The last time both gold and silver sat

where they're sitting right now, gold

went up 240%.

Silver went up 320%.

But it didn't happen the way you think.

Central banks were dumping gold for

months in 2026. And the headlines were

screaming that the gold trade was over.

And then quietly something started to

flip. And I'm going to show you exactly

what flipped, when it flipped, and what

it means for your money. By the end of

this video here, you'll understand the

mechanical pattern that's repeated after

every major crisis in gold and silver in

the last 50 years and why this pullback

isn't a breakdown, it's a setup. Winston

here is our in-house gold analyst. Get

it? Golden Retriever. He's also going to

give you three gold mining stocks and

royalty companies that could give you a

two or a 3x upside on that without

actually leveraging your account. And

because Winston is going to make this

video so information dense for you to

give you lots of value and to make sure

it really lands for you, we're also

going to give you a bonus full research

report covering everything that we're

going to go over today and more. Because

this video shouldn't be hours and hours

long. You can download that for free at

felixfriends.org/gold2026.

Links down below in the description.

It's completely free. Nothing required.

Just download it. If you're wondering

who the heck we are, my name is Felix.

I'm an ex-investment, banker, and

economist. This here is is Winston. Uh

he's also the co-founder of the Goat

Academy where our retired Wall Street

mentors have been teaching regular

investors like you for the last six

years. Uh we've taught well over 20,000

people by now, which is super super fun.

And we're going to show you how the

sausage gets made on Wall Street, what

it really means, and then the exact

pattern that we've seen play up multiple

times. Gold dropping in the middle of a

global crisis like it is right now. So,

I'm not going to give you financial

advice. I'm not even going to give you

my opinion. I'm going to give you the

mechanical sequence that repeats after

every major oil shock. Think 73, 79,

1991, 2001, 2022. Yeah. every every one

of the big ones. And once you see those

patterns, you won't be able to unsee

them again. So, let's start with what's

probably making your blood boil right

now. And let me know if if if it's

annoying you that gold and silver are

down. Let's put put annoyed in the chat

or an A will do, too. Gold hits an

all-time high of up here somewhere,

5,000 almost 600 in January. And then

the Iran conflict breaks out and gold

drops. Not like 5% or 10%, but no, like

a lot. You know, we're talking like 20

odd percent. And every retail investor

on the planet expected gold to moon,

right? And it did the exact opposite.

And I bet some of you are watching this

right now and you're sitting in the red,

right? Let me know if you're in the red

on on gold in the comments. Just write

red gold in the comments. But let me

explain to you what happened because

once you understand this, you'll never

look at a crisis the same way again and

you'll understand where the next

opportunity sits. So tattoo this on your

forehead or wherever you you you you

take notes because this is a really

important other thing to understand. The

step one is we get a geopolitical shock.

You know in this case it was a major

conflict in the Middle East. What

happens next? Well, oil goes up, right?

And oil is going to continue to go up.

In my humble opinion, uh 20% of the

world's oil flows through that part of

the world. And when it's disrupted, well

guess what? Prices go up. It's

particularly complicated. Step two, when

oil spike, inflation actually doesn't go

up immediately, but expectations of

inflations do like expectations of very

long golden retriever massages around

here. And in markets, expectations are

everything. And then you get to the

third step. The Fed can no longer cut

interest rates because they see the

inflation expectations rise. So the

Fed's going stuck, can't do anything

because we got to fight inflation. And

then step four, when the market realizes

the Fed isn't going to cut, the interest

rates go up. Bond yields they call it,

which are basically the interest rates

that the market sets, not the Fed or the

government. The Fed doesn't actually set

interest rates. It is the market that

does. The Fed doesn't want you to know

this, but it's how it actually works.

And it sounds a little bit complicated,

but stay with me because this is so

important. And when you understand what

bond yields are, it's basically how much

interest do you get for holding US

government debt. Well, if they're paying

you 5%. And gold is just sitting there

doing nothing, paying you nothing. So,

what do you think the big money does?

