwind rather than a boost, and cites Peter Boeckh's point that the bond market has already tightened policy for the Fed (2-year up 22 basis points since before the June meeting, 10-year up 19).
  • On oil he prepares for a higher-for-longer $70s-$80s new normal as SPRs drain and destroyed infrastructure takes years to restore, stays bullish dividend-paying producers and oil royalties, and names nuclear power the biggest beneficiary of the oil shock.
  • In critical minerals he insists the edge is downstream processing — separation, refining and magnet-making, where government money and a consolidation wave of newly integrated companies are flowing — rather than in finding it in the ground.

Shad Markwitz's takeaways

  • Top takeaway This record appears to be the same co-host as Shad Marquitz (the transcript renders the name 'Chad/Shad Markwitz'): he argues gold and silver are basing sideways until they reclaim their 50-day and 50-week moving averages, with silver support near $54 and $50 the line in the sand.