Recorded on March 30, 2026
In this interview, Andy Millette sits down with J. Michael Oliver of Momentum Structural Analysis to break down why he believes the US stock market is in a major topping process and why that matters for gold, silver, and the broader commodity complex. Michael explains why he does not view the current action as a simple headline-driven panic, but as part of a deeper structural shift that could force central banks back into aggressive intervention. He lays out why gold remains the alternative when confidence in the money unit starts to crack, why silver is still historically cheap versus gold, and why miners could still be very early in a much larger move. The conversation also covers why AI may not be the only downside leader to watch, why financials matter more than many investors think, and how oil could still have room to run even after war-driven volatility. If you want a serious macro discussion built around momentum structure rather than surface-level headlines, this episode delivers a deep and timely framework. Like, subscribe, and ring the bell. #Millettian
Key topics
Why Michael Oliver says the US stock market is in a topping process
Why gold becomes the alternative when confidence breaks
Why the recent gold and silver selloff may be a reset, not a reversal
Why silver still looks cheap versus gold
Why miners may have major upside if the structure holds
Why AI and financials matter in the next market phase
Why oil could pull back short term and still remain bullish longer term
Guest links
https://www.olivermsa.com/
Host Andy Millette Natural Resource Stocks
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Chapters
00:00 Why stocks matter for gold
00:56 Why gold does not need a stock crash to rise
01:17 The stock market topping process
07:20 S and P and Nasdaq momentum structure
16:20 Gold, silver, and miners versus the S and P
20:28 Why the metals correction may be healthy
25:29 Why silver is still cheap versus gold
29:57 AI, financials, and what breaks first
43:07 Oil, war, and commodity value
46:03 How to get Michael Oliver research
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