Well, they flow into the sure thing,

right? Wall Street likes a sure thing.

And 5% is a sure thing. And then what

happens? The dollar strengthens. Why the

heck does the dollar strengthen? Because

every scared investor around the world,

every pension fund manager is losing

sleep and they're all moving their money

into the one safe haven the world still

believes in for some reason, US

treasuries or US debt. So money money

pours into US debt. And all those

foreign buggers like me, they have to

buy dollars, right? They sell their yen

and their euro monkey currencies and

they buy the good old, you know, US

dollar for it. And because gold is also

priced in dollars, a stronger dollar

means gold gets cheaper or it looks

cheaper to everybody else. So you get

three headwinds hitting gold at the

exact same time. You get the higher bond

yields, the higher interest rates, a

stronger dollar, and then you get force

selling from institutions who need to

raise cash or those who are locking in

or those who are locking in their

profits because you remember gold

started around here where the first sort

of real like buy signal kicked in in Feb

2024 around $2,000. So, a lot of people

made a lot of money there. Seems the

massage has finished over here. So now

you know why your gold position is in

the red while the world is uh is is on

fire. And this has happened every single

freaking time. Going to have to put

these on because these lights are very

bright. Better for your eyes. So

literally go back the last 50 years.

October 73. OPEC cuts production, slaps

an embargo on the US. Oil does something

insane. And gold initially dropped and

then it rallied

tremendously. Or you have the Iranian

revolution of 79, oil production drops,

price of oil goes to the moon, gold

doesn't do anything and then over the

next 12 months it goes up like 89%.

1991 Gulf War, Iraq invades Kuwait, Bush

invades Iraq for the first time and um

oil spikes, gold popped about 10%.

Energy stocks went to the roof, defense

stocks obviously outperformed. But if

you go back into then 911, what does

gold do after that? Gold goes on a

decade long run from 250 to 1900, right?

Which is kind of what we got to in 2024.

And then Ukraine, Russia, same scenario.

Gold finally breaks 2000. So gold

initially tends to drop and then it

recovers to higher highs every single

time. Now of course past performances

and the future promise and all that kind

of stuff, is it Winston? Um but this is

what's happened every single time in the

last 50 years. So I think it's a pretty

important thing to understand. Now most

investors will get surprised by exactly

this kind of a move, right? They'll

chase too late. They buy at the top,

they sell at the bottom. And and let me

know if any of you, and there is no

shame in this, did any of you buy silver

up here at sort of $100 and right now

you're really frustrated with it because

it's down 30 40%. Or maybe you did the

same to gold. Literally share it in the

comments. If you bought it near the

highest in January, write highs in the

chat. Or maybe you panic sold during the

crash because it was down quite a bit

and you got annoyed by that, put panic

in the chat. Or maybe you've been doing

it with a stock. It doesn't matter

whether it's gold or silver. It's the

same thing. Is I've literally reviewed

thousands of portfolios and I see the

difference in strategy between retail

and Wall Street. Most retail investors

lose money because they are stuck in

certain stocks or gold or silver and

then they seek safety. And what do they

then do? Well, they buy index funds. But

index funds hide the real picture. The

truth is that if you own an S&P 500

index fund, and I guarantee you do,

maybe not directly, but it'll be in your

pension, there are handful of winners,

10 15 winners that carry the whole

thing, and then there are 490 stocks

that drag you down. And that sounds

weird, doesn't it? Why do I own 500 when

only these guys up here do anything? But

I've been told it was safe. But what if

that was wrong? That's exactly why

Winston and I are going to run a free

live session for you. First time ever,

probably last time ever. And I call it

the index fund trap. Why the S&P 500 is

lying to you. And it's something

institutional money understands. It's

something that almost no retail investor

understands. And I'm not trying to scare

you. I'm not trying to freak you out.

