I completely agree - it’s set to have another incredible run along with Gold and Copper. Silver seems to react with more leverage though so higher upside.
Interesting perspective. Right now most bullion shops seem to be selling at or below spot from what I can tell. My local one is doing a special and selling up to 20oz at a time at $2 below spot price. Not sure we are there quite yet but we could certainly be getting closer to that soon
That’s a useful real-world signal. My sense is the physical market can still look soft locally even while the broader structural imbalance remains in place. I’d be more interested in whether those discounts persist if investment demand picks up again.
You framed it right. The spike discovered supply. The deficit is still there.
Price pulled scrap. It did not free the metal China licensed and is still pulling while it pays for barrels. And demand is not just solar. AI hardware, UAVs, EVs, quantum, and the magnet chain are on the same metals. Silver is one lane in that stack.
If that offtake holds and the refined metal stays ring-fenced, the clearing price is higher than a normal supply-reset implies.
Silver’s long term setup is certainly interesting, especially with structural demand supporting the bull case. The bigger question is whether another major repricing can happen without the kind of speculative excess seen in previous cycles.
Exactly. My sense is the next repricing doesn’t necessarily need to start with speculation - structural tightness can do the initial work. But if momentum and investment demand arrive on top of that, silver’s history suggests the move can accelerate very quickly.
It looks more like capital is broadening from a very concentrated AI trade into assets that benefit from fiscal expansion, monetary debasement and scarce supply. Gold and BTC waking up at the same time is a pretty interesting signal.
I completely agree - it’s set to have another incredible run along with Gold and Copper. Silver seems to react with more leverage though so higher upside.
Thanks! 😊 Indeed Silver is more volatile than Gold , so that applies to both the upside and the downside.
I hope you are right.
So do I 🤝 The view is data-driven, but markets always get the final say📊
Interesting perspective. Right now most bullion shops seem to be selling at or below spot from what I can tell. My local one is doing a special and selling up to 20oz at a time at $2 below spot price. Not sure we are there quite yet but we could certainly be getting closer to that soon
That’s a useful real-world signal. My sense is the physical market can still look soft locally even while the broader structural imbalance remains in place. I’d be more interested in whether those discounts persist if investment demand picks up again.
You framed it right. The spike discovered supply. The deficit is still there.
Price pulled scrap. It did not free the metal China licensed and is still pulling while it pays for barrels. And demand is not just solar. AI hardware, UAVs, EVs, quantum, and the magnet chain are on the same metals. Silver is one lane in that stack.
If that offtake holds and the refined metal stays ring-fenced, the clearing price is higher than a normal supply-reset implies.
🔥
And copper is coming back
Alright
Silver’s long term setup is certainly interesting, especially with structural demand supporting the bull case. The bigger question is whether another major repricing can happen without the kind of speculative excess seen in previous cycles.
Exactly. My sense is the next repricing doesn’t necessarily need to start with speculation - structural tightness can do the initial work. But if momentum and investment demand arrive on top of that, silver’s history suggests the move can accelerate very quickly.
With BTC and gold waking up, does the debasement trade seem to be replacing the AI trade?
It looks more like capital is broadening from a very concentrated AI trade into assets that benefit from fiscal expansion, monetary debasement and scarce supply. Gold and BTC waking up at the same time is a pretty interesting signal.