In this week’s Weekly Perspective, David Morgan reviews market performance through the first three quarters of 2026, highlighting a notable divergence between precious metals, mining stocks, and energy prices.
Precious metals have struggled since the beginning of the year. Gold is down approximately 3%, silver has declined 14%, platinum is off 18%, and palladium has fallen nearly 29%. Meanwhile, the gold-to-silver ratio has increased 14.4%, reflecting silver’s relative weakness. However, mining stocks have demonstrated greater resilience, with both the HUI and XAU indexes gaining approximately 7%. Morgan considers this outperformance encouraging because stronger mining shares can signal underlying strength in the precious metals sector.
Energy markets tell a very different story. Crude oil has risen nearly 60%, gasoline is up approximately 87%, and heating oil has more than doubled, gaining 117%. Natural gas, however, remains down roughly 5%, which Morgan believes could represent an undervalued opportunity.
Morgan also examines several developments shaping the precious metals markets, including persistent silver supply deficits, tightening copper supplies, platinum's industrial applications, India's silver demand, and the growing influence of Shanghai's metals exchanges. He reiterates his view that gold remains an important measure of purchasing power, particularly when evaluating the long-term performance of financial assets against currency depreciation.
Looking ahead, Morgan expects continued volatility in precious metals through the remainder of 2026. More importantly, he warns that the broader financial system is becoming increasingly fragile. Elevated stock valuations, concerns surrounding the bond market, and risks associated with the yen carry trade create an environment in which investors should place greater emphasis on protecting their capital.
His central message is straightforward: In uncertain financial times, building wealth matters, but preserving what you have accumulated may matter even more.
Morgan closes by reminding viewers that The Morgan Report offers members a complimentary 30-minute consultation, providing an opportunity to discuss wealth preservation strategies and investment considerations.
The takeaway: The question investors should be asking may no longer be simply, “How much can I make?” but rather, “How much can I keep?”
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