Commodities: Silver
Silver exploded higher through 2025 with much fanfare but it wasn’t without volatility with three 15-20% pullbacks along the way. Both the exponential advance and crowded bullish optimism reminds us of lithium in 2022/3 and we believe the markets closer to a sell than a buy for at least another decent pullback.
Silvers explosive gains in the last 4 weeks have seen ETF buyers pivot away from gold into its cheaper cousin. Consensus expectations for gold in 2026 are constructively bullish, yet more modest than this year’s explosive +66% rally.
Silver ended the overnight session up more than 4%, trading at all-time highs, while Bitcoin fell well over 2%, no direct correlation here at the moment. The demand for silver is rising, while that of gold is easing, if we look at the respective lease rates, i.e. the gold lease rate is the interest rate paid to borrow physical gold, usually for a short period.
Metals surged in volatile trading on Friday, with silver and copper hitting fresh records, following a chaotic hours-long outage on CME Group’s Chicago Mercantile Exchange – the path of least resistance remains up. Silver jumped almost 6%, surpassing a peak set during a historic squeeze in the London market in October.
There’s little more to add to the silver story beyond what we’ve covered for gold, but silver also has significant industrial applications, plus at times it can be more volatile. The US-traded SIL ETF is a great vehicle to gain exposure to global silver miners, especially as they are thin on the ground on the ASX:
There’s little more to add to the silver story beyond what we’ve covered for gold, but silver also has significant industrial applications. Roughly half of global silver production is held as a store of value, similar to gold, while the other half is used in essential industries such as electronics, solar panels, electric vehicles, and medical applications, thanks to its exceptional conductivity, reflectivity, and antibacterial properties.
Precious metals were interesting and volatile overnight but they surprisingly fell as the initial news crossed the wires about China’s trade threats – usually, such action would have led to a rally.
Last week saw spot silver prices jump to their highest level in decades as surging demand for safe-haven assets exacerbated supply constraints in the London bullion market.
How do these performances compare over the last 1-2 years?
If its not too big an ask what are the relative performance comparisons
between the commodity & miners for copper, gold & silver
& comparing all 3?
Is there a superior commodity when comparing all 3?
