Spot silver witnessed a massive liquidation event today, plunging double-digits and testing critical structural support in the low $70s. In this exclusive technical breakdown, Gary Wagner, Editor of The Gold Forecast, joins Jeremy Szafron to analyze the damage.
Wagner identifies the $71 level as the “line in the sand” that must hold to keep the bull trend alive. He explains the massive divergence between silver’s volatility and gold’s relative strength, describing silver as “a candle that burns twice as bright but burns half as long.” Despite the carnage, Wagner maintains his bullish outlook, updating his year-end gold price target to a potential $6,000.
Recorded on February 5, 2026
Key Topics Discussed:
-The Silver Liquidation: Did the drop to $72.18 break the market structure?
-Technical Damage Report: Analyzing the “Bearish Engulfing” candles and the long lower wicks.
-Gold vs. Silver: Why Gold held the $4,800 range while Silver collapsed.
-The Forecast: Wagner’s updated price targets for late 2026.
-The Dollar: Analyzing the DXY breakdown to 95 and what it signals for metals.
Timestamps:
00:00 Introduction and Market Overview
01:19 Spot Silver Analysis
01:54 Fundamental and Technical Factors
11:26 Gold Market Insights
18:15 Dollar Index and Market Sentiment
20:49 Conclusion and Final Thoughts
#Gold #Silver #Investing #GaryWagner #KitcoNews #TechnicalAnalysis #Commodities #Wealth
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The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.
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47 Comments
Support for silver could only be the two pounds of silver in every big missile. But there’s no problem making war more expensive.
In my state, US, an inheritance is not taxed which isn’t above 5 million dollars. I think that this is unfair.
The problem with our understanding is the belief that the Government could run the economy. Basically they are talking down to less educated people.
4:48
11:22
Don’t be sad, hold and buy more! it’s a great buying opportunity cuz this train ain’t stopping
Buy buy
Bring back the Swords ⚔️
Great episode
We love Gary!
Gary needs a green screen
A lot of correspondents are very angry about the drop Gary . However much as it also shocked me very much, we may now be in a more stable, place to be, with a view of coming months hopefully steady rises. Thank you too Jeremy I watch all your news posts.
It's not history…..it's criminally manipulated
It would be known as the great liquidation
Thanks for your analysis Gary Wagner
Nice! Clear! Thanks, Jeremy.
My purchace a few weeks ago was at 70.00 per ASE. So I knew the price would go down! Ha ha, I don't care! Stacking and holding, of course.
I take back my appraisal of GW. In this interview he gave away a valuable series of insights and explanations on the technical and fundamental/geopolitical factors underlying the gold and silver price moves. Great for an amateur investor like me
A technician lost.
subbed for gary 🙂
LOL You all got rekt as none of you understand the market. Your greed is as predictable as it is profitable; feed the FOMO and then rug um. Your response is also predictable: defiantly holding on whilst all value dissolves in your hands; chanting the cute cult narrative, in full delusion that it’ll make markets swing back in your favour. All of you, too weak an ego and too proud to admit, that you have been comprehensively played like a violin. Those silver bars? Ya might as well glue them together and use them as a door stop. All of your wealth has now been taken from you and not a single one of you had the intelligence to see it.
It's gonna go up up up. They can't stop it😂
jeremy is aging fast!
Nothing to see here folks, move along, move along. 😂😂🙄🙄😂😂🙄🙄
Actually,( I from mainland china). I think this a war about gold pricing power. shanghai gold exchange VS entire western world. u see CCP have a big ambition about hongkong gold exchange, gaining pricing power is the first play.
Thanks for having Gary Wagner on he always makes so much sense and I like that he is a technical analysis.
You are an excellent interviewer
Silver spot prices are "Smoke & Miorrs", made for those who remain ignorant of silver's true value, which is beyond gold.
The big ups and downs make one thing extremely clear: silver is very important.
Nothing is real in this market… how can anyone trade in this type of environment? ANSWER: They can't.
You know its bad when you trust Chinese markets more than the COMEX.
Buy physical… thats all one can do
The guy talking sounds guilty as shit. Paid actor to cover for the corrupt Banksters
Keep buying keep stacking stop the melt 200 million ounces each year are added from melt start collecting all forms
It is all fucking bull shit
Volatility was treated as risk in the past, today volatility is treated as an opportunity. The more I learn about investing, the more I understand it is an extremely volatile field that rewards a nimble approach. I am still sitting on the fence waiting for the right time to enter the fray…
Thanks Gary! Love these episodes.
What about JPM closing 663 shorts of the exact bottom of the silver market on Friday?
Loaded 120oz silver in the last pullback. Premiums still ridiculous. Up to 12wks until delivery is the disclaimer from the vendor i bought from.
Thank you sir. I love hearing from Gary Wagner. Always has a good perspective
Paper contracts are the reason for see saw toy.
You can look at that chart all day, but ultimately you need to understand what moved the market. If you take away COMEX influence, the outcome would no doubt have been different. How does the charts identify concentrated market manipulation to that of general trader / investment sentiment. The answer is They Dont.
Lower the price.. better..
You want the price to be artificially suppressed.
You want to accumulate as much weight as possible.
Anything you can get your hands on at this point..
Haha when your taking about trump and the data centers "you know, in numbers…." I said "like we've never seen before" in my best trump accent right as you said it 😂😂
ALCON… All credit to: Luis Flavio Nunes for this below… THIS explains the abject criminality of our complely rigged FED, COMEX trading "system":
When retail investors trade silver:
Margin calls trigger automatic liquidation within minutes
No access to Federal Reserve emergency lending facilities
No ability to create or redeem ETF shares
No advance notification of exchange rule changes beyond public announcements
Limited ability to trade during market stress
When major institutions and bullion banks trade silver:
Access to credit lines and Fed facilities provides liquidity buffer
Authorized participant status enables ETF arbitrage
Clearing member status means earlier awareness of exchange decisions
Infrastructure to continue trading when markets are stressed
Capital reserves to add to positions during panics
I wish there was two markets in the world for gold: American-British market and the rest of the world. Americans and Brits would not be allowed to trade with the rest of the world and only allowed to be traded in their own market.
I really appreciate hearing Gary Wagner's perspective and TA. Thank you!
Excellent interview! Gary is a great hybrid technician with a stellar track record.
Since all markets, even the local food court, are more or less rigged, it pays to trade the market you have and not the one you`d wish for! When precious metals start behaving like fckn meme stocks even a five year old realises what`s going to happen next!
So red bad, green good?
When the market goes down, you start to value simple things. For me its mevstake – it works when everything else is falling apart
The silver market is what it is. Accept it. Go into your position knowing that as the sun rises in the east, COMEX and big banks attack silver bull runs. I don't assume silver is a long-term trade. Ever. I'll keep a few thousand worth in physical, like keep water filters, dry beans and ammo.