A New Phase of the Bull Market

Over the past few weeks here at Gold Rush, we’ve talked a lot about January 29, 2026.

That was the day the character of this market changed, at least temporarily. 

Silver printed a ten-standard-deviation downside move in a single session. 

The entire precious metals complex was hit with aggressive selling pressure. 

It was the kind of volatility event that forces you to step back, reassess positioning, and respect the possibility of a deeper corrective phase.

At the time, that made sense.

Going into late January, Gold, Silver, and Platinum were historically extended from their 200-week moving averages. 

We had been obnoxiously bullish since March 4, 2024, and rightfully so, but trends that stretched don’t glide back to equilibrium. They snap.

And snap they did.

But here’s what’s fascinating.

Since that January 29 peak, Silver is still down roughly 20%. Gold is down about 2.5%. On the surface, that looks like damage.

Yet beneath the surface, something very different is happening.