Gold Surges Above $4,000 as GDX Jumps 13.6% and Silver Rallies 5.4% ~ Monday Market Moves

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Recording Date 11-6-2026. The stock market took a beating this week, with the S&P 500 falling 2.7% and the QQQ breaking below its 200-day moving average. I expect further weakness in equities, but precious metals are showing encouraging strength. Gold surged 4.5% and reclaimed $4,000, while silver gained 5.4% and GDX rallied 13.6%. I added more physical silver through Battle Bank's vaulted storage and recorded the entire buying process for an upcoming episode. Copper dropped 3.8% and broke below its 200-day moving average, although copper miners are showing positive RSI divergence. Meanwhile, platinum gained 7%, palladium rose 3%, and Nornickel's planned 2027 smelter overhaul could create tighter palladium supplies.

Uranium remains my favorite opportunity. Spot prices slipped 0.7%, but the Sprott Physical Uranium Trust is trading at an estimated 16% discount to NAV, and I bought more this week. URNM is showing positive divergence near technical support, while the uranium miners to spot uranium ratio suggests historically attractive valuations. Oil suffered a brutal selloff, with WTI plunging 12.2%, Brent falling 13.6%, and XLE losing 12%. Both crude benchmarks found support near their 200-day moving averages, creating potential opportunities in energy stocks. Natural gas rallied 7.5%, even as FCG crashed 14.5%. Thermal coal fell 8.9%, metallurgical coal declined 2.3%, and nickel gained 7.7%. I'll explain where I'm buying, where I'm waiting, and what the charts suggest for next week.

Key Insights in this episode

✅ The S&P 500 falls 2.7%, while the QQQ breaks below its 200-day moving average, raising concerns about further market weakness.

✅ Gold rallies 4.5% above $4,000, silver gains 5.4%, and gold miners surge 13.6%, signaling renewed strength in precious metals.

✅ Uranium remains my favorite opportunity, with the Sprott Physical Uranium Trust trading at an estimated 16% discount to NAV and URNM showing positive divergence.

✅ Oil plunges as WTI loses 12.2%, Brent drops 13.6%, and XLE falls 12%, bringing energy equities closer to attractive buying levels.