Silver Gets Hammered As Retail Piles In

Precious metals are seeing their first significant pullback. After topping $120 per ounce, silver has been hammered back to around $100 this morning – a bear market by the numbers.

The quick sell-off is instructive.

Headlines about silver reaching new highs drove new interest from retail investors started to pile into SLV, the silver ETF. The ETF assets reach $50 billion – and at a pace only beaten by the largest bitcoin ETF:

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Inflows into silver ETFs have soared in recent days, with the price of the metal
topping $100 per ounce. (Source: Goldman Sachs)

Pullbacks are to be expected. Gold and bitcoin sold off yesterday, as well. Our view, the metals – and BTC – are still in a multi-year uptrend.

The analysis we’ve published of the main drivers for gold applies to silver and bitcoin, too. The latter two, however, remain more speculative and gap down and spike up more dramatically.

If you’re leveraged to silver, whether through mining companies, ETFs, or the like, it may be prudent to take some profits off the table. And keep your eyes peeled for future moves upward.

~ Addison

P.S. Yesterday’s Grey Swan Live! proved a masterclass in how to look for international real estate deals. Ronan’s business model is unique. He’s able to bring serious negotiating weight to the table with developers in markets you’re most likely to find both rental income and capital appreciation.

The intrepid Ronan McMahon of Real Estate Trend Alert explained his system, and showed how owning property – particularly bought in foreign locales – can avoid much of the volatility of traditional assets in the U.S. And, done properly, can be a great source of retirement income.

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The replay will be up on the site shortly.

Real estate plays an important role in the asset allocation model we model out for Grey Swan Investment Fraternity members. Later today, at 2 p.m. ET, for paid-up annual Fraternity members, we’ll have a special session reviewing our model portfolio with Andrew Packer. As always, we’ll go over the charts on all our model portfolio positions and what we expect amid the unfolding chaos (and opportunities) of 2026.

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Precious metals are seeing their first significant pullback. After topping $120 per ounce, silver has been hammered back to around $100 this morning – a bear market by the numbers.

The quick sell-off is instructive.

Turn Your Images On

Inflows into silver ETFs have soared in recent days, with the price of the metal
topping $100 per ounce. (Source: Goldman Sachs)

Pullbacks are to be expected. Gold and bitcoin sold off yesterday, as well. Our view, the metals – and BTC – are still in a multi-year uptrend.

The analysis we’ve published of the main drivers for gold applies to silver and bitcoin, too. The latter two, however, remain more speculative and gap down and spike up more dramatically.

If you’re leveraged to silver, whether through mining companies, ETFs, or the like, it may be prudent to take some profits off the table. And keep your eyes peeled for future moves upward.

~ Addison

Turn Your Images On

The replay will be up on the site shortly.

Turn Your Images On

The stock market “rebalancing” is a polite way to put it. Energy and health care are getting a healthy boost. But tech hardware and software makers are still getting dressed down and have been asked to report to the principal’s office.

The great rotation underway has triggered a series of “Hindenburg Omens.” Five have occurred in recent weeks.

The S&P 500 has traded in a 3.7% range over the past two months — less than half the 20-year median of 8.6%. One of the tightest ranges in modern history.

In trader parlance, the indexes are “flat,” a setup that often materializes before a sell-off at the top after a multi-year bull market.

Goldman Sachs told its own traders to be aware that institutional trading activity resembles a VIX reading near 35. Rather than a reading of 20, where the VIX has been trading over that same 2-month period.

The U.S. software ETF, IGV, tested its April 2025 lows last week and trades roughly 35% below its peak. The “SaaS-pocalypse” in software companies reflects the fear of Citrini’s 2028 scenario happening in real time. That divergence now exceeds the spread seen at the peak of the Great Financial Crisis.

Under the surface, the “great rotation” we wrote about last week is threatening to widen.

Despite its overly-educated 40-million-plus population, on a GDP per capita basis Canada is null. Collectively, the Great White North would rank as America’s second-lowest state, coming in above Mississippi, but below Alabama.

SpaceX is the most valuable private startup in history — and if its success continues, it might become the most valuable public company in history.

After all, as Musk famously said in 2023, “I have never lost money for those who invest in me and I am not starting now.”

For investors, SpaceX has been a wild, joyful ride — and now the journey continues!

The great rotation underway has triggered a series of “Hindenburg Omens.” Five have occurred in recent weeks.

The S&P 500 has traded in a 3.7% range over the past two months — less than half the 20-year median of 8.6%. One of the tightest ranges in modern history.

In trader parlance, the indexes are “flat,” a setup that often materializes before a sell-off at the top after a multi-year bull market.

Under the surface, the “great rotation” we wrote about last week is threatening to widen.

SpaceX is the most valuable private startup in history — and if its success continues, it might become the most valuable public company in history.

After all, as Musk famously said in 2023, “I have never lost money for those who invest in me and I am not starting now.”

For investors, SpaceX has been a wild, joyful ride — and now the journey continues!