Michael Oliver: 'Nuclear Event' Hitting US Markets & Silver 'Most Explosive' Upside

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Michael Oliver argues that miners are flashing one of the strongest relative-value signals he has seen in decades, with the XAU/gold relationship collapsing from a long-run average near 25% of the gold price to roughly 9% today. He says that extreme undervaluation is now reversing, and that the GDX-to-gold spread has broken above a 13-year resistance band — a technical setup he views as a precursor to miners sharply outperforming bullion. Oliver frames this as more than just a miners trade. In his view, the breakout in the miners/gold spread is characteristic of major precious-metals bull phases and should eventually translate into a much higher gold price as capital rotates back into the sector. He also links the move to broader stress in bond markets and a widening financial-system liquidity problem, which he sees as supportive for precious metals. Near term, the setup is bullish for XAU-linked equities and constructive for gold/silver sentiment, with silver described as the most explosive upside opportunity. The key risk is that this is a technical/intermarket call rather than primary flow data, so confirmation would need continued follow-through in miners versus gold and whether bond-market stress deepens into a broader risk-off episode.