#html-body [data-pb-style=EXTTPAT]{justify-content:flex-start;display:flex;flex-direction:column;background-position:left top;background-size:cover;background-repeat:no-repeat;background-attachment:scroll} Gold Holds Firm Above $5,000 as Silver Tightens and Stock-to-Gold Ratios Signal Major Shift Gold and silver weathered headline volatility this week, trading steadily until a Bloomberg story suggesting Russia might return to the U.S. dollar system sparked an algorithm-driven selloff. Russia’s central bank quickly denied the claim, but not before markets reacted sharply. Silver closed strong at $77.37 per ounce bid, while gold finished essentially flat at $5,042 per ounce bid, showing resilience despite the late-week turbulence. The gold-to-silver ratio ticked up to 65, suggesting silver has room to outperform if the broader metals bull trend continues to unfold. U.S. stock-to-gold ratios are rolling over, with the DOW/Gold ratio dropping to around 9 ounces of gold to buy the index. Similar breakdowns in the S&P 500/Gold and NASDAQ/Gold ratios hint that real (inflation-adjusted) equity valuations may be entering a longer-term reset phase. China’s physical silver bar inventories continue shrinking, with combined Shanghai exchange stocks now just above 25 million ounces. Meanwhile, COMEX registered silver is down roughly 54% since India stepped up imports in late 2025—clear signs of tightening supply. Global silver demand is heating up. Turkey imported nearly 9 million ounces in January alone, and Australia’s Perth Mint sold more silver than gold (in AUD terms) for the first time ever—often a classic signal that retail investors are rotating down the price curve into silver. Gold ETF inflows are accelerating in Asia, particularly in China and India, reinforcing the theme that global capital is seeking hard assets amid rising fiscal and geopolitical uncertainty. On the policy front, the U.S. Commerce Department announced a preliminary 132.83% anti-dumping tariff on Russian palladium, a move that could significantly reshape supply flows and potentially benefit domestic production like Montana’s Stillwater Mine. The macro backdrop remains firmly supportive of bullion: U.S. deficits are approaching $3 trillion annually, total debt is nearing $40 trillion, and fiscal discipline appears politically distant. As one Brookings Institution economist noted, we may be at the early stages of a longer-term currency debasement cycle. Finally, historical comparisons suggest that if gold were to more fully “cover” the expanding Federal Reserve balance sheet as it has during prior bull market peaks, much higher gold prices would be mathematically plausible. Whether or not those extremes materialize, the core takeaway is clear: global capital continues rotating toward precious metals as confidence in fiat stability erodes. Despite a headline-driven selloff, global capital continues flowing into precious metals amid shrinking silver inventories, rising palladium tariffs, and mounting concerns over U.S. debt and currency debasement. Precious metals markets showed resilience this week, with gold holding near $5,000 per oz and silver closing at $77.37 per oz despite a sharp, headline-driven flash crash selloff sparked by a now-denied report about Russia rejoining the U.S. dollar system. The brief volatility underscored how sensitive markets remain to geopolitical narratives, but physical demand trends suggest underlying strength. Second, tightening physical silver supply continues to stand out globally, with Chinese exchange inventories falling toward 25 million ounces and COMEX registered inventory down roughly 54% since India’s surge in imports last fall. Strong buying from Turkey, India, and robust sales at the Perth Mint reinforce the idea that retail and institutional investors alike are rotating more aggressively into silver. Finally, the broader macro backdrop remains firmly supportive of bullion, as U.S. deficits approach $3 trillion annually and total federal debt nears $40 trillion. With stock-to-gold ratios breaking down and fiscal discipline appearing unlikely in the near term, the long-term debasement narrative continues to drive strategic allocations toward gold and other precious metals. The silver spot price ended the week at $77.37 oz bid. The spot gold price closed the week basically flat at $5042 oz bid. The spot gold silver ratio rose to close at 65. Robin Brooks Warns: Currency Debasement Risks Could Fuel the Next Leg Higher in Gold In a recent interview on Bloomberg’s Wall Street Week, Brookings Institution senior fellow Robin Brooks warned that we may be in the early stages of a longer-term “debasement” cycle — meaning governments, facing persistent deficits and rising debt burdens, effectively erode the purchasing power of their currencies over time rather than impose fiscal discipline. Brooks noted that neither political party appears positioned to meaningfully rein in U.S. debt, and with Treasury yields still relatively low and potential stimulus measures ahead, inflationary pressures could reaccelerate. In that environment, gold’s rise isn’t simply speculative enthusiasm — it reflects investors hedging against the declining real value of fiat currency. When market participants talk about debasement driving gold higher, they mean that as confidence in fiscal stability and currency purchasing power weakens, hard assets like gold tend to reprice upward to compensate, preserving real wealth even as paper money buys less. (Source: https://www.bloomberg.com/news/videos/2026-02-07/how-the-debt-problem-is-fueling-the-gold-market-video) Physical Silver Inventories Shrink in China and COMEX Warehouses, Signaling Tightening Global Supply Physical silver inventories continue to tighten on both sides of the Pacific, reinforcing the broader bullish undertone in the metals complex. In China, combined Shanghai Gold Exchange (SGE) and Shanghai Futures Exchange (SHFE) silver stocks have fallen to just over 25 million ounces, reflecting steady drawdowns amid firm local premiums. Meanwhile in the U.S., COMEX registered silver inventories are down roughly 54% since India ramped up imports in late 2025, with eligible stocks also trending lower. The migration of metal toward higher-bidding regions like India and Turkey highlights how global demand is absorbing available supply. For investors, shrinking exchange inventories often signal tightening physical conditions beneath the surface of headline prices — a dynamic that can amplify volatility if investment demand accelerates further. Stillwater Mine Officials Hope Russian Palladium Tariff Will Revive Domestic Sales and Strengthen U.S. Supply Chain The U.S. Commerce Department’s preliminary 132.83% anti-dumping tariff on Russian palladium could mark a pivotal turning point for U.S. domestic supply, particularly for the Stillwater Mine in Montana — the only primary producer of platinum and palladium in North America. The ruling follows findings that Russian producers were selling palladium into the U.S. market at roughly 133% below fair value, a practice that had pressured prices and undercut domestic competitiveness. With Russian imports having risen sharply in recent years, the steep tariff is expected to deter further inflows, potentially tightening supply and supporting higher prices. For Stillwater, that could mean improved margins, a pathway back to fuller operations, and even the possibility of rehiring of over 700 laid-off workers if market conditions stabilize after the final tariff determination later this year. In a broader sense, the move underscores how U.S. strategic metals policy is increasingly intersecting with national security and supply-chain resilience concerns.   