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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David Morgan: “You Cannot Print Confidence: The Bond Market Is Sending a Warning” (Video)

In this week’s Weekly Perspective, David Morgan examines a growing contradiction in the U.S. economy: weakening employment alongside historically high long-term Treasury yields. Despite disappointing job growth and expectations that the Federal Reserve may pause further rate increases, bond investors remain concerned about inflation, rising energy costs, federal borrowing, and America’s deteriorating fiscal position.

Gold and silver experienced significant corrections as rising bond yields and a stronger dollar pressured precious metals. Morgan emphasizes that short-term price declines do not necessarily undermine their long-term investment case. He also highlights the Shanghai Gold Exchange’s holiday closure and upcoming reopening as important developments to watch for renewed Asian demand and potential price volatility.

China’s reported suspension of most fuel exports introduces another potential inflationary pressure. Higher energy prices threaten economic growth while increasing production and consumer costs, leaving the Federal Reserve caught between controlling inflation and protecting an increasingly fragile economy.

Morgan concludes that lasting prosperity comes from productive labor, energy, manufacturing, agriculture, mining, and savings—not currency creation. He maintains that gold and silver remain important stores of wealth despite market volatility and encourages investors to focus on long-term fundamentals rather than short-term price movements.

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