By Ben McGregor | November 3, 2026
Jen Bawden, founder of Bawden Capital, has called the recent gold and silver sell-off the buying opportunity of a lifetime. She points to a liquidity-driven decline that left silver about 60 percent below its $121.64 record and gold at a one-year low. The gold price forecast 2026 elements in her commentary treat the drop as temporary forced selling rather than a change in long-term drivers. These are her stated views, not a consensus forecast.
What is Bawden Capital’s view on the gold and silver sell-off?
In commentary covered by Kitco News, Bawden said mainstream headlines described a precious-metals wipeout and retail buyers who purchased near the highs were capitulating. She described the move as a liquidity air pocket rather than a crisis. She compared it to the forced selling seen in October 2008 and March 2020, after which gold and silver later rallied. She noted that gold and silver are relatively easy to sell in a broader equity and liquidity squeeze. These statements are Bawden’s opinion. Verified market data show gold reached a one-year low near $3,875 on October 30 and silver fell below $50.
Should investors buy gold and silver now?
Bawden treats the decline as a potential long-term entry point for resource investors who understand capital flows and paper-market mechanics. She has placed limit orders to buy further weakness, targeting 20 to 30 percent discounts in select mining equities. She also cautioned that prices could fall further before a sustainable bottom forms. Whether the current levels represent an attractive entry depends on an investor’s time horizon, risk tolerance and view of rates and the dollar. Her view is one fund manager’s assessment. It is not a recommendation.
Will gold and silver prices recover in 2026?
Bawden’s long-term outlook has not changed. She expects the next decade to favor hard assets as investors seek to protect purchasing power amid high sovereign debt. She also expects Chinese demand to remain a supporting factor. Near-term headwinds include higher opportunity costs from rate expectations and dollar strength. Other published views differ. Some brokers have noted the possibility of further declines into early 2027 before any sustained recovery. The gold and silver price forecast 2026 therefore spans a wide range. Recovery is possible if liquidity conditions ease and official or institutional buying continues. It is not assured.
How does the gold market correction fit broader trends?
The sell-off capped the worst October performance for the metals since 2008. It occurred amid equity weakness, rising hike odds and a stronger dollar. The gold market correction and silver market correction have been steeper in equities than in the metals themselves. Bawden’s framing treats the drop as consistent with past liquidity events rather than a fundamental break. World Gold Council data released the same week showed central-bank and ETF buying still active in the third quarter, even as jewellery and bar-and-coin volumes fell. These are separate data points. They do not confirm or refute her thesis.
Why does this matter to investors?
The commentary highlights the difference between short-term forced selling and longer-term fiscal and monetary concerns. For retirement-age readers, the distinction is relevant to whether a correction in hard assets is viewed as temporary or structural. Mining equities have lagged the metals during the decline, which is common in liquidity-driven sell-offs. Bawden’s limit orders for further discounts illustrate one approach to staged buying. Outcomes depend on subsequent price action, rates and demand.
What to watch next
- November 6, 2026: U.S. employment report. Strong data could reinforce higher-for-longer rate expectations that pressure the metals.
- December 9, 2026: FOMC decision and updated projections.
- Whether gold holds above the October 30 low near $3,875 or retests it.
- ETF flows and central-bank purchase disclosures in coming weeks.
- Mining equity performance relative to the metals if liquidity conditions stabilize.
A dated risk is the October 30 decline itself. Prices reached a one-year low amid equity weakness. The subsequent bounce has not confirmed that the correction is complete, and Bawden herself noted the possibility of further downside.
This article is for educational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Past performance is not indicative of future results. Readers should conduct their own research and consult a qualified financial advisor before making any investment decisions. Canadian Mining Report and its authors may hold positions in securities mentioned.
Sources
- Kitco News, “Gold and silver selloff is the buying opportunity of a lifetime – Bawden Capital,” November 2, 2026
- Jen Bawden commentary as reported by Kitco and other outlets, November 2026
- Market closes for gold and silver on October 30 and early November 2026
- World Gold Council Q3 2026 Gold Demand Trends (for context on central-bank and ETF demand)
