Gold's Next Big Move? Experts Warn of Market Turmoil as a New Copper-Gold Opportunity Emerges

Source: Streetwise Reports 10/23/2026

As newsletter writers Chris Temple and Rick Ackerman examine gold’s purchasing power, rising Treasury yields, and potential market turmoil, Seabridge Gold Inc. (TSX: SEA; NYSE: SA) agrees to acquire a Wyoming copper-gold exploration project.Key Investor Takeaways

• Gold’s long-term purchasing power remains a central investment theme. Market commentators Chris Temple of The National Investor Newsletter and Rick Ackerman discussed gold’s ability to preserve wealth during financial uncertainty, with Ackerman emphasizing its potential to maintain purchasing power across economic cycles.
• Gold prices face pressure from rising Treasury yields and a stronger U.S. dollar. Temple and Ackerman examined how interest rates, currency movements, and potential financial market instability could influence gold prices and investor demand.
• A potential reversal in Treasury yields could change gold’s outlook. Ackerman discussed technical levels in the 10-year Treasury yield and the possibility that financial market weakness could drive investors toward government bonds.
• Artificial intelligence stock valuations raised concerns about broader market stability. The commentators questioned whether concentrated AI-related market gains and elevated valuations could contribute to a financial market correction.
• Seabridge Gold agreed to acquire the Slaughterhouse copper-gold exploration project in Wyoming, with US$300,000 due at closing and up to US$2.55 million in additional milestone payments.
• The Slaughterhouse project includes a significant untested exploration target. The 12-kilometer mineralized trend includes the Proud Peak density anomaly, which extends more than 2 kilometers, while historical grab samples returned up to 12 grams per tonne gold and 7% copper.
• Seabridge’s KSM project remains a key company-specific catalyst. Analysts are watching for potential joint-venture and financing developments alongside the proposed Slaughterhouse acquisition.

Gold’s Purchasing Power Takes Center Stage as Market Experts Warn of Financial Turbulence

In an October 10 episode of Your Money Today, financial commentator and The National Investor writer Chris Temple welcomed longtime colleague Rick Ackerman, proprietor of Rick’s Picks, for a discussion about the direction of financial markets, the potential for an economic downturn, and the implications for investors holding gold and other assets. The conversation revisited predictions the two had made earlier in 2026 about rising interest rates and examined whether changing market conditions could create opportunities in Treasury bonds and precious metals.

Temple and Ackerman expressed concerns about the sustainability of elevated stock market valuations, particularly those associated with artificial intelligence. They also discussed the possibility that a strengthening dollar and a broader deflationary environment could reshape investor expectations across several asset classes.

Despite the near-term pressures facing precious metals, Ackerman maintained that gold’s fundamental appeal remained intact. He argued that its ability to preserve purchasing power through different economic conditions distinguished it from many other investments, even when rising interest rates created challenges for the metal’s price.

Toward the end of the discussion, Temple turned his attention specifically to gold, observing that precious metals had faced considerable pressure from rising interest rates and a stronger dollar. He noted that gold had previously reached approximately US$5,500 per ounce before retreating as longer-term Treasury yields climbed and Federal Reserve policy became more restrictive.

Temple also raised the possibility that gold could behave differently from other commodities during a future deflationary period. He pointed to the European debt crisis in 2010, when both gold and the U.S. dollar strengthened, as an example of how the two assets did not necessarily move in opposite directions.

“It’s not set in stone anymore. Really, it hasn’t been in a long time that if the dollar rises, gold can’t rise,” Temple said. “They can go up together, and they have gone up together.”

“It’s not set in stone anymore. Really, it hasn’t been in a long time that if the dollar rises, gold can’t rise,” Temple said. “They can go up together, and they have gone up together.”

Ackerman acknowledged that gold could experience additional near-term weakness, particularly if elevated interest rates continued to compete with non-yielding assets. However, he emphasized that the metal had demonstrated resilience despite what he characterized as an unusually challenging environment.

“I’m not worried about gold ultimately,” Ackerman said. “I’m not a sort of gold at 50,000 an ounce kind of guy.”

He continued, “I just always feel that in good times, bad, and even in the hardest times, gold will hold its purchasing power, and it will perform well relative to just about any other class of investable assets you can think of.”

Ackerman suggested that gold could be approaching a bottom if Treasury yields were also nearing their peak. He identified approximately 5.51% as an important technical level for the 10-year Treasury yield, explaining that a reversal in interest rates could change the environment confronting precious metals.

