Commodities: Silver
The vehicle that many international players use to invest in silver is the SIL ETF, which aims to track the Solactive Global Silver Miners Index, and it’s done a great job over recent years: over the last 12-months, the index has surged +110% while the ETF has gained +108.7%.
Silver has trodden a similar but less discussed path to gold through 2025: year-to-date silver has advanced +62% trumping golds +47%. Both precious metals have advanced strongly over the last 3 years, with the silver market experiencing unprecedented pressure from both sides of the supply and surging demand.
Precious metals were strong yesterday after another post from President Trump on Truth Social claiming US prices are “WAY DOWN” with virtually no inflation. It wasn’t fresh rhetoric from left field from the ultra-dovish President who wants interest rates lower.
Precious metals didn’t follow the script overnight; bonds enjoyed a safety bid, but gold and silver were sold off as the “weak longs” grabbed profits following the stellar advances over the last 18 months. At one stage, gold fell over $US120 below its intraday high, while silver closed down by more than 6%.