Greg Weldon Says Gold and Silver Bull Market Remains Intact After Recent Correction

On a recent episode of the Money Metals Podcast, host Mike Maharrey spoke with veteran market strategist Gregory T. Weldon, publisher of the Global Macro Strategy Report, about precious metals, inflation, Federal Reserve policy, artificial intelligence, and broader global macroeconomic trends. The conversation also touched on the practical question many market watchers are asking now: whether the recent pullback in metals changes the longer-term thesis, or simply resets it.

Weldon said he has turned bullish again on gold and silver after the recent correction, arguing that the long-term bull market in precious metals remains firmly intact.

(Interview Starts Around 6:08 Mark)

Gold and Silver Outlook Turns Bullish Again

Weldon said he had previously expected silver to correct toward $61 per ounce, with a worst-case target near $54, after successfully exiting positions between $96 and $98 when prices had traded above $100.

With silver now recovering above $60, he said investors have another opportunity to accumulate physical precious metals. He described the current environment as a "back the truck up" moment and said he is personally converting long-term savings into physical gold and silver rather than holding excess cash. He also noted that one of his silver-share investments returned 167%, after being up as much as 217% before profits were taken.

Weldon remains particularly optimistic about silver. He said the breakout above $36.50 confirmed a major secular bull market and argued that the current advance is being driven by genuine supply deficits and rising industrial demand rather than speculative excess. Based on his long-term macroeconomic analysis, he said silver could ultimately reach about $326 per ounce within the next five to seven years.

AI Bubble, Stock Market Risks, and Federal Reserve Policy

The discussion then shifted to the broader financial markets, where Weldon said artificial intelligence has become the latest investment bubble. He argued that heavy capital spending on AI infrastructure, semiconductor manufacturing, and data centers is approaching saturation, which could leave technology stocks vulnerable if spending slows.

In his view, a major stock market correction could pressure many asset classes in the short term before ultimately increasing demand for safe-haven assets such as gold and silver.

Maharrey and Weldon also discussed the bond market and Federal Reserve policy. Weldon said rising long-term interest rates reflect slowing economic growth, tighter financial conditions, and growing fiscal concerns rather than healthy economic expansion. While higher yields can create short-term headwinds for gold, he argued that expanding government debt and worsening fiscal conditions eventually leave policymakers with few options other than renewed monetary stimulus.

Speaking about Federal Reserve Chair Kevin Warsh, Weldon praised his communication skills but questioned whether the Fed can realistically maintain a hardline stance against inflation. He said any meaningful economic slowdown or stock market decline would likely force policymakers to abandon restrictive monetary policy and return to quantitative easing and money creation, despite public commitments to fighting inflation.

Inflation, Food Prices, and Energy Market Challenges

Another major part of the interview focused on inflation, especially rising food prices. Weldon said weather-related disruptions remain one of the most overlooked inflation risks. He pointed to historically low snowpack across the western United States, declining fog moisture in Northern California, and NOAA's forecast for an unusually severe El Niño expected to last into April of next year. According to Weldon, these conditions threaten agricultural production in several regions, including sugar production in Thailand and coffee crops in Brazil and Vietnam.

He also warned that petroleum markets remain structurally tight despite hopes that geopolitical tensions may ease. With crude oil reserves at historically low levels and food inflation likely to accelerate alongside energy costs, Weldon said inflation will remain well above the Federal Reserve's long-term target, creating a difficult policy environment.

China, Rare Earth Minerals, and the Long-Term Case for Gold

The interview ended with a discussion of geopolitics and strategic resource competition. Weldon said China has built a substantial long-term advantage through its control of rare earth minerals, commodity supply chains, and growing gold reserves. He noted that China, Russia, and Vietnam control more than 80% of the world's rare earth resources, leaving the United States heavily dependent on foreign suppliers for many critical materials used in advanced manufacturing and defense.

Weldon said these geopolitical trends, combined with rising U.S. government debt, persistent inflation, and increasing pressure on the dollar, reinforce the long-term investment case for physical gold and silver.

Throughout the interview, he emphasized that investors should focus less on short-term market volatility and more on preserving purchasing power through ownership of tangible assets as the global economic and monetary landscape continues to evolve.

About the author

Money Metals Exchange is an online bullion dealer that has been in business since 2010 and has been voted the Best Overall Precious Metals Dealer by Investopedia. Its website is MoneyMetals.com.