Podcast: Play in new window
Volatility continued to shake the markets this week as ongoing geopolitical developments drive markets in short-term swings. Despite the volatility, precious metals continue their climb with gold posting modest gains and silver nearing $75. Platinum and palladium lead the way with strong gains of 7% and 9% respectively. With the metals holding strong against volatility, their momentum becomes the key factor to watch rather than the price point.
Let’s take a look at where precious metals prices stand as of Wednesday, April 8:
The price of gold is up 1%, sitting at $4,725. It is continuing its climb up and there’s a few different things it could do from here.
The price of silver is up 3% and sitting at $74.50, which is still weird to say, but it is.
Platinum is up 7%, currently sitting at $2,025.
Palladium is up 9% at $1,550 as of recording.
Taking a look over at the paper markets…
The S&P 500 is up 4%, sitting at 6,776 points.
The US Dollar Index is down 1% and sitting at 99, most of which happen like in a day.
Gold and Dollar Mirror Image Trading
Within just a couple of days this week, gold jumped roughly 5.6% — as high as $4,840 — while the dollar dropped 1.5% in a single session. Silver moved even more dramatically, jumping over 11% from under $70 to above $77 before settling back. The catalyst was a potential (though fragile) ceasefire in the ongoing Iranian conflict.
This is worth underscoring: gold moving $260 and silver moving $7 in a matter of hours is the new normal in this market. Those who have been waiting for “things to settle down” before buying are discovering that the volatility itself has repriced. The dollar and gold continue to trade as a mirror image of each other, and the underlying trend — a structurally weaker dollar — remains firmly in place.
Silver at a Decision Point
Silver’s trajectory since the beginning of 2026 has been one of the wildest in recent memory: a parabolic run from under $50 to over $120, followed by a brutal correction all the way back toward $58 in late March before this week’s sharp bounce into the mid-$70s. That’s a recovery of roughly 28% in about a week and a half.
Where does silver go from here? Technically, the market is searching for direction. Silver needs to build momentum either to the upside, or confirm a lower-high pattern that could extend the correction. The key Fibonacci levels to watch are the 61.8% retracement zone (roughly where silver is now) and the 78.6% retracement near $58, which served as support. A sustained close above $80–$85 would be encouraging; a breakdown below $60 would signal further work to do.
It’s important to note that this kind of deep correction inside a massive bull market is normal. The trend is not broken; the market is digesting extraordinary gains.
Ratio Trades: Follow Process, Not Emotion
The gold-silver ratio has bounced from its lows near 45:1 back up into the mid-to-high 50s after silver’s sharper correction, and is now forming what looks like a wedge or pennant pattern between roughly 55:1 and 75:1.
Historically, the ratio spends most of its time between 60 and 90, with occasional spikes higher (the 100+ levels of 2025 were an extreme), and only brief forays below 50. That context matters enormously for how you should be positioned right now.
If you successfully swapped into silver when the ratio was above 95–100:1 a year ago, congratulations — you’ve done well. But the window to convert those silver gains back into gold ounces is now open. A ratio in the mid-to-upper 50s still represents a historically favorable exchange.
You don’t need to time the exact top in silver — you just need a process that gradually shifts weight from the outperforming metal back into the more stable store of value. Don’t let emotion keep you in silver waiting for a “perfect” 30:1 print that may never come.
Equities, the Dollar, and Why Gold Remains Essential
The S&P’s 4% bounce this week looked strong on the surface, but it happened almost entirely overnight between Tuesday and Wednesday — and gaps like that tend to close. Tech-heavy indices continue to show topping behavior, while the broader market is now using its 200-day moving average as overhead resistance rather than support.
Meanwhile, the Dow/Gold ratio has already fallen to around 9:1. Historically, secular lows in that ratio (the Great Depression, 1980, 2008) occur in single digits, and full reversals have pushed it toward 3:1. We may be much earlier in this cycle than most investors realize.
At the same time, the structural case for a weaker dollar is not going away. Turkey’s central bank sold 58–60 tons of gold into the market during March, putting visible pressure on prices — but the bigger question is who was on the other side buying it. Central banks globally are still accumulating. A drop in oil prices (as the ceasefire plays out) combined with the administration’s ongoing preference for a weaker dollar sets the stage for the dollar index to resume its downtrend. When that happens, gold’s next leg higher becomes much more likely.
M2 money supply has expanded roughly 45% since 2020. Auto loan delinquencies have doubled. Credit card delinquencies are at their worst levels outside of 2008. The U.S. still faces $10+ trillion in debt refinancing this year. None of these structural conditions have changed.
Stair-Step, Don’t Chase
You can use the current correction as a stair-step entry opportunity. Gold in the mid-$4,000s and silver in the $65–$80 range represent better entry points than chasing the January highs. Place layered buy levels at key support zones rather than trying to nail a single perfect entry.
Consider swapping some silver into gold. With the ratio in the mid-to-upper 50s, now is a favorable window — especially inside IRAs where gains are tax-sheltered.
Keep gold as your foundation. Silver is the torque — it amplifies gains and creates ratio-trade opportunities. But gold is the anchor, the insurance, and the monetary asset that central banks, institutions, and sovereign wealth funds continue to accumulate. Let it be the core of your allocation.
Here to Help
The team at McAlvany Precious Metals has a collective 75 years of experience investing in the precious metals market. We’re happy to speak with you about your goals in a no-obligation, complimentary consultation. Reach out to us at 800-525-9556.
