Natural Resource Stocks, Released on 3/30/26

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.

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

J. Michael Oliver entered the financial services industry in 1975 on the Futures side, joining E.F. Hutton’s International Commodity Division, headquartered in New York City’s Battery Park. He studied under David Johnston, head of Hutton’s Commodity Division and Chairman of the COMEX. In the 1980s Mike began to develop his own momentum-based method of technical analysis. He learned early on that orthodox price chart technical analysis left many unanswered questions and too often deceived those who trusted in price chart breakouts, support/resistance, and so forth. In 1987 Mike technically anticipated and caught the Crash. It was then that he decided to develop his structural momentum tools into a full analytic methodology. In 1992 the Financial VP and head of Wachovia Bank’s Trust Department asked Mike to provide soft dollar research to Wachovia. Within a year, Mike shifted from brokerage to full-time technical research. His website is Olivermsa.com. He is also the author of The New Libertarianism: Anarcho-Capitalism.

  gold, investing, michael oliver, silver