The Market Ear | Live news, analysis and commentary on what moves markets and trading

Beating bull

Here is a look at the performance of the S&P 500, the Nasdaq Composite, and gold, silver, and platinum since the current bull market for stocks began on 10/12/22. As shown, gold is now up 171.7%, platinum is up 183.7%, and silver is up just over 300%! All three metals have now easily beaten the stock market during the AI Boom

Silver / Gold vol

"The ratio of silver to gold vol is essentially at an ATH. Currently, one year 50% OTM calls on the $SLV carry an implied vol of 56. That's more than double the same strike vol in $GLD... chart below."

Volume explosion

Silver ETF SLV volume exploded Friday. More than $9.6 billion of $SLV was traded. This only happened twice before: April-May 2011 and February 2021.

Very short

Metals outrank money

Silver overtakes the British Pound as the World's 11th most valuable asset. Data from

@AssetMarketCap - not exactly sure how they calculate all this market caps (futures & physical?)

Metals outrank money — Source: @AssetMarketCap

1979

Silver is on track for their best year since 1979 – a year that delivered the Iranian Revolution, the second oil crisis, double-digit inflation, a sliding dollar, the Soviet invasion of Afghanistan, and the Hunt brothers’ memorable attempt to corner the Silver market.

Dr Copper too

US copper futures (/HG) all-time weekly closing high.

Not good, says Elon

Beijing's shift to require government licenses for all silver exports from January 1, 2026, replaces the old quota system and threatens to limit outflows from the world's top refiner. Elon Musk warned this hurts industries like solar panels, EVs, and electronics that rely on silver's conductivity. With a 148.9 million ounce deficit last year and another projected for 2025, prices have nearly tripled since January, drawing eyes to potential $100 highs while skeptics note volatility risks.

"This is not good. Silver is needed in many industrial processes." (Elon on X)

What a week

Silver up 18% this week. That's the most since Feb 1998(!). And it comes after last week having the best week since 2020.