Don't do anything. Don't sell your S&P

index funds right now. But learn what it

actually is that you own. And then you

can come to the realization whether or

not that's something you want to keep

earning or whether you might want to

improve upon that. So you can get

yourself a free ticket to this live

event be two hours long. I'm running

this live from France at index.com

index.com. The link's down below and I'm

going to walk you through the exact

setup for navigating what's coming here

including this gold and silver setup.

But two hours, as I say, live from

France, free seed atindextrap.com.

Uh, why am I not telling you everything

in this video? Because the video would

get silly long and YouTube doesn't like

making putting out twoour videos. But

let's get back to the promise and the

premise of this video. Every time gold

or even silver sat where it's sitting

right now, literally there's a technical

level that every big institution, every

fund, every central bank watches, and

it's very simple. It's called the 200

day moving average line. And let me show

you gold right now. Gold right now. Get

a pen. Okay, first of all, there is a

purplish line on here. That is this 200

day moving average. Please take notes.

You will forget it. And right now, we're

trading significantly below that. Right,

we're trading here. So, we're looking

bigly below that. The last time we were

that bigly below it was briefly in April

2025. And before that, it's actually not

on my chart in the last year or two. So,

what happened, and again, I'm not saying

to you it's going to happen exactly the

same way, but last time we were at that

sort of a level, we were at 27 bucks and

we went up a couple of hundred%. And if

you zoom out even more, and you see

these opportunities where we are below

that line, well, we were below that line

down here at $17. We were below that

line in a big fashion at $11 in 2020.

Right? All of those were beautiful shiny

opportunities for a rally in silver.

I'll show the same thing to you for

gold. You can see where we are right now

on gold. You see this line here, which

is again the same 200 day moving average

line. We're trading here. Pretty big gap

below the line. That gap here was

actually less. Now, that gap, we were

trading at $1,800 for gold. So, let me

ask you this. Would you like to have

bought gold at $1,800? But actually, if

you zoom out a little bit, the

significance of the drop is more like

what we saw in 2022.

And in 2022, I can tell you we were

trading at 1,500, $1,600 an ounce,

right? Right now, we're trading at

$4,300, which everyone's crying about.

This is something that happens very

rarely. When it does, it is, I believe,

an opportunity. I'm not telling you to

buy it. I'm not a financial adviser. you

got to come to your own conclusions, but

it's something to understand in study.

So, I looked up the data. Last 10 times

gold touched the 200 day moving average

line over the next 12 months. On

average, we did 8%. Obviously, more if

you had a bit more patience. 60% win

rate on that. Again, not promising

that'll happen in the future, but we

were 100% positive at 12 months into it.

Now, obviously, some of you are saying

past performance doesn't guarantee

future results. True. Yes, you're

completely right. It doesn't. But let me

walk you through why the conditions

today are more extreme than anything we

saw in all those previous episodes. The

US the US um debt or the uh please vote

for me please vote for me fund. It was

sitting at 500 billion in 73. It's about

39 trillion right now. The government is

paying three billion a day in interest a

trillion a year more than the entire

defense budget. Literally every aircraft

carrier, every fighter to every soldier,

more goes to paying interest on the debt

than in defending the great US ofA. And

central banks in 73 were selling gold.

There is no silver supply deficit.

Today, central banks are buying again at

a pace we haven't seen in a long time.

And we have a tool for that in in the

Winston app. There's a whole metal

section. And one of the things we track

in there on literally a map, make it

bigger for you. We track on here if you

just remove the mining operations and

everything else. You just leave the

central bank gold thing on there and and

we pin you out an alert as well a few

days ago when the data came in and you

can see a lot of the um more abundant

European nations are selling gold.

Poland, they're smart. They're buying

gold. You see a lot of the Asian nations

are buying gold and we're back to

central banks by being net buyers of

gold. Now, the reason that they started

selling off is like you see all these

little red dots here in the Middle East.