50000 DOW Melting down vs Bullion Video Notes If that opening clip wasn't embarrassing or confidence evaporating enough. All you have to do is look at where capital is flowing to start the year to realize the US Stock bubble is experiencing a weakening entropy. A lack of bid and inflow, as well as being outperformed by other stock markets outside the USA for a major trend change. All I have to do, it divide Ms. Bondi's three aforementioned US stock index brags by gold to see the truth, and watch her political talking points and credibility fall apart. The Dow / Gold Ratio has rolled over. Breaking down, touching as low as 9 oz to buy that US stock aggregate. Similar story for the S&P 500 / Gold ratio, the breakdown and trend of this key real value ratio has me thinking 1:1 parity is not long away from now possibly later this year. The NASDAQ / Gold ratio melted down after the late 1990s early 2000s tech stock bubble. Trends suggest we're going to see something similar again.  This current and upcoming rollover, we might again touch 1 to 1 parity there as well. Coming up on the Chinese Lunar New Year week-long holiday next week. And with the gold price coiling right under a key technical level of $5,100 and $5,120 oz Seeing some sort of price discovery psyop and nonsense should have been no surprise. Algorithmic selloff shennanigans hit yesterday morning with ridiculous reasonings at why many markets instantly sold off in concert. Bloomberg had a hoax of an unsourced story about how Russia had proposals to return to the US dollar system. Gold sold off, silver by a multiple in percentage terms too. The central bank of Russia literally had to address the clownish Bloomberg story with the head of their central bank is not involved with any such matter currently.   And that is the world we live in, having to turn to turn to Eastern world leaders to figure who is lying to us yet again. The truth is often very ugly and complex given inherent interests involved. We in a world where people get killed just trying to make an honest living. Simply mining precious metals is a dangerous affair, especially south of the border. Apparently we'll put up gigantic tariffs on palladium if we have to. Make sure our mines here at home can somehow compete with the Russians. They only mine about 40% of the world's supply of the precious hybrid car and catalytic converter laced stuff. Regardless what happens with these palladium tariff proposals, all four major precious metals are in bull mode onward. After this short break we'll run through more bullish bullion data around the world, and look at continued collapsing supplies of industrial silver bar inventories state side and over in China. And take a deeper look at the probably the biggest force to propel precious metals in mania phases, the worsening fundamentals for the US bond market in focus.   The silver and gold markets traded fine this week until Bloomberg's Russia returning to the US dollar system hoax article. The spot silver price ended the week at $77.37 oz bid. The spot gold price closed the week basically flat at $5042 oz bid. The spot gold silver ratio rose to close at 65. Premium bids in China continue to stay high on all three major precious metals silver, palladium, and platinum. China's combined SGE & SHFE silver inventories fell again now just over 25 million ounces of silver between the two major exchanges. Similar story stateside as COMEX Registered has fallen nearly 54% since India came on strong into silver September 2025. The COMEX Eligible pile is also falling of late, remember about 100 million ounces of which is reportedly unsecured oz held by the iShare SLV trust. This is not a coincidence, much of that silver went over on premium bids to Indian investors and silver importers. Turkey imported a record size of silver last month, nearly nine million ounces in January. Australia's Perth Mint for the first time ever, sold more in silver bullion than they sold in gold in fiat AUD terms last month. This is typical, gold leads, silver eventually follows, and investors begin thrifting more into silver over time. We saw major inflows of gold into Asian ETFs both in China and India recently. A similar amount of gold supposedly went into a combination of Western ETFs and to perhaps gain a larger semblance of credibility the balance sheet of supposed stable-coin tether (there's been no legit audits, and many of the founder names all over those 3 million Epstein files so take anything they claim with mines of salt). The bottom line on gold flows, the world is running to it. The debasement trade is worldwide. The US government tariff revenues aside is still running gigantic deficits, to the tune of nearly 3 trillion for this fiscal year if these rates continue. The hard US debt level is now almost $39 trillion, it will break $40 trillion this year. US Congressional Budget Office projections without recessions infused are terrible for as far as our eyes can see. Why oh why would you want bullion over bonds, fiat currencies, and the nominal no longer 50,000 DOW? Here's a key clip from Bloomberg's Wall Street Week published a few days ago.  This is the big debt and unfunded liability debasement consideration. Given the state of this world, people are more and more bullion buying, and quite rationally so.   The Federal Reserves balance sheet is beginning to peculate upward.  Whatever it takes to keep the bond market in order, it will likely go up well more in time. Dan Oliver of Myrmikan Capital recently wrote a piece I back-linked in the show-notes. He spells out how Trump's Federal Reserve chairman-designate Kevin Warsh will not be able to stop the bull market in gold. Dan also pointed out the historical fact that when other past historical gold bull markets really get manic, the US Gold Reserves as a percentage of the fiat Federal Reserve's Balance Sheet tend to spike upward towards 100% coverage. We're still a long way from that. How far you wonder? Unaudited for some seven decades, US gold reserves are reportedly worth about $1.3 trillion at today's gold spot price. Assuming the Federal Reserves balance sheet somehow doesn't grow (which is basically impossible). Well we still get a multiple of a factor of about five. So $25000 oz gold if history were to rhyme in time. And of course the Federal Reserve's balance sheet is probably going to balloon, so we're probably more on track for the outside of London hours shadow gold price which is nearing $50,000 oz now. I know it sounds nuts. But the Dow and Gold met at 1:1 parity in 1980 briefly too, that is within my lifetime and many of yours.   SOURCES: 60 Tons of Fake Silver Flood Market! Iron and Lead Inside, China’s Largest Gold Market Panic Strikes https://youtu.be/RpbdWFLTUjo?si=fxCYf-BSpF8JLIjB Stillwater Mine officials hope Russian-palladium tariff will boost domestic sales https://youtu.be/ogTMZZtBSrg?si=12UcyhzeutWFIdOo Myrmikan Research - February 9, 2026 - Just the Beginning https://www.myrmikan.com/pub/Myrmikan_Research_2026_02_09.pdf

