Panic Selling has Started! How Many Ounces Of Gold & Silver Are You HOLDING? – Todd "Bubba" Horwitz
Panic Selling has Started! How Many Ounces Of Gold & Silver Are You HOLDING? – Todd “Bubba” Horwitz
A bullish reversal in gold suggests a likely continuation of its upward trend, supported by strong technical signals and a breakout that may lead to higher prices and potentially new record highs. The recent rally in gold has been marked by momentum and strength, with the price surging rapidly. However, according to Todd “Bubba” Horwitz, this pace may not be sustainable in the short term. He expects a pullback, possibly to around $2,700, before gold resumes its ascent, potentially reaching as high as $3,500 later this year. Horwitz attributes much of the recent rally to a short squeeze, driven by the imbalance between physical gold availability and the volume of paper contracts written against it.
The technical structure of the market reinforces this outlook. After hitting a record high near $3,500, gold experienced a relatively shallow pullback to $3,202, forming a classic bull flag pattern. This pullback found support near the 20-day moving average and the 50% Fibonacci retracement level, which acted as a springboard for renewed bullish momentum. The price’s strong reaction from these levels indicates a healthy uptrend, and the 20-day moving average may continue to act as a dynamic support in the near term.
While gold remains the focus, Horwitz also draws attention to the gold-to-silver ratio, which has climbed above 100:1. This suggests that silver has significantly underperformed gold during the recent rally. Silver and platinum may present better short-term trading opportunities, as they appear less overbought and could deliver larger percentage gains during any catch-up move.
However, not all analysts agree on silver’s potential to close the gap with gold. In a note released Monday, Goldman Sachs stated that gold will likely continue to outperform silver, citing sustained central bank demand for gold as a key factor that has structurally lifted the gold-silver ratio. The ratio currently stands near 102, up from around 84.7 a year ago.
President Trump has continued to pressure the Federal Reserve to lower interest rates, criticizing the central bank on social media for being “TOO LATE AND WRONG” in delaying further rate reductions. Despite this, the Federal Reserve is widely expected to keep its benchmark interest rate unchanged at its meeting on May 7. According to CME Group’s FedWatch tool, there is a 97% probability that the Fed will maintain the federal funds rate within its current range of 4.25% to 4.5%, a level it has held since its last cut in December.
While political pressure mounts for looser monetary policy, not all market observers support the idea of rate cuts. Todd “Bubba” Horwitz is among those who strongly oppose further reductions, arguing that lower rates would do more harm than good. In his view, cutting rates would exacerbate inflationary pressures and primarily serve to bail out overleveraged banks rather than support the broader economy. He warns that such a move would be a policy mistake, artificially propping up struggling financial institutions while doing little to address average Americans’ structural economic challenges.
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