Silver’s Parabolic Move

After getting fresh attention by cresting all-time highs of $50 per ounce last year, the question was simple: How high can silver fly?

We don’t know the answer yet, but silver is finally catching the anti-fiat, dollar debasement currency trade we’ve been writing about for decades:

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The silver price briefly hit $110 this morning. (Source: Trading View)

Silver is now up 54% year-to, err, month-to-date. And up over 280% since the start of 2025.

While we don’t know how much further upside is left, prior parabolic moves like these tend to lead to big pullbacks when they end.

“If you’re tempted to take a screenshot of your portfolio, it’s a good idea to take some profits while you’re doing that,” suggests our Portfolio Director, Andrew Packer.

We’d do so to grab some of those silver profits, simply because even though we started dollar-cost-averaging (DCA) into gold and silver in 2018 – silver was $16.47 – no assets can go parabolic, like silver has, indefinitely.

Or, hold on for the ride, and take a correction in stride.

~ Addison

P.S. Last week’s Grey Swan Live! with Joel Bowman — our “man on the scene” in Buenos Aires since before President Milei got elected – helped us rummage through collectivist politics… and also provided a harbinger of things to come in the U.S. if New York’s Zohran Mamdani becomes the face of the Democratic Party in 2026 leading up to the midterms.

Joel also gave us a fresh primer on Investing At the End of the World as the Argentine market rapidly deregulates and opens to foreign investment in the country’s vast natural resources. You can catch the replay here.

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This week on Grey Swan Live! – Thursday, January 29, 2026 at 2pm EST – we’ll be joined by Ronan McMahon of Real Estate Trend Alert.

Ronan’s going to treat us to real estate deals he’s got cooking in Mexico, Panama and Paraguay… it’s going to be a welcome tropical topic after this week’s bout with winter weather in North America.

Ronan’s also been scouting property in Venezuela – yes, Venezuela – following Trump’s abrupt capture of Nicolas Maduro to kick off the new year. We haven’t spoken to him yet about this property but we’ve heard he found beachfront condos for $15,000. Not everyone’s cup of tea, for sure. But if you’re into crisis investing… well, we’ll find out what deals Ronan has found.

If you have requests for new guests you’d like to see join us for Grey Swan Live!, or have any questions for our guests, send them here.

After getting fresh attention by cresting all-time highs of $50 per ounce last year, the question was simple: How high can silver fly?

We don’t know the answer yet, but silver is finally catching the anti-fiat, dollar debasement currency trade we’ve been writing about for decades:

Turn Your Images On

The silver price briefly hit $110 this morning. (Source: Trading View)

Silver is now up 54% year-to, err, month-to-date. And up over 280% since the start of 2025.

While we don’t know how much further upside is left, prior parabolic moves like these tend to lead to big pullbacks when they end.

“If you’re tempted to take a screenshot of your portfolio, it’s a good idea to take some profits while you’re doing that,” suggests our Portfolio Director, Andrew Packer.

Or, hold on for the ride, and take a correction in stride.

~ Addison

Turn Your Images On

This week on Grey Swan Live! – Thursday, January 29, 2026 at 2pm EST – we’ll be joined by Ronan McMahon of Real Estate Trend Alert.

If you have requests for new guests you’d like to see join us for Grey Swan Live!, or have any questions for our guests, send them here.

We’ve entered a new territory on Wall Street: for the first time in recorded history, zero strategists are predicting a down year.

Not “most are bullish.”

Not “nearly all expect gains.”

Zero bearish calls for 2026.

Unanimity so complete it resembles a vote in a collapsing authoritarian state.

The Bank of Japan’s holdings of its own government’s bonds are now near a 10-year low.

The yen carry trade has been a constant in global finance for 3 decades. Currently, the unwind is throwing the Japanese government into a crisis of historic proportions.

Americans take note. Not only are Japanese bonds undermining the AI rally on Wall Street. The crisis is a cautionary tale for the U.S. efforts to finance its own historic debt load.

The dollar’s share of global reserves is now roughly 40%, down from 60% in 2016. No other fiat currency filled the gap. Gold did.

That is the only fact you need to understand the long-term arc.

After the West demonstrated it could seize reserves, “safe” became a new word. Gold has no counterparty. It cannot be frozen with an executive order. It does not require permission to settle.

The last time Uncle Sam had this much debt rolling over, interest rates were effectively zero percent. That allowed for a massive expansion of total debt, even as total interest payouts shrank.