All these guys were selling Turkey

especially, but also rumored to be the

Emirates and so on because their oil

sales stopped. So, they're not getting

dollars in. So, they're selling

something that's liquid they can tide

themselves over with. So, we're at a

phase now where we seem to have bottomed

out there. So these guys are no longer

selling as much or maybe they stopped

selling and overall all the central

banks in the world are now net buyers

and I think that's very important to

understand. You want to get access to

that data. There's a ton of data in

here. You can also like click on gold

for example and it shows you what the

biggest players are doing institutions

still sellers which actually is kind of

an indicator to be a contrarian. I I

would argue show you the gold and silver

premiums in Shanghai and so on. the

Chromx inventory, the stress tests. It's

it's it's all in there. Who's buying and

holding gold and everything? It's all

it's all in there, plus much much more.

There's a link down below. You can try

it for for literally there's a whole

month trial. So, we I'm not someone who

wants to hold you hostage to software.

If you like it, you stick around. If you

don't, you cancel it on day 29, which is

also fine. But let me teach you what

I've learned from my Wall Street MA

mentors, the guys who literally worked

on the metal exchanges, made the markets

I mean, you know, I like to think, but I

when I say make the market, I always

think of manipulate the market, but

obviously I'm wrong because they made

the market more efficient. That was that

was the word I was looking for. And

they're the same guys who teach teach my

students. There are four phases to this.

And again, you might want to write this

down. So phase numero uno is week sort

of one to four. You get panic selling.

Retail tends to lock in losses. Um tons

of media fear coverage. Don't watch the

news. Don't watch the war news. It

doesn't make you any smarter. It makes

you more fearful, which is what a lot of

people make money out of. The smart

money usually just sits there and waits.

And then you get to phase two, which is

sort of month two to three end. So the

panic starts to settle a little bit. The

fear comes down a bit. the safe havens

kind of pull back. Gold drops, silver

drops a little bit more, and that's

usually where retail gets massacred

because you look at your portfolio, you

see red, you read the headlines saying

gold's over, and then you sell, right?

Now, in my opinion, just a humble

opinion, this is the worst possible time

to sell. But it is the most common time

that people sell because we're human

beings. We're hardwired to do the wrong

thing at the wrong time. Right? Money

isn't intuitive. I always say that it's

just it's rules based but it isn't

intuitive. And then we get to phase the

which is the central banks are giving us

the structural bid the structural

buying. The miners start popping up. The

recovery begins but retail is too scared

to get back in because they just had a

painful period with gold and silver and

and miners and everything else. So they

miss out. And I want to make sure you

don't miss out on the opportunities that

are in front of us. I'm not telling you

what to buy. I'm just saying learn the

rules so you can come to your own

conclusions. Right? Better you learn how

to fish than me give you an old smelly

fish. And then we go to four phase four

where prices are now above the crisis

levels. Happens after every major shock

oil shock in the last 50 years. And even

Wall Street is currently saying gold

should be 35 to 40% higher than it is

right now. And I'm talking JP Morgan and

Deutsche and every Wall Street bank out

there all with their price targets and

the 6,000 something. So let me ask you

this simple question. Do you want to be

positioned before the herd figured this

out? If you do, put herd in the

comments. So you understand the

mechanics, you understand why gold

dropped, you understand the signal, you

understand the four phases, but there's

still a piece missing that most

investors really miss out on. And it's

probably the most important one because

most investors will get surprised by

this, right? And then they're going to

do the same thing again. They're going

to chase

too late. They're going to buy silver

again somewhere up here, you know, after

the rally. Our entry point was here. Our

entry point was there. This one here is

one you should frame because the volume

institutional money pouring in was

something I've never seen before on a

stock chart. But retail bought it too

late once it was mainstream news and

became exit liquid and it was painful,

right? How does it feel to hold

something that's down, you know, a lot?

