Chris Vermeulen argues that equities are the current place to be, while gold, silver, and miners are in a volatile corrective phase that needs time to build a new base before the next major rally. He thinks the precious-metals uptrend is still structurally intact, but the near term could remain weak and possibly flush lower before a larger advance.
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This monthly Sprott Money segment features host Craig Hemke and technical analyst Chris Vermeulen reviewing where capital is flowing at the start of May 2026. Vermeulen says the strongest setup is still equities, especially semiconductors, technology, small caps, and other speculative growth names, because price action and money flows are confirming a strong risk-on move. He argues that markets are being led by technicals and sentiment rather than news, and that the rally could continue to grind higher even amid volatility, with upside targets discussed for the S&P 500 and NASDAQ. On precious metals, Vermeulen says the big euphoric rally in gold and silver has ended for now and that the sector is in a correction/downtrend on the short-term and daily/weekly charts. …
Near term, the tape favors equities and especially semis/tech, while gold and silver look vulnerable to more chop or a further flush. The actionable risk is getting caught long metals before a confirmed base forms.
Over the next few weeks to months, equities likely keep leading unless their momentum rolls over, while precious metals need a stabilization phase before they can reassert leadership. A tighter consolidation in gold would improve the odds of a sharp rebound; a deeper break would prolong the repair.
Structurally, the speaker still sees precious metals as a secular bull market within a broader fiat-debasement backdrop. The long-run implication is that the next major breakout in gold and silver could be very large, but only after the current corrective phase finishes.
Equities are the best place to be right now, not precious metals.
Vermeulen says the strongest technicals and money flows are in equities, while metals have taken a backseat.
Semiconductors are the strongest technical market among the speaker’s current list.
He identifies semiconductors as the top performer with an explosive rally from the lows.
Gold and silver are in a short-term downtrend and need to build a new launch pad before the next major rally.
He repeatedly says the metals have completed a euphoric phase and now need time to stabilize.
What is the best asset to be in right now based on technical analysis?
The best place to be is long equities, particularly semiconductors which had a 41% move from lows. Money is flowing into speculative stocks, small caps, micro caps, and technology. Precious metals have taken a backseat due to a sharp correction.
Can you apply Fibonacci analysis to the NASDAQ or S&P 500 to show how far this rally might run?
Using Fibonacci on the weekly chart, the S&P 500 could move up to about 8,500 — roughly a 20% move. The NASDAQ target is about 32,800, also around 20%. The quick pop has already happened, and now the market may grind higher through a wall of worry.
What does the monthly chart reveal about the secular trend for gold and precious metals?
Gold has had parabolic spikes followed by sharp corrections — normal price action. The euphoric phase where everyone piled into metals has ended. Gold could see several more months of sideways or lower drift. The next leg target based on the super cycle is about $8,600 for gold. Short-term charts point to a potential pullback to $3,500.
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