Temple similarly questioned whether gold should be grouped with other commodities that might experience further declines during a deflationary downturn. His comments reflected the possibility that gold’s investment characteristics could distinguish it from industrial metals and energy commodities during periods of financial instability.

Rising Interest Rates and the Possibility of a Treasury Market Reversal

Much of the conversation centered on the significant increase in U.S. Treasury yields during 2026. Temple recalled that he and Ackerman had warned in January that bond market pressures could become a major challenge for the Trump administration, a position they believed had been outside the prevailing market consensus.

The two discussed a 10-year Treasury yield that Ackerman placed at approximately 5.24% at the previous Friday’s close, following a recent high near 5.36%. Ackerman identified 5.51% as a critical technical threshold and warned that a decisive move above that level could open the possibility of yields exceeding 6%.

However, both participants considered whether the bond market was approaching a turning point. Ackerman suggested that an economic contraction, potentially triggered by a reversal in highly valued technology stocks, could prompt investors to return to Treasury securities.

On September 15, Josh Wolfson of RBC Capital gave Seabridge a target of CA$101.25 and a “Buy” rating.

Temple raised the possibility that a sharp reduction in demand for capital from the artificial intelligence sector could contribute to falling Treasury yields. He suggested that a broader market disruption might eventually push yields toward approximately 3%, although the discussion presented that outcome as a potential scenario rather than a forecast with a definite timetable.

Ackerman said he had already begun exploring opportunities in Treasury securities, although his initial attempts to identify a market bottom had been premature. He nevertheless maintained that the conditions for a significant reversal could develop rapidly if economic circumstances deteriorated.

The U.S. dollar was another major focus of the discussion. Ackerman said his technical analysis indicated that the dollar index could continue climbing after a recent close around US$102.23.

He identified US$108.17 as an initial technical target and suggested that a sustained breakout could eventually carry the index toward US$120. Such a move, he explained, would represent a substantial strengthening of the dollar and could coincide with significant changes in global financial conditions.

Temple argued that the dollar’s international role remained important despite the United States’ substantial federal debt. He pointed to the extensive use of dollar-denominated borrowing around the world and suggested that financial stress could increase demand for U.S. currency as borrowers sought to meet their obligations.

Ackerman agreed that a shortage of available dollars could produce a powerful rally in the currency. He described a scenario in which difficulties refinancing debt and clearing financial transactions could create deflationary pressures throughout the financial system.

The discussion reinforced Temple’s view that a rising dollar did not automatically eliminate gold’s investment appeal. His reference to the 2010 European debt crisis illustrated why he believed the relationship between gold and the dollar could change during periods of heightened uncertainty.

Artificial Intelligence Valuations Raise Concerns About Market Stability

Temple and Ackerman also devoted considerable attention to the concentration of stock market gains among major technology companies. Both questioned whether the financial expectations surrounding artificial intelligence were sustainable.

Temple compared the investment enthusiasm surrounding AI to earlier speculative periods, including the technology bubble of the late 1990s and the housing and mortgage boom preceding the 2008 financial crisis. He argued that the scale of investment and financing associated with AI had created risks that could eventually affect the broader economy.

Ackerman similarly questioned whether projected revenues would justify the substantial valuations assigned to AI-related businesses. He expressed concern that investors had become accustomed to unusually high returns and might underestimate the possibility of a significant market correction.

The two nevertheless acknowledged that artificial intelligence had legitimate applications. Temple specifically identified healthcare and mining as industries where the technology could accelerate discovery and contribute to productivity.

Their principal concern was not whether AI could produce useful advances, but whether financial markets had already assigned valuations that exceeded what the technology could realistically deliver.

Temple also suggested that the resources required to support large-scale AI expansion, including energy, raw materials, and infrastructure, could constrain the industry’s development.

Energy Prices and Economic Conditions Could Influence Gold’s Outlook

The discussion also addressed crude oil prices and their potential effects on inflation, interest rates, and economic growth.

Ackerman suggested that oil prices could decline from approximately US$92 per barrel toward US$80.66, based on his technical analysis of November crude futures. He cautioned that geopolitical developments involving Iran and the broader Middle East remained important variables.

Temple argued that persistently elevated energy costs could eventually slow economic activity, potentially reducing the need for additional interest rate increases. He pointed to the widespread influence of fuel prices on transportation, manufacturing, and consumer expenses.

