David Erfle: Gold, Silver Under Pressure, Key Price Levels to Watch

Gold and silver are described as being under near-term pressure, with David Erfle (Junior Miner Junky) attributing the pullback to evolving Middle East war dynamics and associated volatility in broader risk markets. Despite the near-term weakness, he argues the longer-term backdrop for precious metals remains constructive. Erfle frames the current environment as an intensification of the bullish setup seen last year: “I’ve said in the past that 2025 was the perfect storm for gold — now it’s a Category 5 hurricane in 2026.” The interview (filmed March 3, 2026) emphasizes expected volatility around geopolitical headlines rather than a fundamental breakdown in the structural bull case. Market implications: desk should expect choppy price action and headline-driven swings near-term, with the core takeaway being “buy-the-dip” bias if risk-off/geopolitical escalation persists and/or if macro conditions reassert support for real-asset hedges. Key risk to the view is that geopolitical risk premia fade quickly and/or USD/real yields tighten further, extending downside pressure; near-term catalyst remains incremental Middle East developments and cross-asset risk sentiment.