At the time of writing it appears that markets are attempting to stabilise, yet the underlying risks remain unresolved. Ongoing disruption in the Middle East, particularly around key shipping routes like the Strait of Hormuz, continues to threaten energy supply, global trade flows, and inflation.
Investors are left navigating a landscape that appears calm on the surface but remains structurally fragile underneath, with growing uncertainty about how central banks and markets will respond if pressures persist.
Against this backdrop, recent volatility raises an important question. Are the moves by gold and silver the start of a sustained move higher, or a period filled with false signals and short-term traps?
In today’s GoldCoreTV interview, Patrick Karim speaks to me about what the charts are really saying, explaining why silver may remain range-bound in the near term despite a strongly bullish long-term outlook, the key levels he is watching, and how investors can avoid being caught on the wrong side of the next move.
Patrick Karim of Northstar Badcharts joins GoldCore TV to walk Dave Russell through what the charts are saying about gold and silver right now, and why silver may remain full of traps in the short term even as the long-term outlook stays extremely bullish.
After one of silver’s most volatile periods in recent memory, Patrick explains why the metal may still be in a corrective, range-bound phase following a roughly 26% drawdown and an almost 50% drop from peak to trough over just a couple of days. His message is clear: long-term bullish does not automatically mean short-term bullish.
In this interview:
- Why silver is still “floating in free air” and why that matters
- Why Patrick sees the current setup as a potential “wasteland of traps” until lower timeframes improve
- The price levels he wants to see before turning bullish again on the daily chart
- Gold’s chart setup and what would need to happen to open the way toward the $6,300 to $6,800 range
- The “Capital Rotation Event” and why he expects a major shift out of stocks and into hard assets over time
- Why silver rarely forms clean V-shaped recoveries after major peaks
- The yearly silver breakout, the cup-and-handle pattern, and why Patrick still sees a long-term target above $250 on a yearly close basis, with possible overshoots higher intra-year
Patrick also shares his much bigger-picture view: that the strongest years for commodities may still lie ahead, with silver, gold and oil potentially entering a major outperformance phase relative to equities. As Patrick puts it: “Bullish is when you're above moving averages going up. When you're going sideways, you're agnostic... not bearish.”
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