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    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

    Beating bull
    Source: Bespoke
    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."

    Silver / Gold vol
    Source: Alpha Ex LLC
    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.

    Volume explosion
    Source: subu trader
    Perfect score for weaker equities

    Morgan Stanley: what happens when one or more of these five things are happening?

    1) SPX forward earnings declining 

    2) yield curve inverted

    3) Unemployment below avg

    4) Mfg PMIs < 50

    5) 40% of banks tightening lending standards.

    “All five are in place today, which is rare.”

    Perfect score for weaker equities
    Source: Morgan Stanley
    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.

    1979
    Dr Copper too

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

    Dr Copper too
    Source: Trading View
    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.

    What a week
    Source: Trading View