Source: Miles Franklin | Date: January 22, 2026

Key Takeaways

Gold and silver market dynamics have fundamentally changed - price smashes that previously broke rallies are now being shrugged off, indicating potential failure of traditional price control mechanisms
Central banks accelerated gold buying after 2022 when the dollar was "weaponized" during the Ukraine conflict, seeking alternatives to vulnerable electronic dollar reserves
Silver faces a "confluence of factors" including 6 years of structural supply deficits, industrial demand as a critical/strategic metal, and returning Western investment demand after years of selling
Cultural and educational factors in the West perpetuate dismissal of precious metals - lack of monetary history education and consumer-debt culture versus savings-oriented approaches
The repricing appears to be a "step function higher" rather than gradual, with markets no longer following previous correction patterns

Market Views

Silver price floor: "I highly doubt we'll see silver price ever go below $50"
Silver targets: Expects silver to "easily hit $100+ an ounce" and potentially reach $125 before any major pullback
Mining costs: All-in sustaining costs for silver mining now in low $30s, up from low-to-mid $20s, requiring $35-40/oz to incentivize new production
Potential for "big deflationary crash" remains the main risk, but would likely be bought up quickly

Gold: Broke out of $2000 level, corrections being bought aggressively
Silver: Recently broke out, massive delivery demand (100+ million ounces in 40 days)
Silver mining stocks: Last sector to catch up to metal prices, showing recent strength
JP Morgan silver stockpile: Down to ~75 million ounces, declining weekly
Silver ETFs: Switched from selling to buying mode around summer 2023

On market change: "Gold broke out, took off, and every correction just came back and now more viciously. That's a huge indicator that the rules have changed. The game is totally different."
On silver outlook: "I highly doubt we'll see silver price ever go below $50... it's going to be pretty easy here to hit $100 plus an ounce"

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