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May Newsletter 2026

Well… what can we say?

The cross-currents in all markets are rather extraordinary right now. Geopolitical alliances are breaking down and re-forming in ways unthinkable just 12 months ago. One day the war in Iran is “won” and “over.” The next day, the cease-fire is “on life support.” The old “world order” is definitely over. However, what replaces it has yet to take shape. Do we think for a minute that precious metals have reached a long-term peak? Absolutely not.

As stated in the March newsletter, parabolic rises in any market are unsustainable absent real hyper-inflation–like the kind they experienced in Weimar Germany. The questions then become, where is the temporary high, and how far will they pull back before finding support? In January, we got our answer to the first question. In this newsletter, we’ll look at what the charts have to say about the second question.

In our March newsletter, we also stated that we could expect a period of consolidation of one to two months. This has played out as expected through April and early May. And while the roller coaster over the last six months has not been unpleasant to ride, it likely won’t be the last time we see this before the long-term bull market in the metals comes to an end.

This is exactly why we built the OWNx platform. Traders can trade when the markets are open. Those who want insurance against the insanity that the world seems to be gripped in can simply accumulate precious metals monthly. Same for investors who invest in the precious metals markets for the long-term.

Regardless of what’s ahead, we are, and always will be…

Here for you,

The OWNx Team

Gold and Silver

What Do the Charts Say?

This month, the charts suggest that gold has established the $4,400 to $4,500 range as strong support, while silver has done the same in the $70 range. I’d like to point out the dark blue line on the charts, as it is the 200 Day Moving Average. Without going into a great deal of detail about market analysis, a reasonably well-accepted axiom is that at various points during a long-term bull market, the price of the item in question will drop back at least once and touch the 200 DMA. This longer daily moving average rises much more slowly than the 50 DMA. It seems to act as a magnet, drawing traders back to it on occasion just to keep the market from getting too far ahead of itself.

As you can see with the gold chart, in late March, gold nearly touched the 200 Day Moving Average. Presently, it is trading within a wedge formation between the green down trend line and the 200 DMA. We expect that it is likely to break out above the downtrend line in the next several weeks and resume its march to new highs, albeit with quite a bit of volatility.

Silver, on the other hand, did not touch its 200 DMA. The intensity of its rise in January set a pretty high water mark from which to pull all the way back to the 200 DMA–for now. While still not out of the question, its recent strong move (in contrast to gold remaining somewhat subdued) indicates that a visit to that trendline may not happen any time soon. If it were to do so, it would likely be a very good place to aggressively add to one’s stack.

Last year at this time, we said that we didn’t believe the old adage of “sell in May and go away until labor day” applied in 2025. Ditto 2026. With world leaders doing what they are, and debt continuing to pile onto central banks’ balance sheets to finance numerous wars, the “risk trade” and “financial insurance” attributes of the metals are more important than ever.

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OWNx Resources

Gold-related News

Gold price outlook: Will $6,000 happen this year?

“Previously, the idea of gold reaching $6,000 seemed like a far-off dream. But due to increased central bank buying and global tensions, JPMorgan predicts that gold will reach $6,300 per ounce in 2026…” We’re generally encouraged when large banks finally come around and give gold its due.

Explore

Gold and silver: where do they go next?

“Importantly, new gold buyers are also emerging, including stablecoin issuers. Tether, the world’s largest stablecoin issuer, has accumulated roughly 140 tons of gold, equivalent to the 33rd-largest gold reserve globally.” “A surge in industrial demand, coupled with relatively low liquidity, has fueled the rise of silver… The ongoing buildout of data centers, rising power demand from AI workloads, and broader electrification trends add a potentially cyclical and growth-sensitive component to silver.” The last point is important. I don’t think most investors realize the massive build-out underway in our electric grid. It has needed to be upgraded for decades. Playing catch-up will put stress on the silver market for years to come.

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