Feels doesn't it? Feel painful.

You stomach is tighter. You feel like

you've been conned. You feel like there

is, you know, market manipulation and

you feel frustrated and all that stuff,

right? Put your emotions in there in the

comments how that makes you feel. But

you're not losing money because delete

that last sentence. You're losing money

because

you haven't got the rules. You're losing

money every day in my humble opinion

because you're stuck in an index fund

that hides what's actually going on

there. You own basically these winners

and you hold this many losers as your

president likes to say. And I want to

help you fix that. I want to help you

look at the market in the way that Wall

Street looks at the market because Wall

Street doesn't do that. Wall Street

doesn't just even Warren Buffett, Mr.

Buy the index fund. Well, guess what?

They sold all their index funds. They

don't own any anymore because they

realize the game's up. The market has

changed. It used to be in your parents

or grandparents' world, you could just

buy the index, you'd retire, and you'd

be wonderfully rich. Absolutely. It's

changed. And there is a mechanical

reason for that. And that reason is

understood by the guys I talk to, the

guys on Wall Street, the guys who used

to run the hedge funds and work in the

big banks, but it isn't understood by

many people out there in the retail

world. So, we're going to teach that to

you. One free live session, two hours.

It's called the index fund trap, and you

can get yourself a free seat at

indexp.com. It'll work for you if you

are in the socialist states of Europe or

if you're in in the Americas or pretty

much anywhere else in the world because

I'm doing it live from from France. So,

time zone should work for you guys and

I'll give you that exact playbook. How

they understand what's coming, how they

understand that it's changed. Index

funds were no longer are no longer what

they used to be. So, get yourself a free

seat. Two hours live. There won't be a

replay. Don't ask me for one. But I want

to give some of you guys who are more

the stock crowd. I want to give you some

something to to to study because we

cover the mechanics, the mechanics, the

the signals, the four phases, the

central banks flipping, all that stuff.

You know, there's a silver deficit. I'm

not going to u run you through that

again. So, what do I like to buy? Yes, I

like owning gold. I like owning silver.

But I make the real money with miners

because when gold goes up 10%, miners

tend to go up 30%. It's a leverage

that's built in. And I'm going to walk

you through three companies here. Um,

give you all the information so you can

look look at them. Um, first thing I

always do, go to the Winston app, look

at stocks, and and here's the first

ticker, AEM. And you can type that in

there. There it is. Agniko Eagle Minds.

And that tells you quite a lot. Gives

you our score. How solid of a business

do we think it is. Obviously, do your

own research. Shows you their revenue

growth, record revenue growth, profit

growth, insider ownership. It tells you

basically every number you want to see,

you want to understand and then little

sort of Winston tips of you know revenue

is actually accelerating here. But what

I really want to look at with you guys

on the weekend and we'll we can look at

these particular examples then for you

on the coming weekend that is is I see

something on this chart here that makes

my heart skip a beat. Um and it and it

is this slightly ludicrous looking

zigzag pattern. I call it a heartbeat

pattern. And right now, don't get me

wrong, it isn't quite where we like it

to be, but it is the setup. And the

setup to me is saying we're in the late

stages of selling. Don't run out and buy

it. I haven't yet. Um I'm going to wait

a little bit here. But for me, that's

exactly what I'm looking for here. And

if you didn't know who these guys are,

they are they're a company that dig gold

out of the ground and then they sell it.

That's I think the simplest way to

summarize the business. But the cool

thing is with gold prices where they

are, you know how much it cost them to

get a ounce of gold out of the ground?

$1,400

is their cost. So we're trading at

wherever we're trading at as you're

watching this. You know that they're

making money, right? Because they're

selling at the market price. So they're

making about

$3,300

an ounce profit. That's pretty good,

right? That's a pretty sweet margin. And

if gold goes higher, guess what? their

profits go higher and higher and higher.

So, it's a it's a leverage play on that.

