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David Morgan says gold is in a normal, tight consolidation near 4,000. Bulls and bears are even. He expects the next breakout to target around 5,000 in 2026.

Silver looks stronger. The recent highs resemble a double top, but he doubts that pattern will hold. Silver is outperforming on the gold-silver ratio and, in his view, is setting up for its final surge. He believes the entire bull run may only last two to three more years because a new monetary system is coming. If gold becomes part of a central-bank digital currency, traditional price behavior could end.

He expects an emotional, fear-driven climax similar to 1980 and 2011. He explains that 90 percent of gains usually come in the last 10 percent of the time. Using past wave patterns, he sees the possibility of silver reaching around 120. He warns that silver could jump from 60 to 120 in only a few months during the acceleration phase.

Seasonality supports strength into January and February. Mining stocks continue to outperform bullion at about a 2x multiple. He still prefers a mix of physical metal and equities.

He sees rising global risk, unsustainable debt, and a monetary reset ahead. Rate cuts will not fix long-term yields because the market no longer trusts US debt. China’s gold holdings and digital control systems may shape the next global model.

He ends with a warning that technology and AI are moving faster than society can manage. Freedom is what matters. He directs viewers to TheMorganReport.com and his Silver Sunrise documentary.

Video Length: 00:38:06

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