In this video, Benjamin Cowen shifts the focus from Bitcoin to gold. While many investors are celebrating gold’s strong run, he asks whether we are entering a speculative phase, and what history suggests could happen next. His approach stays macro-driven, comparing gold, silver, and equities through prior cycles.
Key Points
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Gold recently pulled back after trading near 5,000, showing large wicks both up and down, signaling indecision
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Benjamin expects a longer consolidation phase, similar to past periods where gold moved sideways while its support band caught up
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He believes silver may have already topped for the year, though gold could still push higher
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The S&P 500 vs gold ratio has broken down, which historically signals weakness in stocks
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Similar breakdowns in 1973 and 2008 preceded major equity downturns
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He notes the NASDAQ is showing signs of weakness, with lower highs forming
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In prior gold bull markets, recessions caused deep corrections in gold (35% to 50%), but gold recovered faster than stocks
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Even if gold corrects again, he argues it may still outperform equities in a risk-off environment
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Long-term, he remains macro bullish on gold due to rising uncertainty and likely policy responses such as money printing
Final Takeaway
Benjamin’s message is balanced but firm. Gold may correct or consolidate, but compared to equities, it still looks structurally stronger in a rising uncertainty environment. Even if volatility hits precious metals, history suggests gold often recovers faster than stocks during broader downturns.