Chris Vermeulen talks about risk management in the wild precious metals bull markets... Risk management and profit protection are crucial; scaling out of positions during rallies and re-entering after corrections is recommended. Peter Spina Fri, 02/06/2026 - 02:25

#html-body [data-pb-style=E7VE80L]{justify-content:flex-start;display:flex;flex-direction:column;background-position:left top;background-size:cover;background-repeat:no-repeat;background-attachment:scroll} Jump to: Why Silver? | Criteria | 12 Most Popular Silver Coins | Low Premium Options | Collectible Coins vs Bullion Coins | How to Store Silver Coins Silver continues to attract investors heading into 2026 due to rising industrial demand, growing technological use, and its accessibility compared to gold.  This guide explains the characteristics commonly associated with investment-grade silver coins, outlines factors contributing to rising demand, and reviews silver coins that are widely recognized for their liquidity, market presence, and historical performance. Key Takeaways Silver’s appeal is growing amid strong industrial demand, especially in electronics, green energy, and AI, while remaining an accessible entry point for investors; When choosing investment-grade silver coins, liquidity is key. High purity (.999+), sovereign backing, and standardized weights ensure easier resale and stronger market acceptance; Not all silver coins serve the same purpose. Understanding the differences between bullion, low-premium, and collectible coins helps investors avoid unnecessary premiums and align purchases with their investment goals, whether that is long-term wealth protection or just metal exposure; Not all silver coins serve the same purpose. Understanding the difference between bullion, low-premium, and collectible coins helps investors avoid unnecessary premiums and align purchases with their investment goals. Why Silver Coins Continue to Attract Strong Investment Market Interest While gold posted strong gains, Silver has drawn increased attention from market participants entering 2026, with prices rising and remaining resilient. Silver’s strength lies in its dual role as both an industrial metal and a store of value. When industrial demand increases and supply tightens, scarcity sentiment supports higher prices. According to the Silver Institute, global silver demand declined slightly in 2024, but this was largely offset by record industrial demand. Growth has been driven by electronics, electrical applications, and expanding AI technologies, alongside continued demand from solar, automotive, and grid infrastructure. The end of 2025 and the beginning of 2026 marked a key moment for silver prices, supported by supply concerns, export restrictions from major producers such as China, and heightened global uncertainty. Beyond fundamentals, silver remains attractive due to its accessibility. Compared to gold, it offers a lower entry point, making it an effective way for investors to gain exposure to precious metals without a significant upfront commitment. Criteria for Selecting Investment-Grade Silver Coins To begin with, the primary objective of any investment is to generate profit, or, at a minimum, preserve existing capital.  With this in mind, choosing an investment product should prioritize liquidity, which may contribute to easier resale in active secondary markets, whether to take advantage of favorable prices or to meet an unexpected need. Market participants often look for the following characteristics when evaluating silver bullion coins, specifically coins, as they are the highest liquid bullion product:  High purity is essential: Achieving certified purity requires a rigorous refining process that ensures durability while preserving the noble metal content. For silver, the standard for investment and exchange trading is 99.9 percent purity, commonly expressed as .999. Weight standardization: Products that follow common weight standards (such as 1 troy ounce, 100 grams, or 1 kilogram) are easier to price and resell. Condition and finish: Well-preserved pieces with minimal damage retain better resale value, especially in secondary markets. Authenticity: Not all bullion coins come with an authenticity certificate, but the institution itself backs sovereign-minted silver coins.  Each institution adds its anti-counterfeiting measures to its coins. For instance, the Royal Canadian Mint is famous for its Bullion DNA technology, which individually identifies each coin it releases. 12 Most Popular Silver Coins for Investors Based on the criteria mentioned above, these are the silver coins that best meet market standards and are popular among experienced investors and collectors.  12. Tree of Life Silver Coin 2025 1 oz Tree of Life Silver Coin The 2025 1 oz Tree of Life Silver Coin contains .9999 fine silver and carries a $2 legal tender denomination backed by Niue. Produced by the Sunshine Mint, it features a limited mintage of 250,000 coins. Part of the Truth Series, the coin combines high purity with collectible appeal, featuring the Tree of Life design and a micro-engraved Scripture detail. Its exclusivity and limited supply make it appealing to investors seeking silver with substantial thematic and numismatic value. 11. Horse Silver Coin 2026 1 oz Year of the Horse Silver Coin – Lunar Series III The 2026 Australian Silver Year of the Horse contains one troy ounce of .9999 fine silver and is issued by The Perth Mint as part of the Lunar Series III. It is Australian legal tender and backed by the government, ensuring authenticity and market trust. Its high purity, strong global recognition, and continued popularity of the Lunar Series make this coin attractive to investors seeking premium silver bullion with added collectible appeal from annually changing designs. 10. Krugerrand Silver Coins 1 oz SA Silver Krugerrand Coin The South African Silver Krugerrand contains one troy ounce of .999 fine silver and carries a face value of R1. Issued in silver by the South African Mint since 2017, it builds on the legacy of the iconic gold Krugerrand, first introduced in 1967. Its strong global recognition, government backing, and classic springbok design make the Silver Krugerrand a compelling option for investors seeking trusted sovereign silver from Africa. 