The Silver Slam

After hitting a fresh nominal all-time high of $50 last year, silver hit a historic $93 yesterday.

Then…as if to prove bull markets don’t rise in a straight line, with $100 in sight… the metal fell 8% overnight:

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Silver slid 8% in minutes in overnight trading Asia (Source: Kobeissi Letter)

Increased margin levels for paper trading briefly knocked down the price. Time will tell if this slam in the light volume of overnight trading will hold over the long haul.

With silver in an up tend, the pull back is in our view a buying opportunity. We’ll hear more about it… a lot more… this afternoon.

~ Addison

P.S. This afternoon in Grey Swan Live! we’ll be joined by Shad Marquitz and take a close look at the precious metals market in 2026 – the timing couldn’t be better for an event we’re calling Metals Mania.

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In a brief discussion last week, Shad let slip his interest in one particular company that has labeled itself a gold and silver miner because of regulations that have restricted their sale of existing copper and antimony (used in drones and other defense tech).

Those restrictions are being lifted this month, along with other regulations that the Trump administration is trimming.

The details of this one company alone are telling for investors interested in capitalizing on the new retail interest in both precious metals and critical minerals. Shad’s an encyclopedia on the entire resource market. Every conversation yields a wealth of new market insights. Today’s Grey Swan Live! promises the same. Don’t miss it!

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.

How did we get here? Find out in these riveting reads: Demise of the Dollar, Financial Reckoning Day, and Empire of Debt — all three books are now available in their third post-pandemic editions. You might enjoy one or all three.

After hitting a fresh nominal all-time high of $50 last year, silver hit a historic $93 yesterday.

Then…as if to prove bull markets don’t rise in a straight line, with $100 in sight… the metal fell 8% overnight:

Turn Your Images On

Silver slid 8% in minutes in overnight trading Asia (Source: Kobeissi Letter)

Increased margin levels for paper trading briefly knocked down the price. Time will tell if this slam in the light volume of overnight trading will hold over the long haul.

With silver in an up tend, the pull back is in our view a buying opportunity. We’ll hear more about it… a lot more… this afternoon.

~ Addison

Turn Your Images On

Those restrictions are being lifted this month, along with other regulations that the Trump administration is trimming.

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.

Let’s peel back the layers of this precious metals bull market by analyzing the pricing action on the charts, which contains ALL the buying and selling.

Most people love a good narrative, and they use these stories to either reinforce their biased views or to explain away price action that they don’t agree with.

They are just stories, though, even if there are elements of truth embedded within them. We can utilize charts to remove this biased narrative and noise.

Over the longer term, the pricing that populates charts truly incorporates the total buying and selling from all central banks, financial institutions, ETFs, hedge funds, whale investors, and the rest of the retail investors.

Yesterday’s CPI showed prices still ticking up—2.7% year-over-year, right in line with expectations.

Wall Street expects at least two rate cuts in 2026. At the same time, global central banks — led by China and Russia — continue buying gold to reduce their reliance on the dollar. Combine this with supply chain reshoring and increasing geopolitical tensions, and metals have emerged as both a hedge and a haven.

Between a precious metals rally catching the attention of outlets as lilywhite as Bloomberg and the Trump administration’s 2026 focus on critical minerals and domestic production, there’s a lot to unearth in the natural resource sector.

Today’s chart of inflation reflects an eerily similar path to the 1970s. The last CPI reading ticked back up 2.7%. If prices today continue to track those of the 1970s, the next wave of inflation could see prices rise higher and faster than during the 2021/2022 bout.

Yesterday, gold notched another new record high of $4647. Its slimmer, svelte cousin, silver, set a new historic high of $92. Both monetary metals are reflecting the market fear that once inflation gets started, it’s very difficult to contain.

Sunday night, Powell addressed the probe head-on in a video post — a rarity. He accused the White House of using cost overruns in the Fed’s HQ renovation as a pretext for political interference.

The White House denied involvement. But few in Washington believed it.

What followed was bipartisan condemnation of the investigation. Greenspan, Bernanke, and Yellen co-signed a blistering rebuke, warning the U.S. was starting to resemble “emerging markets with weak institutions.”

Let’s peel back the layers of this precious metals bull market by analyzing the pricing action on the charts, which contains ALL the buying and selling.

Most people love a good narrative, and they use these stories to either reinforce their biased views or to explain away price action that they don’t agree with.

They are just stories, though, even if there are elements of truth embedded within them. We can utilize charts to remove this biased narrative and noise.

Yesterday’s CPI showed prices still ticking up—2.7% year-over-year, right in line with expectations.

Sunday night, Powell addressed the probe head-on in a video post — a rarity. He accused the White House of using cost overruns in the Fed’s HQ renovation as a pretext for political interference.

The White House denied involvement. But few in Washington believed it.