Is it too early to get excited again?

Well maybe just as excited as you got on the last upward move back on 20th Feb but that one only lasted 1 week before turning down again.
 
Just gotta remember, if your outa dry powder and cannonballs for the next wave up..
Then sacrifices of rum-lime+coconut may be an acceptable replacement.


Or oil... oil would go well in our cannonz for another attempt at USS berg $100.
Unless of course you want to hold onto it as it goes....
------------------ sideways ----------------
 
2026 world silver survey report
Latest data is out for the 2026 silver instute report..

Highlights:
Market remains in its 6th straight year of deficit, demand outpacing supply. Mine output is basically flat, to slightly up in some regions even with higher prices, with primary mine costs grinding higher... so supply has demonstrated inflexability to price in response.

Recycling is up a bit but not enough to matter much in the overall balance with no major sub-area rebalancing since last year (industrial vs jewellery for instance.. the rates of recycling across ths board look pretty stable)

Demand side is still solid, especially industrial. Nothing really broke there — even with some efficiency gains in a few areas, total usage is still growing overall, just at a slower rate in some areas.

Investment demand is still holding significant tightness in the market. The report shows continued metal leaving US channels and surpising to me significant uptick in flows to india. Overall stock drawdowns continue rather than new supply being found.
 
Oil price up. Silver down proportionately.
Its unlikely speculative flow out will return back to silver when the oil market moves south, but it will move somewhere, the question is where?
IMO, the answer to that will have more impact on decisions about current war scenarios than whatever the mainstream says is the reason for and change in that area globally.
TPTB will move money first, test where money moves and if its againt whatever that position is, the wars will flair back up till they get a prediction right, and THEN they will let it end and start manipulating whatever market that happens to be in.
Probibly AI or crypto.
 
Sixth consecutive deficit year and the market still acts surprised when price moves. The supply side just isn't responding to price signals the way you'd expect — when mines can't meaningfully ramp even at these levels, the math eventually forces the issue regardless of what speculative money is doing short-term. Oil/silver correlation is real but I'd expect it to be noise against the structural story over a longer timeframe.
 
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