9. Australian Silver Kookaburras 2025 1 oz Australian Silver Kookaburra Coin The Australian Silver Kookaburra is struck in .9999 fine silver and available in multiple sizes, including a one troy ounce coin with a face value of A$1. Issued annually by the Perth Mint since 1990, it is the Mint’s longest-running silver coin program. Its limited mintages, IRA eligibility, annually changing designs, and high purity make the Silver Kookaburra attractive to investors seeking a blend of bullion exposure and numismatic appeal. 8. Chinese Silver Pandas 2024 30 Gram Chinese Silver Panda Coin The Chinese Silver Panda contains 30 grams (0.965 troy ounces) of .999 fine silver and carries a face value of ¥10. Issued by the China Mint since 1983, it is one of the longest-running silver bullion coin programs and is IRA-approved. Its annually changing panda design, intense purity, and broad international recognition make the Silver Panda appealing to investors who value both bullion exposure and collectible potential. 7. Australian Silver Kangaroos 2026 1 oz Australian Silver Kangaroo Coin The Australian Silver Kangaroo contains one troy ounce of .9999 fine silver and carries a face value of A$1. Issued by the Perth Mint, it was the first Australian silver bullion coin to feature 99.99% purity in regular annual production. Its exceptional purity, advanced anti-counterfeiting features, strong global recognition, and government backing make the Silver Kangaroo an attractive option for investors seeking high-quality silver bullion. 6. Austrian Silver Philharmonics 1 oz Austrian Silver Philharmonic Coin The Austrian Silver Philharmonic contains one troy ounce of .999 fine silver and carries a €1.50 face value. Issued by the Austrian Mint, it is legal tender in Austria, and the only major silver bullion coin denominated in euros. Its strong European market recognition, government backing, and high liquidity make the Silver Philharmonic a solid choice for investors seeking internationally trusted silver exposure. 5. Morgan Silver Dollars Pre-1921 Morgan Silver Dollar - BU The Morgan Silver Dollar contains 0.77344 troy ounces of silver and carries a $1 face value. One of the most famous and widely collected U.S. coins, it features iconic depictions of Lady Liberty and the Bald Eagle. Valued for its historical significance and strong collector demand, the Morgan Silver Dollar appeals to investors seeking silver exposure with added numismatic and heritage value rather than pure bullion efficiency. 4. Mexican Silver Libertads 2024 1 oz Mexican Silver Libertad Coin The Mexican Silver Libertad contains one troy ounce of .999 fine silver and is fully guaranteed by the Casa de Moneda de México. Although it has no face value, it is legal tender and trades at the silver spot price. Its limited mintages, intense purity, IRA eligibility, and cultural significance make the Silver Libertad an attractive option for investors seeking diversification beyond traditional sovereign coins. 3. British Silver Britannia 2026 1 oz Silver Britannia Coin The British Silver Britannia contains one troy ounce of .999 fine silver and carries a £2 face value. Issued as the official silver bullion coin of Great Britain, it is backed by the UK government and widely recognized in global markets. Its strong liquidity, historical significance, and iconic Britannia design make it a solid option for investors seeking trusted sovereign silver coins. 2. Canadian Silver Maple Leaf Coins 2026 1 oz Canadian Silver Maple Leaf Coin The Canadian Silver Maple Leaf contains one troy ounce of .9999 fine silver and carries a face value of C$5. Issued by the Royal Canadian Mint, the Canadian government backs it and features some of the most advanced security measures in the bullion market. Its exceptional purity, strong global recognition, IRA eligibility, and high liquidity make the Silver Maple Leaf a leading choice for investors seeking premium silver coins. 1. Silver American Eagle 2026 1 oz American Silver Eagle Coin The American Silver Eagle contains one troy ounce of .999 fine silver (31.103 grams) and carries a $1 face value.  First issued by the U.S. Mint in 1986, it is the official silver bullion coin of the United States and is fully backed by the U.S. government for weight, purity, and authenticity. Its global recognition, high liquidity, and IRA eligibility make the American Silver Eagle one of the most popular and trusted silver coins for investors. Low-Premium Silver Coin Options 90% Silver “Junk.” 90% US Silver Coins Junk silver refers to pre-1965 U.S. dimes, quarters, and half-dollars composed of 90% silver. While still legal tender, their intrinsic silver value far exceeds their face value. Valued for their recognizability, divisibility, and lower premiums, junk silver coins appeal to investors seeking practical, fractional silver exposure with strong long-term value retention. Collectible Coins vs Bullion Coins According to the U.S Mint, the best definition for a bullion coin is a coin whose value lies primarily in its precious metal content.  Unlike commemorative or numismatic coins, which derive value from rarity, age, condition, or limited mintage, bullion coins are purchased by investors as a straightforward way to gain exposure to gold, silver, platinum, and palladium markets. For someone looking to buy silver coins, this distinction helps avoid overpaying, aligns purchases with financial goals, and clarifies whether the priority is wealth preservation and liquidity or collectibility and long-term appreciation. How to Store and Protect Silver Coins The key to preserving value is to minimize moisture, air exposure, and physical contact. Silver’s primary vulnerability is tarnishing, which accelerates in humid environments. Investors should store silver coins in non-reactive, airtight containers and keep them in a stable, low-humidity environment. Separating coins also helps prevent surface damage.  Another option is using a professional gold and silver depository. For a monthly fee, these facilities provide insured, secure storage, managed by specialists who ensure your metals are properly protected. Final Words Silver stands out as an accessible precious metal for investors seeking portfolio diversification, supported by steadily growing industrial demand driven by advancing technology.  When investing in silver coins, the strongest choices are those with broad market recognition and high liquidity, as they are easier to authenticate and resell.  With these factors in mind, the options outlined here aim to help you identify silver coins that align with your investment goals. Disclaimer: The information provided is for general educational purposes only and should not be interpreted as financial, investment, legal, or tax advice. Because this content does not take into account individual financial goals or circumstances, you should consult a qualified professional before making decisions involving precious metals. All markets carry risk, and past performance is not a guarantee of future results.

