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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34 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?