In an interview first reported by Kitco News and authored by Neils Christensen, Avi Gilburt, founder of Elliottwavetrader, argued that the powerful advance in precious metals since the 2015–2016 lows is now nearing exhaustion. While gold and silver prices could still grind higher in the months ahead, Gilburt cautioned that investors should be thinking defensively rather than extrapolating recent strength indefinitely.

Gold/USD on Sunday, Dec. 21, 2025.

He framed the move as the late stage of a nearly decade-long cycle born out of post-exchange-traded fund (ETF) liquidation and waning interest that followed gold’s 2011 peak, noting that cycles, not narratives, ultimately dictate where metals go next. “I believe we are heading into the end of the cycle,” Gilburt explained. “2026 probably will provide us with the end of this long-term cycle in gold and silver, and potentially kick off another multi-year bear market.”

Gilburt added that technical levels will matter far more than macro headlines as the cycle plays out. He highlighted gold’s battle around key resistance in the mid-$4,000 range, suggesting a pullback would not be shocking—and might even set the stage for one last push higher before the cycle finally rolls over.

Silver/USD on Sunday, Dec. 21, 2025.

Silver, as usual, carries more drama, with Gilburt outlining a possible final upside run toward the $75 to $80 zone if support holds. After that, however, he expects a drawn-out reset that could test investors’ patience and convictions, especially those who assume precious metals only move in one direction.

Gilburt added:

“This is not the start of something new … This is likely the end of a very long cycle.”

FAQ 📈 📉

• What is Avi Gilburt warning about gold and silver?
  He believes both metals are nearing the end of a long-term cycle that could peak around 2026.
• Does Gilburt expect prices to rise before falling?
  Yes, he says there may be one more advance before a prolonged downturn begins.
• Why does Gilburt downplay fundamentals?
  He argues that metals follow technical cycles largely independent of macro narratives.
• What should investors watch next?
  Key technical levels in gold and silver that could signal whether the final phase is unfolding.

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