Warsh, The Silver Flash Crash & Gold Stocks Unsavory and speculative interests got into the markets for the metals. Silver, especially, got played. Similar to what happened to nickel a few years ago, and platinum and palladium... Gary Tanashian Tue, 02/03/2026 - 08:14

31 January 2026 BullionStar Trading Update In light of the historic correction and the ongoing uncertainty surrounding physical supply, we carefully assessed whether it would be responsible to continue accepting orders over the weekend. After thorough consideration, we decided to remain open and continue offering physical precious metals for sale, albeit at elevated premiums that

#html-body [data-pb-style=XTHWYE2]{justify-content:flex-start;display:flex;flex-direction:column;background-position:left top;background-size:cover;background-repeat:no-repeat;background-attachment:scroll} Silver Breaks $100 as Physical Demand Forces a Global Market Repricing Silver has violently re-rated higher, driven by physical demand, not paper speculation, with China, India, and other Asian markets leading the charge  Strong bullion premiums and tight inventories show the global silver market is moving back toward balance after more than a decade of distorted price discovery  India’s silver investment demand continues to grow despite sharply higher prices, with imports flowing from Switzerland, China, the UK, and the UAE  Chinese silver inventories on the SGE and SHFE fell another 3+ million ounces, reaching decade-low levels, reinforcing ongoing supply tightness  COMEX registered silver inventories have collapsed to roughly 114 million ounces, down about 86 million ounces since September 2025  Rising negative silver lease rates in London signal longer-term supply stress, not just short-term market tightness  Silver broke decisively above its 1980 nominal high, highlighting the severe long-term debasement of fiat currencies, including the Swiss franc  Platinum and palladium prices are also surging, with platinum still historically cheap relative to gold and silver on a long-term ratio basis  Precious metals have massively outperformed U.S. equities, with gold and silver reaching extreme valuation shifts versus the S&P 500 and U.S. housing  With industrial demand rising, mine supply constrained, and global financial risk elevated, the author argues that sustained triple-digit—and eventually multi-hundred-dollar—silver prices may be required to restore equilibrium  Surging bullion premiums, collapsing inventories, and relentless industrial demand signal a historic rebalancing of the world silver market—one that paper pricing can no longer contain. Why is silver being rerated so violently upwards? Not just by China, but also India, & elsewhere. A collective unyielding premium bid for Silver bullion. It is pushing the market's collective price discovery wheels faster & faster, higher it climbs. Physically demand driven. Not some unsecured over levered derivative clown show. World Silver Market moving back into balance That's what we're witnessing Decade+ of mostly London & COMEX's price discovery fogs burning off Still a wild ride ahead in this 5th silver market rebalancing era. Let's get into some real time precious metals and data news from the week that welcomed $100 spot silver triple digit landia. We still haven't seen Jan 2026, China silver export data yet. But based on the premiums that India is paying for industrial sized silver bullion bars, it is likely that more silver exports will be headed to India as Silver ETF buying in India remains strong and growing. Last month's data on Indian silver imports showed Switzerland led the way (slightly irregular). But China and UK were there to export into India as well as the UAE and other myriad silver export markets. Investment demand for silver in India is still growing and demand is forecasted to grow even in the face of much higher local prices. China's SGE & SHFE inventory levels fell over another 3 million ounces this week to levels not seen since over a decade ago. That market remains silver supply tight based on high premiums continuing. Registered silver bullion in collective COMEX warehouses continues to collapse now down to 114 million oz. Having fallen around -86 million ounces since Sep 2025. Chris Marcus of Arcadia Economics reports Robert Gottlieb's latest post stating that 1-5 year silver OTC lease rates in London have been climbing sharply of late rising from -1.5 -2.5% to now around -3.5 to -4%. Suggesting there are silver supply concerns more over the coming few years basis as opposed to merely a shorter medium term basis. Bad news for the fiat Swiss franc as a safe haven.  This week silver finally blew through the near ancient nominal 1980 all time high price that was ticked near 76 oz. A currency that was once defined at 4.5 grams of silver per note, has now lost over -92% of its value to silver and these loses will go high 99 percentile in time. The Swiss fiat is no exception to the debasement trade. Good news for Platinum and Palladium bullion bulls. Their respective prices have also been gapping higher in China of late. Last price for Palladium was $2225 oz and Platinum at over $3065 oz. On a long term ratio play, platinum bullion is trading historically cheaply still versus gold bullion and also silver bullion. The four major precious metals' price performance to kick off 2026 is near a handful of standard deviations above the 45 year norms. Much like last year, Silver, Gold, and the white precious metals are climbing at rates suggesting we're not going back to Kansas any more, and Dorthy's slippers were silver the whole time. We're gonna be right back with Silver news out of Japan as the long time yen carry trade unravels onward. How far silver and gold have both come relative to other major asset classes in the USA. As well, we're gonna look at LBMA Precious Metals price guessers for the year 2026. They have to be more accurate this year, right, right? The spot silver price ripped higher on this historic week, closing at $103.33 oz bid. The spot gold price led the bull this week threatening five thousand an ounce, ending this week's trading at $4,983 oz bid. The spot gold silver ratio cut down to 48 oz of spot silver to afford one troy ounce of spot gold. Gold has broken out versus the S&P 500 now costing 1.39 oz to buy the nominal US Stock market index's nominal number closing at 6,915 today. Will we see the S&P 500 and the nominal price of Gold match this year? That would the fair value over US financial history. The last 3 times this chart fell below 1.4 oz it took anywhere from 26.5, 21, to 5 years to return in a new upward cycle above that key level. On the silver side of these bullion versus US Stock market scales, the situation is even more extreme. S&P 500 has lost -2/3rds it’s relative value vs Silver Bullion since the start of 2025  Still has to lose another near -60% to find that ratio’s late April 2011 low level near 25 oz Near a -90% relative loss remains versus silver bullion if we fall back near extreme 1980 low levels again, perhaps next decade. The silver versus median US priced homes with today's close is close to only 4,000 oz. The 1980 lows fell for a time near and even below 1,500 oz. In gold terms, we're almost now at 1980 lows measured by $5,000 oz gold vs $415,000 median priced homes today, versus back then a median house costing $63,700 and $800 oz gold in early 1980. 