While lots of recent research has hit on precious metals recently, we would be remiss if we didn’t hit on the historically bad end of last week for precious metals. After a meteoric rise over the last few months that saw silver notch action above $110 and gold march above $5,000 p/oz., market action on 1/30 saw both metals crack under the pressure. Gold and silver represented by GLD & SLV feel 10.27% and 28.54% respectively. These “meme-stock” type declines marked the worst trading days in our recorded history for the funds (since 1990 for SLV & 1975 for GLD) and certainly seemed like a short-term cap to the recent market action… at least towards the upside. The charts below help visualize this decline via histogram. An interesting tidbit for the dinner table: the -28.54% return singlehandedly moved the average daily return for silver from +.05% to .04% since 1990. There is certainly some rounding magic going on behind the scenes to help smooth out the values, but the fact that a single day noticeably affected roughly 9,400 trading days lends a hand to how intense the decline was.

Now, the aftermath. Although most of us would have agreed that an exhale/normalization was due for the precious metals space (particularly silver), few of us would have predicted an over 30% intraday decline was coming down the pipeline. With that said, there are undoubtedly those of you who have opened positions at a much higher level than where we currently find ourselves around mid-day on 2/2 (~$70 for SLV). Hopefully, those of you with some portion of your position underwater have some greater proportion of offsetting gains. Despite the losses over the last few trading days, SLV is still up over 10% so far in 2026 and nearly 200% since the start of 2025. This fact brings up our first lesson: remember not to panic. The historic decline certainly hurts, but those following the trends for precious metals over the longer term have been rewarded, especially over the last few years. The now 35-box string of O’s off chart highs for SLV brings the name right back to the middle of the trading band and within just a few dollars of a range of relevant support in the mid-$60’s. All this to say, despite the intense drop, there is some sense of normalcy leaving us with defined ranges of support and resistance we can look towards amid the continued volatility.

There are four precious metals stocks that maintain their perfect 5/5 TA scores, relevant PnF buy signals on their default charts, and fit some general liquidity overlays. While it probably makes sense to wait until some of the volatility subsides in the space, it is worth having a short-list of options to look into if things start to pick up towards the upside again. The list is below, as well as a highlighted picture for IAMGOLD Corp. (IAG) which recently pulled back off its relative highs. Remember to keep in mind general suitability when considering positions. IAG has an RRisk of 4.25, suggesting that it can move around quite quickly if things continue to head south for precious metals.

“Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1.” — Warren Buffett

There weren’t many investments to lose money in 2025, but one area that succeeded in doing so was cryptocurrencies. Bitcoin ($BTC) is easily the biggest name in the cryptocurrency space, and even it hasn’t been immune to the group’s weakness. Bitcoin reached a high of X in October of last year, but it’s fallen nearly 40% from its peak, and it is currently trading below $80k. Looking at its PnF chart, Bitcoin moved to a sell signal for the first time since March after breaking a double bottom at $77k. Many investors own a fund equivalent of Bitcoin, and none is more popular than the iShares Bitcoin Trust ETF (IBIT). IBIT moved to a negative trend in November, and it now lacks near- and long-term market relative strength. Consequently, it holds an extremely weak fund score of 0.61, in addition to a negative score direction of 5.31, highlighting its sharp decline over the last few months.

Bitcoin hasn’t been the only name moving lower. In fact, most altcoins like Ethereum ($ETH) have seen even greater declines. Out of the seven members of the Nasdaq Crypto Index (.NCI), six of them are down more than 50% from their 2025 highs, with the average decline sitting at 60.3%. This broad-based decline within the cryptocurrency market has seen participation take a massive hit. Currently, none of the seven NCI constituents trades on a buy signal, while Bitcoin is the only name to trade in a positive trend. Additionally, five of the seven coins trade on at least four consecutive sell signals. If the asset class were to see a rebound in strength, it would likely need help from more than just Bitcoin, which is far from the case currently. That said, most crypto names are in oversold territory, so they could see some reversal over the next couple of weeks. 

Crypto investors often praise the group’s its diversification benefits and upside potential. However, the group currently lacks the strength it typically displays during rallies. Those looking to maintain a personal touch with portfolios could pivot away from crypto and instead look towards other alternative assets for similar benefits.

Among the different areas that are more isolated from the market, commodities have been among the strongest this year, buoyed by a rebound in energy commodities and continued strength from metals. The iPath Bloomberg Commodity Index Total Return ETN (DJP) was up as much as 14% this year, placing the group in overbought territory. However, sharp pullback within commodities over the last several days has seen DJP return to actionable territory around the middle of its ten-week trading band. For the time being, DJP continues to demonstrate strength with an extremely solid fund score of 5.41, making it an alternative replacement for those looking to rotate out of crypto. A similar case could be made for precious metals, but the group has recently experienced heightened volatility, as we mentioned in today’s other article.

Overall, the broader cryptocurrency space continues to demonstrate a lack of relative strength. However, crypto can change on a moment’s notice, and it will likely regain strength at another point in time. Those looking to keep an eye out for a return to favor should watch several “greenlight” metrics. Today, we look most closely at the bitcoin bogey check, but fund scores, moving averages, and bull/bear markets can also provide further context, as we’ve mentioned before. For those unfamiliar, the bogey places an asset on an RS chart versus cash (MNYMKT), and the security passes when demonstrating near-term strength by sitting in a column of Xs on the RS chart. Meanwhile, periods of flight to safety marked by a column of Os versus MNYMKT often see near-term weakness and increased volatility. Applying this same concept to cryptocurrencies gives us a short-term view into whether the group might be back on solid footing. Most of Bitcoin’s gains since 2011 have come when it passes the bogey check, making that RS chart one to monitor for potential reversals and subsequent improvement.

Daily Option Ideas for February 2, 2026