Market Commentary

Silver Degeneracy Revisited

After publishing my updated views on gold last week (TLDR: get long), a few readers asked for the same on silver.

Before doing so, please recall the January 2026 note on SLV, when peak insanity bid the silver ETF up between six and seven standard deviations above the historic 100-day rolling return SLV-SPY spread of 76-baisis points.