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© 2026 Benzinga | All Rights Reserved
Schiff Warns Metals Bubble
February 5, 2026 4:04 PM 3 min read

4 Ways to Trade the Metals Momentum Wave

by Tom Gentile Benzinga Maven
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ArticleFeaturedTickersList12345!!!

Last week, gold exploded through $5,000 overnight. Silver rallied double digits in a single day—and then dropped 37% just as fast. And suddenly, everyone from Bloomberg to TikTok was talking about metals again.

We've seen this movie before. But this time, there's something very different going on beneath the surface.

The usual suspects are still in play—central bank demand, a weaker dollar, and geopolitical tension. This time around, however, we've got a strong seasonal pattern lining up perfectly with good old-fashioned momentum. 

And it's opened the doors to some of the most profitable setups we've seen in months.

That fits the bigger picture. 

See How Congress Is Trading the Market

Speaking of GLD, March call spreads are still one of the smartest ways to play gold's seasonal edge. Defined risk, lower cost, and you're not stuck overpaying for straight calls. Take profits as targets get hit—then reload if the trend keeps pushing. This isn't about home runs. It's about running the play that works, over and over.

Now let's talk about silver.

GLD and SLV are the go-to ETFs here. Tons of liquidity, tight spreads, and they move with the metal. With volatility up and seasonality in your corner, these are prime setups—for call spreads, short puts, even iron condors if you want to collect premium. They move with the metal and give you the setups you can actually trade.

Freeport-McMoRan Inc. (NYSE:FCX) is one of the biggest names in copper. And when copper moves, so does FCX. 

Copper's baked into clean energy, EVs, and global infrastructure, all backed by real government money. The fundamentals are solid, and it moves when the metals move. 

So there's no need to swing for the fences right now. You can ease into it with March or April call spreads or pick your spots on a pullback. Let the setup come to you, then trade it.

What's Driving This Momentum

We've got a few key things working in our favor right now. Seasonals are turning up. Volatility's high enough to reward premium sellers. And money's shifting—out of tech, into hard assets like metals and energy.

This isn't about guessing. It's about patterns that keep showing up—and knowing how to trade them. When you combine history, timing, and smart risk control, you don't need to swing big. You just need to take what the market's giving you.

That's how we stay one step ahead—while everyone else is chasing headlines.

Image via Shutterstock

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© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Posted In:
OpinionTrading Ideas
FCX Logo
FCXFreeport-McMoRan Inc
$59.20-4.29%
Overview
GFI Logo
GFIGold Fields Ltd
$50.02-4.81%
GLD Logo
GLDSPDR Gold Shares
$441.38-2.77%
SLV Logo
SLViShares Silver Trust
$66.39-16.2%

Here's the metals trades I’m eyeing right now.

Gold Fields Limited (NYSE:GFI) is a South African gold producer that's been crushing it lately, thanks to fat margins, a friendly currency backdrop, and a burst of options activity. Traders are circling for short puts or put spreads. It’s a straight-up income play with defined risk, riding a trend that's got real legs.

Benzinga Edge's Government Trade Tracker lets you monitor stock trades filed by U.S. lawmakers under the STOCK Act. See over 440 active trades across 185 members of Congress, with average performance tracking near +16.9%. Over the past 12 months alone, lawmakers have pulled more than $91 million out of the market — revealing themes retail investors often miss. View The Latest Government Trades

Gold hasn't been flashy, but the move's been real. SPDR Gold Shares (NYSE:GLD) quietly climbed from the $250s to over $400 in the past year. But now, we're heading into gold's sweet spot. And over the last decade, it's rallied between late January and March nine out of ten times. That's a seasonal edge worth trading.

iShares Silver Trust (NYSE:SLV), the silver ETF, ripped 11% in a day before coughing up a third of that gain within a week. Moves like that knock out the late entries, but the real setup hasn't changed. Physical silver's still tight, retail supply's drying up, and premiums are pushing higher. Meanwhile, all the back-and-forth? That's the paper traders and short-term players chasing moves—not real demand.

FCX Logo
FCXFreeport-McMoRan Inc
$59.20-4.29%
Overview
GFI Logo
GFIGold Fields Ltd
$50.02-4.81%
GLD Logo
GLDSPDR Gold Shares
$441.38-2.77%
SLV Logo
SLViShares Silver Trust
$66.39-16.2%
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