Both participants considered the possibility that weaker economic activity could eventually reduce inflationary pressures and create conditions for a Treasury market rally.

For gold, the discussion presented a combination of near-term uncertainty and longer-term confidence. Higher interest rates and a strong dollar could continue to weigh on precious metals, but Temple and Ackerman also considered circumstances in which financial instability could change investor preferences.

Ackerman’s central argument remained that gold’s value should not be measured exclusively by its potential to reach dramatically higher nominal prices. Instead, he emphasized its historical role in maintaining purchasing power through changing economic environments.

Gold’s Long-Term Appeal Brings Attention to Exploration and Development

The discussion surrounding gold’s purchasing power also provided a broader perspective on investor interest in the gold mining sector. While Temple and Ackerman focused primarily on macroeconomic conditions and the performance of physical gold, their observations raised questions about how changes in precious metals prices, interest rates, and financial market sentiment could influence interest in companies developing gold resources.

One company operating within this sector is Seabridge Gold Inc. (SEA:TSX; SA:NYSE), whose gold and copper development activities provide a company-specific perspective on the broader precious metals industry.

The company’s projects and development strategy offer a separate area of examination alongside the macroeconomic themes discussed by Temple and Ackerman.

Seabridge Gold Agrees to Acquire Wyoming Copper-Gold Exploration Project

Seabridge Gold Inc. expanded its exploration portfolio on October 13 when it announced an agreement to acquire 100% of the Slaughterhouse iron oxide copper-gold (IOCG) project in southern Wyoming from Orogen Royalties Inc. (OGN:TSXV; OGNNF:OTCQX). The proposed acquisition includes 163 U.S. mining claims and several years of exploration data that would expand Seabridge’s portfolio, which is anchored by its KSM gold-copper project in British Columbia.

Under the agreement, Seabridge will pay US$300,000 at closing, with up to US$2.55 million in additional milestone payments tied to drilling, a mineral resource estimate, and commercial production. Orogen will retain a 2.5% net smelter return royalty on the claims, along with a smaller royalty on projects generated within a surrounding 2,400-square-kilometer area of interest.

The Slaughterhouse property covers a 12-kilometer mineralized trend in a region with a long history of copper and gold mining. Previous grab samples returned values of up to 12 grams per tonne gold and 7% copper, although those selective samples may not represent the broader mineralization. Seabridge said the region had not undergone systematic modern exploration using the IOCG deposit model.

One of the property’s principal targets is Proud Peak, where a density anomaly extending more than 2 kilometers lies beneath iron-rich alteration. The geological setting has drawn comparisons to IOCG systems in South Australia, including Prominent Hill and Olympic Dam, although those comparisons do not establish the presence of a comparable deposit in Wyoming. Seabridge Chairman and CEO Rudi Fronk said the company intended to apply modern exploration techniques to the early-stage project.

“If you look at all the states in the United States to try and get something permitted on, Wyoming’s not a bad place to be,” Fronk told Streetwise Reports. The state ranked fourth among 82 jurisdictions for investment attractiveness in the Fraser Institute’s 2024 mining survey, although it was excluded from the 2025 survey because of insufficient responses.

Analyst Ratings

On August 3, 2026, B. Riley Securities analyst Soundarya Iyer gave Seabridge a “Buy” rating with a CA$56.25 target price.

Stonegate Capital Partners analyst Dave Storms identified a joint venture as the company’s next major catalyst and set a US$72.28 price target on August 20, 2026. [OWNERSHIP_CHART-700]

Further analysis on September 15 had Josh Wolfson of RBC Capital give Seabridge a target of CA$101.25 and a “Buy” rating.

Frequently Asked Questions About Gold Prices, Gold Stocks, and Seabridge Gold

Why do investors buy gold to protect their purchasing power?

Investors often buy gold as a potential store of value during inflation, currency weakness, economic uncertainty, and financial market instability.

During a discussion on Your Money Today, Rick Ackerman argued that gold could maintain its purchasing power through both favorable and difficult economic conditions. His comments reflected a long-term investment perspective rather than a specific short-term gold price forecast.

What is Chris Temple’s outlook for gold prices and the dollar?

Chris Temple discussed the possibility that gold and the dollar could rise simultaneously during periods of global financial stress. He pointed to historical market conditions in which demand for dollar-denominated assets and gold increased together, challenging the assumption that a stronger dollar must always mean lower gold prices.

Will gold prices rise or fall if Treasury yields increase?

