What Happened To Silver? | Chris Vermeulen
Liberty and Finance Feb 3, 2026
Summary
Silver's 32% one-day drop from ~$121 to ~$72 was forced liquidation from margin calls and leveraged positions, not pure sentiment.
Vermeulen expects a near-term bounce toward $100-$110 in silver, but flags a broader blow-off top pattern across precious metals.
Gold has traced the same staircase-up-elevator-down pattern twice in the past year, hinting at cyclical blow-off behavior in metals.
The guest's playbook: scale out at Fibonacci targets, hold cash in a strengthening USD, and wait for a new trend to emerge.
Breaking a measured Fibonacci target often opens a parabolic phase before reversing sharply — Vermeulen's $106 silver call proved it.
Elijah K. Johnson's takeaways
- Top takeaway Johnson hosts the Liberty and Finance segment, steering the discussion through Vermeulen's silver call, the 2008 metals-vs-stocks comparison, and the buy-and-hold vs trade-timeframe question for viewers.
Chris Vermeulen's takeaways
- Top takeaway Vermeulen argues the silver blow-off was chart-predictable: he called $106 as a measured Fibonacci target weeks earlier, then told viewers to expect a parabolic $120–$140 spike once it broke — which is what ran into Friday's ~32% one-day crash.
- He attributes the one-day ~32% drop to forced liquidations and margin calls in leveraged futures, ETF and stop-loss flows rather than organic selling, and expects a short-term bounce back toward $100–$110.
- He compares the move to the 2007–2008 gold/S&P pattern and argues this pullback is likely a 'buck' within the trend, not the real crash — metals could still push higher before equities roll over.
- Vermeulen is scaling out of long-term physical gold and silver positions and says most of the easy upside in precious metals is done; he expects metals to flatline or correct over a multi-year horizon.
- He is moving to cash, prefers holding USD (potential 15–$17% upside versus his Canadian-dollar base), and warns the combined price action in stocks and metals signals an economic top — 'the music is about to stop.'