83 oz now vs around 79 oz back then. This occurring so early in this bullion bull suggests that median house / gold ratio has further to fall still. 4 MAJOR PRECIOUS METALS PRICE FORECASTS Gold Price Guesses 2026 No joke, this is the  Smallest % variance $ 3,500 — $ 7,150 oz The highest gold price guess is from a bank desk analyst out of China. Silver Price Guesses 2026 Biggest % variance $ 42 — $ 165 oz The highest guess is Ross Norman out of London. Bart Malek of TD Securities high gold and silver price guesses for the year have already been proven wrong by a few hundred dollars in gold and 17 dollar in silver. Platinum Price Guesses 2026 2nd Widest % variance $ 1,300 — $ 3,600 oz Bruce Ikemizu's $3,600 oz high call for platinum seems reasonable to win in bullion bull mode. Palladium Price Guesses 2026 3rd Wide variance $ 1,090 — $ 2,900 oz The high side guess being a Japanese analyst as of course the Japanese auto industry heavily uses palladium in their auto manufacturing processes. A full link to these 2026 precious metals price guesses is in the show notes, each guesser has a rationale for their reasonings if you care to go find and read them, Turning to the land of the rising sun. The Twitter X algorithm has been serving me more Japanese silver bullion buying chatter the last few weeks and it is obvious the demand their for silver bullion has gone next level. Here some guy complaining how hard it was to secure these 500 gram silver bullion bars. I reminded him what's more painful is not owning silver bullion in size before it starts performing akin to how gold has already performed there to date. Japan is very early still, but on their english business channel news this week, our industry friend Bruce Ikemizu-son was interviewed about the ongoing in silver.  Wait until you hear the industrial silver users commentary, it is completely flat footed. I maintain my thesis that the World Silver Market moving back into balance. And in doing so it will likely require multiple hundred dollar an ounce silver as the ongoing aggregate price outside of COMEX hours remains hovering still around $400 oz. That will be all for this Week's SD Bullion Market Update. REFERENCES: LBMA Precious Metals Price guesses 2026 https://www.lbma.org.uk/forecast-survey-2026/analysts-forecasts Silver rallies on supply crunch as investors flee riskーNHK WORLD-JAPAN NEWS https://youtu.be/vxQADOXlq04?si=jFRClf0xcRYsEQGw

Sixteen current and former Heraeus employees under investigation over claims it unlawfully retained material owned by customers

Portfolios holding precious metals performed well in last year’s rollercoaster market

#html-body [data-pb-style=IDDXHT6]{justify-content:flex-start;display:flex;flex-direction:column;background-position:left top;background-size:cover;background-repeat:no-repeat;background-attachment:scroll} Global Markets Quietly Pay $100 for Physical Silver, as Gold Eyes $5,400 Gold wasted no time in 2026, pushing steadily higher and flirting with fresh nominal highs near $4,600 per ounce, a move that feels less like speculation and more like investors voting with their feet amid institutional uncertainty.  Silver is stealing the spotlight, with prices surging toward triple-digit territory and the gold-silver ratio collapsing to about 51:1, briefly dipping into the high-40s — a classic signal that silver is playing catch-up in a big way. The political drama surrounding Fed Chair Jerome Powell and reported DOJ subpoenas has only reinforced the broader theme: confidence in fiat institutions is wobbling, and precious metals are acting like the adults in the room. Major market voices are backing up the move. MKS Pamp’s Nicky Shiels went on CNBC calling gold a secular trade, not a blow-off top, with a bold $5,400 gold target still implying upside even after last year’s historic gains. This bull market isn’t just about fear — it’s also about scarcity and utility. Silver, copper, platinum, and palladium are all facing years of underinvestment just as industrial and energy-transition demand accelerates. On Bloomberg, David McAlvany framed the rally as a once-in-a-generation monetary regime change, pointing to central banks boosting gold reserves while quietly reducing reliance on U.S. Treasuries — a structural shift, not a headline trade. Silver’s fundamentals look especially explosive: a five-year global supply deficit, rising industrial demand, and growing investor interest have analysts openly discussing $100 silver as a waypoint, not a ceiling. Physical markets are flashing warning lights. China is paying double-digit premiums for gold, Shanghai exchange inventories are shrinking, and India just absorbed tens of millions of ounces of silver through ETFs alone. Western inventories are feeling the squeeze too, with COMEX registered silver falling sharply and signs that large ETFs may be quietly funneling physical metal toward higher-premium markets overseas. Perhaps the most telling sign of all: retail prices are exploding. The U.S. Mint now lists uncirculated American Silver Eagles at an eye-watering $169 per ounce, a reminder that in real markets, physical metal is already repricing faster than paper quotes.  Exploding Asian premiums and shrinking inventories suggest silver’s repricing is unfolding outside Western paper markets — and accelerating fast. Strong central bank demand, tightening inventories, and overseas premiums reveal a growing disconnect between Western spot prices and real-world precious metals pricing. The spot gold price steadily climbed, nearing nominal high levels, ending at $4,597 oz bid. The spot gold-silver ratio fell to 51 oz of spot silver to afford one troy ounce of spot gold, momentarily breaking into the high 49s intra-week. Silver Charges Toward a New Price Regime as Physical Tightness, Political Risk, and Industrial Demand Converge Silver wasted no time making headlines in the opening weeks of 2026, delivering one of its most aggressive advances in decades and reigniting debate over whether the metal is entering a fundamentally new price regime. Over the past week, spot silver surged toward the $90-per-ounce level, while briefly pushing the gold–silver ratio down to roughly 51:1 — and even into the high 40s intraw­eek — a move that historically signals silver is in the early stages of outperformance . For market veterans, this combination of accelerating price action and collapsing ratios feels less like a speculative spike and more like a repricing driven by tightening physical supply and long-simmering structural forces. Political