Higher Treasury yields can create pressure on gold because government bonds become more attractive to investors seeking income. However, Temple and Ackerman discussed how a reversal in yields, particularly during a stock market correction or financial crisis, could alter the investment environment for precious metals. Gold’s performance would depend on several factors, including the dollar, real interest rates, and investor demand.

Can gold and the dollar increase in value at the same time?

Yes. Although gold and the dollar often move in opposite directions, they can rise together when investors seek different forms of financial protection. Temple discussed this possibility in connection with global financial instability and demand for dollar liquidity. Gold may attract investors concerned about long-term purchasing power, while the dollar may benefit from its role in international finance.

How could an artificial intelligence stock market correction affect gold investments?

A correction in AI-related stocks could increase financial market volatility and change investor demand for gold, Treasury bonds, and cash. Temple and Ackerman expressed concerns about elevated AI valuations and concentrated stock market gains. However, a stock market decline would not necessarily produce an immediate increase in gold prices, particularly if investors initially sold assets to raise cash.

What is the Seabridge Gold Slaughterhouse copper-gold project in Wyoming?

Slaughterhouse is an early-stage iron oxide copper-gold exploration project in southern Wyoming. Seabridge agreed to acquire 100% of the project from Orogen Royalties in October 2026. The property includes 163 U.S. mining claims and a 12-kilometer mineralized trend that has not undergone systematic modern exploration using the IOCG deposit model.

How much did Seabridge Gold agree to pay for the Slaughterhouse acquisition?

Seabridge agreed to pay US$300,000 at closing, followed by up to US$2.55 million in additional milestone payments. These payments are tied to drilling, publication of a mineral resource estimate, and commercial production. Orogen Royalties will also retain a 2.5% net smelter return royalty on the acquired claims.

What gold and copper grades have been reported at the Slaughterhouse project?

Historical grab samples from the Slaughterhouse project returned values of up to 12 grams per tonne gold and 7% copper. These are selective samples and should not be interpreted as representative grades across the property. Additional exploration, including drilling, would be necessary to evaluate the extent and continuity of mineralization.

Why is the Proud Peak target important for Seabridge Gold?

Proud Peak is a principal exploration target at Slaughterhouse, featuring a density anomaly extending more than 2 kilometers beneath iron-rich alteration. Its geophysical characteristics have been compared with signatures associated with IOCG deposits in South Australia. The target remains untested by drilling, and its economic potential has not been established.

What is an iron oxide copper-gold deposit, or IOCG deposit?

An iron oxide copper-gold deposit is a type of mineral system associated with iron oxide minerals and potentially significant copper and gold mineralization. Some IOCG systems also contain other valuable metals. Seabridge is exploring the possibility that southern Wyoming hosts this type of mineral system, although the company has not established an IOCG deposit at Slaughterhouse.

What are the biggest potential catalysts for Seabridge Gold stock?

Potential catalysts include progress toward a KSM joint venture, financing arrangements, further project development, and exploration results from Seabridge’s broader portfolio. The proposed Slaughterhouse acquisition would add another exploration opportunity, although Seabridge had not announced a drilling budget or schedule for the Wyoming project.

Are investors still buying gold despite recent gold price volatility?

According to the World Gold Council figures cited in the article, global gold-backed exchange-traded funds attracted US$10 billion in September 2026 and a record US$31 billion during the third quarter. The inflows occurred despite pressure on gold prices from higher Treasury yields, a stronger dollar, and futures-market selling, suggesting that some investors maintained longer-term exposure to the precious metal.

What should investors watch next for gold prices and gold mining stocks in 2026?

Important developments include Federal Reserve interest rate expectations, U.S. Treasury yields, the strength of the dollar, central bank gold purchases, gold ETF flows, and broader equity market volatility. For investors following Seabridge Gold specifically, progress on KSM financing and partnership discussions, along with future exploration plans for Slaughterhouse, could provide additional company-specific developments to monitor.

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Important Disclosures:

1. Seabridge Gold Inc. is a billboard sponsor of Streetwise Reports. The company pays a monthly sponsorship fee of US$3,000–US$6,000 for banner advertising and an enhanced company profile page. Streetwise Reports’ editorial content is fully independent and is not influenced by sponsorship.
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Seabridge Gold Inc. and Orogen Royalties.
3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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Source: https://www.streetwisereports.com/article/2026/10/23/golds-next-big-move-experts-warn-of-market-turmoil-as-a-new-copper-gold-opportunity-emerges.html