The second stock I want to look at with

you and and these are also in the in the

dock down below or if you want to play

with the Winston app is called FNV. Uh

it is a stock listed in um Snow Mexican

Land Canada. I'm just kidding. I love

you Canadians. Canadians are wonderful

people. Um but look at that revenue

growth, right? Insane. 88% on the year

and very very very solid numbers. Very

very very solid numbers I'm seeing here.

And if I look at the stock, what am I

seeing? I'm seeing my famous pattern,

right? Still not where I wanted to be,

but I'm seeing the selling fizzling out.

If you're wondering what these guys do,

read about it here. They don't mine any

gold. They're a royalty company, so they

finance gold miners. Um, and they

collect basically royalties for

everything that's dug out of the ground

in in return. Very very very impressive

numbers there. I I like that business

model, I must say. Then we also have

WPM, probably the most famous one you

might have heard of. Weaton precious

metals. We give it a pretty decent score

here, 72. We also show you politician

buying, Trump buying, all that stuff.

Not a lot going on there to be honest.

The answer too small for me to pay any

attention, but again, tremendous revenue

growth the last two quarters generating

a lot of cash. Just very, very, very

solid numbers overall. And again, WPM

has the same pattern that I look for.

Not quite where I wanted to be yet, but

setting itself up in my humble opinion.

So, I'm not buying it yet. I'm waiting,

but I'm seeing something that I really,

really want to have on my watch list

right now. But most people don't buy

these. Most people will buy a silver

index fund or something like that. But

you are missing out, I understand, on

the real opportunity with good risk

management, right? Don't just run out

and buy buy gold and silver miners if

you don't know what you're doing because

that could cost you a lot of money. And

that's the exact opposite of what we

want to achieve here. But if you can see

the opportunity, I'll show you the last

time we had that heartbeat pattern. It

was here really. That was the last one.

There was one here before, too. There

was one here. And I show you how much

that went up from that point. it really

broke out of it from here but it went up

a lot right 100% plus and so there is

something I think worth studying I'm not

promising returns but when you get these

these periods where you are drifting

sideways people are getting tired of the

gold and silver story that's exactly

when I want to look at potentially

buying it and look there are probably

two types of investors watching this

video right now right type one sees gold

pulling back from its highs and thinks

it's over gold was a hype. I should have

sold at the top and then they're going

to go back to scrolling and watch

someone else tell them to buy whatever

the latest AI stock or something and

then six months from now when gold is at

new all-time highs. They'll say, "Oh, I

knew I should have." Now the type two

investors sees the same pullback in

things phase two mechanical suppression

because I just taught you that they look

at the structural setup look see that

it's actually more bullish than it was

at the top and then they start

accumulating at the right moment not too

early at the right moment just like the

institutions just like the central banks

are it isn't about smarts it isn't about

intelligence it's not about how much

money you got it's not about your

connections it's about understanding the

rules but Wall Street for So, which type

do you want to be? Type one, the chaser,

or type two, the guy who's learning the

skills? Put it in the comments. Write

I'm I'm a chaser, or write skills in the

comments. And if you are someone who

wants to learn the skills, join me on

the weekend, go to indexp.com,

grab yourself a seat, show up for

yourself, bring a notepad and a hot

beverage, and we're going to have some

fun. And I'm going to teach you the

actual rules. I'm going to walk you

through actual stocks and the gold and

the metal charts and all that stuff,

show you how you can see the

institutional money moving around. It's

much much simpler than you think, but

you got to learn it. Otherwise, you will

forever be the chaser. You got some

value out of this video. If you know

some people who might get value out of

the live training, send them the link,

share it with them. That would make me

very happy. And I look forward to seeing

you guys on the weekend in France. All

the best. Six months ago on this

channel, Winston here warned you that a

wave of trillion dollar IPOs would mark

the top of the market. And this week,

Ray Dalio, literally the most success