Recorded on September 2, 2026 at NRS Studios
Michael Oliver, founder and chief analyst of Momentum Structural Analysis, LLC, joins Natural Resource Stocks host Andy Millette for a technical discussion on gold, silver, mining equities, stocks, bonds, oil, and the broader commodity complex.
Oliver explains why he believes relative performance is revealing an important change beneath headline price charts. He focuses on silver versus gold and on the PHLX Gold/Silver Sector Index, XAU, versus gold after a long relative-performance base. His central thesis is that silver and mining equities are beginning to show leadership, with silver miners his personal preference within the precious-metals complex.
The discussion examines the rapid recovery in large precious-metals names such as Newmont and Wheaton Precious Metals. Oliver interprets that strength as possible evidence that major asset managers are reallocating a small portion of capital away from traditional paper assets and toward hard-asset exposure. He explains why the small size of the mining sector can magnify institutional capital flows.
Andy and Michael connect the precious-metals setup to stocks and bonds. Oliver questions the traditional stocks-and-bonds allocation framework and explains why he sees sovereign bonds as a less reliable alternative when investors become cautious about stocks.
The final portion turns to the Bloomberg Commodity Index. Oliver argues that commodities were strengthening before oil became a major participant, making oil a participant rather than the leader in his analysis. He connects the move to monetary expansion, capital rotation, and assets he believes remain relatively inexpensive compared with financial assets.
Key Topics
- Michael Oliver and Momentum Structural Analysis
- Silver versus gold relative performance
- Silver miners and gold miners
- XAU and the 13-year miner relative-performance base
- Newmont and Wheaton Precious Metals
- GDX and SIL mining ETFs
- Institutional asset allocation and capital rotation
- S&P 500 and Nikkei 225
- Sovereign bonds and portfolio diversification
- Bloomberg Commodity Index
- Oil versus the broader commodity complex
- Money supply growth and hard assets
Michael Oliver and Momentum Structural Analysis, LLC
Official Website
https://www.olivermsa.com/
Sample Reports
https://www.olivermsa.com/contactsample-reports.html
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Host Andy Millette – Natural Resource Stocks
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https://naturalresourcestocks.net/
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https://x.com/theandymillette
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https://www.linkedin.com/in/andymillette/
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If this market framework is useful, subscribe to Natural Resource Stocks for more serious resource-sector analysis. #Millettian
Chapters
00:00 Silver and miners take the lead
00:55 Michael Oliver joins Andy Millette
01:40 Capital moving out of paper assets
04:33 Newmont and Wheaton signal institutional interest
11:32 XAU miners versus gold
13:23 The 13-year miner breakout
17:04 Silver versus gold leadership
18:15 Stocks, bonds and capital rotation
20:00 Bloomberg Commodity Index breakout
22:30 Why oil is not the leader
23:38 Money printing and asset-class shifts
24:33 Oliver MSA sample reports and closing
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