Pressure and Monetary Credibility The rally unfolded against a backdrop of mounting political tension in Washington. Federal Reserve Chair Jerome Powell opened the week addressing reports that the Department of Justice had served the Fed with grand jury subpoenas related to prior testimony on building renovations. Powell framed the issue as a challenge to the Federal Reserve’s independence, warning against political pressure influencing monetary policy decisions . While the legal questions themselves may take time to resolve, markets reacted swiftly. Precious metals — traditionally sensitive to institutional credibility and currency confidence — responded with renewed strength. Gold climbed toward fresh nominal highs near $4,600 per ounce, while silver accelerated even faster, underscoring its higher volatility and leverage during periods of monetary uncertainty . A Secular Bull Market, Not a Blow-Off This week’s price action was reinforced by commentary from major market analysts. On CNBC, MKS Pamp’s head of metals strategy, Nicky Shiels, described the precious metals rally as a secular trade, not a commodity blow-off top. Shiels reiterated her firm’s $5,400 gold target for the year and emphasized that silver, along with other critical metals, remains in the early innings of a broader debasement-driven cycle . Shiels acknowledged that near-term pullbacks are possible after such rapid gains, but stressed that the underlying drivers — currency debasement, underinvestment in mining, and rising strategic demand — remain firmly in place. Silver’s Unique Supply-Demand Setup Silver’s fundamentals stand apart even within the precious metals complex. Unlike gold, silver faces heavy industrial demand tied to electronics, energy infrastructure, and the expanding AI-driven economy. According to commentary cited this week, silver has now experienced a five-year global supply deficit, setting the stage for what analysts describe as a rare and necessary price adjustment . David McAlvany, CEO of McAlvany Financial Companies, echoed that view on Bloomberg, characterizing the current environment as a once-in-a-generation monetary regime shift. He noted that central banks are increasing gold allocations while global investors have yet to fully embrace precious metals as a core safe-haven asset — suggesting further upside remains untapped. On silver specifically, McAlvany cited the dual pressure of industrial and investor demand, calling the recent breakout above long-standing price ceilings “generational” . Physical Markets Flash Warning Signs Beyond futures charts and analyst targets, the physical silver market is sending increasingly urgent signals. China’s Shanghai Gold Exchange and Shanghai Futures Exchange reportedly saw prices equivalent to $100 per ounce in U.S. dollar terms this week, driven by local premiums exceeding 10%. Despite these elevated prices, exchange inventories continue to draw down, highlighting ongoing supply stress . India, meanwhile, has emerged as a major silver sink. In December alone, more than 23.5 million ounces flowed into Indian silver ETFs, contributing to roughly 50 million ounces absorbed by unsecured ETFs and ETPs in recent months — before accounting for industrial demand . Western inventories are also tightening. COMEX registered silver has fallen sharply, with more than 77 million ounces reportedly removed since late 2025, coinciding with persistently higher physical premiums in Asia. Analysts also point to unusual movements within large silver ETFs, suggesting that 1,000-ounce bars may be quietly migrating toward markets willing to pay the highest premiums . A Retail Price Reality Check Perhaps the most striking illustration of silver’s repricing came late in the week, when the U.S. Mint updated its retail pricing. Uncirculated American Silver Eagles were listed at approximately $169 per ounce, a level that dramatically diverges from paper spot prices and underscores the widening gap between physical availability and financial benchmarks . For long-time precious metals observers, this disconnect is familiar. Retail premiums often surge first, followed by sustained upward pressure on spot prices as supply constraints work their way through the system. Looking Ahead As 2026 unfolds, silver’s rally appears to be fueled by more than momentum alone. Political uncertainty, currency debasement, chronic underinvestment in mining, and intensifying industrial demand are converging in a way that few market participants have experienced in their investing lifetimes. Whether silver pauses in the near term or continues its rapid ascent, this past week made one thing clear: the metal is no longer trading as a sleepy byproduct of gold. It is asserting itself as a strategic asset — and the market is taking notice.   REFERENCES: McAlvany: 'I think this is a once-in-a-generation. We don't often see monetary regime change https://www.youtube.com/watch?v=aaJO9EeaUko MKS Pamp: Gold & Precious Metals are a secular trade, not a blow-off top https://www.youtube.com/watch?v=Gorwxi-R4yY

#html-body [data-pb-style=RM8WY6K]{justify-content:flex-start;display:flex;flex-direction:column;background-position:left top;background-size:cover;background-repeat:no-repeat;background-attachment:scroll} Silver’s Wild Week Caught the Market Off Guard If it felt like your dollars barely kept up last year, you weren’t imagining it. In 2025 alone, Americans lost nearly -40% of their gold buying power and about -60% of their silver buying power—far more erosion than the headlines let on. Gold and silver did not suddenly become expensive, they simply exposed how much weaker paper currencies have become when measured against something real Silver in particular is wearing two hats right now, it is both money and a critical industrial metal, which means demand keeps growing while supply does not magically expand Governments are starting to treat silver like what it actually is, a strategic resource, with restrictions, critical mineral designations, and national stockpiling becoming more common The wild silver price swings you see on screens mostly reflect paper trading, not the physical reality, real metal inventories are shrinking even as demand rises Physical bullion ownership matters more in environments like this, paper promises work fine until everyone asks for delivery at the same time Industrial users are already signaling stress by offering premiums over spot prices just to secure future silver supply, that is not speculation, that is urgency Gold continues to act as the financial truth teller, reminding us that currency weakness is often slow, quiet, and ignored until it becomes impossible to miss This cycle feels different from past spikes because it is driven by structural shortages, geopolitical competition, and real-world demand, not just investor excitement The road ahead is likely to stay volatile, but volatility is not the same as risk, the bigger risk is assuming paper money will somehow regain strength without changing the forces weakening it Last week in 2025, silver surged to nearly $84 an ounce before swinging wildly all week and closing above $72, a high volatility stretch that shook the market. From a blistering Asian-market surge to a brutal midweek sell-off, here’s what really drove silver’s dramatic price action and why it matters now. It doesn't make me dance: last year, in 2025 alone, US citizens lost nearly –40% in their gold bullion and –60% in their silver bullion buying power. The spot silver price ripped to open this trading week in Asian hours, ticking nearly $84 oz to a new nominal price high, only to suffer a violent sell-off in a few up-and-down waves through the week.   