David Morgan’s Weekly Perspective for the week ending September 25, 2026 focuses on what gold, silver, oil, and the broader economy are signaling beneath the daily market noise.

Gold has pulled back substantially from its January highs but continues to hold above $4,000 and is roughly flat for the year, outperforming silver, platinum, and palladium. Despite higher interest rates, elevated bond yields, and a stronger dollar, gold has remained resilient. Morgan argues that gold is increasingly trading on confidence rather than simply inflation, reflecting concerns about government debt, persistent inflation, geopolitical uncertainty, and the long-term purchasing power of paper currencies.

Silver has experienced a much sharper correction, falling from above $100 earlier in the year into the $60 range. While volatility remains extreme, the longer-term fundamentals are still constructive. The market is expected to remain in a supply deficit, while investment demand and industrial uses tied to AI, data centers, EVs, and electronics continue to support demand. Some demand destruction is occurring in solar through reduced silver usage and copper substitution, but mine supply remains difficult to increase quickly.

Oil remains one of the most important inflation indicators. Although prices have eased from recent highs, geopolitical risks and tight diesel supplies remain concerns. Because diesel powers transportation, agriculture, construction, and mining, higher energy costs eventually work their way into food, building materials, manufactured goods, and other consumer prices.

The broader economy, Morgan says, increasingly resembles a two-speed system. Large corporations, technology, AI, and defense spending remain relatively strong, while households and small businesses face higher borrowing costs, insurance premiums, food prices, fuel costs, and housing expenses. The Fed is attempting to restrain inflation without damaging the credit system, but higher interest rates cannot solve shortages of energy, metals, housing, or productive capacity.

The takeaway is that gold remains the foundation, silver offers greater upside with substantially greater volatility, oil remains a key inflation signal, and the economy may be more fragile beneath the headline numbers than it appears. Morgan closes by highlighting The Morgan Report’s new website, a 30-minute personal consultation for new members, and its 30-day free trial.

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