Recorded on January 28, 2026
Michael Oliver, founder of Momentum Structural Analysis, joins Steve Yang to lay out why he believes the real driver of the next major move in metals is not a headline—it’s the bond market. Oliver explains how MSA reads “momentum structure” across asset classes to identify inflection points in gold, silver, miners, oil, the dollar, bonds, equities, and crypto before price narratives catch up.
A major focus is silver: why it can go quiet for years and then reprice violently, and how the silver-to-gold relationship can shift fast in late-stage bull phases. Oliver also breaks down why miners can outperform the metal when their relative value structure breaks out, even if broader equities roll over. He then turns to energy, outlining why oil may be undervalued versus its own historical price structure and how a breakout could drive a sharp move higher. The episode closes with a blunt take on Bitcoin momentum risk and how cross-asset stress can collide when bonds, stocks, and liquidity crack.
Key topics:
Why bond-market stress can be the accelerant for gold
Gold bull-market context and how MSA frames the larger cycle
Silver repricing dynamics and late-stage surge analogs
Silver-to-gold relationship shifts and what signals “go time”
Why miners can outperform gold on relative value breakouts
Commodity supercycle framing using copper/lead behavior
Dollar index limitations and broader fiat currency decay
Stock rollover vs crash timing and what creates the “event”
Oil undervaluation and a breakout path toward the 90s
Bitcoin momentum structure risk and contagion concerns
What Momentum Structural Analysis covers and how to follow their work
Guest links:
https://www.olivermsa.com/
Host Steve Yang (Natural Resource Stocks)
Website https://www.NaturalResourceStocks.net
YouTube Main https://www.youtube.com/@naturalresourcestocks
YouTube Clips https://www.youtube.com/@NaturalResoureStocksClips
X https://x.com/TheSteveYang
LinkedIn https://www.linkedin.com/in/thesteveyang/
Steve Yang X https://x.com/SteveYangStocks
Steve Yang LinkedIn https://www.linkedin.com/in/steveyangstocks/
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