Silver closed at $72.86 oz bid for the week. The spot gold price mostly sold off on the week, ending at $4,332 oz bid. The spot gold-to-silver ratio fell to 54 on silver's explosive strength last Sunday night, only to end this week at 59 oz of spot silver to afford one troy ounce of spot gold. Here is a closer look at that crazy Sunday 12/28/2025 evening into New Year's Day trading for silver. Hopefully, you're not out there levered long, playing in these insanely volatile paper markets. Sticking with physical bullion for the long pull is the best way to handle this trade. As well as sticking with the facts, the best you can. This bullion bull will be rowdy, mainly to the real value upside. Silver is Shocking the World It doesn't make me dance, that last year in 2025 alone, US citizens lost nearly -40% in gold bullion buying power with their fiat US dollar incomes and savings. You ever number of go down? Well that's basically what's happening here for those who don't own gold bullion. The timespan covers our full fiat currency era. Friendly reminder that 26 alleged gold market analysts didn't see last year coming. Their gold price guesses were about $1200 an ounce low. Fiat US dollar hodl'r losses on the silver side of last year's equation are even more mind numbing. The mainstream financial know it alls will tell you the US dollar lost just over —10% last year. The truth is, they lost -60% to silver bullion stores of value. The 26 experts were about 1/2 way correct in their collective price guesstimates for 2025. Turning further and deeper into the discredited London Bullion Market Association. The City of London's silver piles continue to get run on. Ah, a 1 negative 15 million ounce pull the day after Christmas.  No wonder London Silver lease rates keep climbing higher and higher. More on the other two white precious metals in a minute, as you can their lease rates remain stubbornly high as well. Onward stateside to the COMEX. Oh, yea! One thing to note, a key difference between this ongoing silver bullion bull market vs the last pip squeak 2011 speed bump. Open interest has actually been falling in COMEX silver futures contracts as the spot and futures prices have been zooming higher. That signal the shorts are having to cut losses and that this bullion bull is more structural and physical 1,000 oz silver bar driven that a decade and a half ago. Also the most important part of the alleged COMEX silver pile backing the mostly paper contract trading exchange, the Registered pull-able pile has dropped from having just over 200 million ounces to start September 2025, to now around 128 million oz. That's more than 1/3 of it getting yanked in the finale 1/3rd of last year's timeframe. And then there is China's SGE & SHFE silver stockpiles, still tiny for the country that needs the most industrial silver tonnage in the world to manufacturer virtually and silver infused items you can name. This is why many including myself believe China is clamping down on domestic supplies from fleeing offshore 2026 into 2027. They fully understand that silver is a critical precious metal in tight increasingly lacking supplies. Turning now to palladium and specifically platinum. Both also ramped in spot prices last year to the tune of 2nd and 3rd place in performance behind first place silver. Those 26 experts missed platinum's 2025 move by about half. Who could blame them? Who could have guess that in last month December 2025 alone. The bottom vs top intra-month price tick for platinum around the world saw a range of $1500 oz, nearly double it's spot price to start the month. Oh and I found out the platinum and palladium price quotes you see coming out of China, they do not infuse local VAT, traders if they pull either metal from the new Chinese exchange pay that local tax fee separate from ongoing price quotes. And so while we all wonder how much tighter this industrial and investment silver market will get the world over. Reports this week, aside from the Samsung 1 kilo per EV battery hype rumors, are that you had Chinese manufacturing and trading firms ringing up silver miners offering to buy their silver with an $8 premium at the time. Not just Chinese, Indian buyers also are reaching out with bids reportedly $10 oz over the market price at the time. Yea, wow. You can say that again Elon Musk. When we get back after this short break we're going to go through Elon's two specific Silver related tweets from last week. I think you will find them both interesting and relevant to our show.   The spot silver price ripped to open this trading week in Asian hours, ticking nearly $84 oz its new nominal price high, only tel violent sell off in few up and down waves through the week.  Silver closed at $72.86 oz bid for the week. The spot gold price mostly sold off on the week, ending at $4,332 oz bid. The spot gold silver ratio cut down to 54 with silver's explosive strength last Sunday night, only to end this week at 59 oz of spot silver to afford one troy ounce of spot gold. Here is a closer look at that crazy Sunday evening into New Year's day trading for silver. Hopefully you're not out there levered long, playing in these insanely volatile paper markets. Sticking with physical bullion for the long pull, is the best way to handle this trade. As well as sticking with the facts, the best you can. The day after Christmas, Elon Musk made silver headline news when he responded with concerns over the news that China is apparently looking after China first, when it comes to their industrial silver supplies and ongoing demand. The other issue is China's EV car manufacturer BYD is eating Tesla's lunch in terms of global auto sales with much more competitive pricing points and growing emerging markets to sell to. The next day on Twitter X my post here went viral. 4.7 million views, reminding people that silver is still store of value money, even if industrialists think they should have it all. Not gonna happen. Couple days later after my post, degenerate gambling market maker Polymarket stole my copy, and Elon Musk responded, Wow! The biggest problem was their social media account was again inaccurate, and 2 days late on the data. I was accurate, I went to coin shop and bought these beauties amongst other bullion items. See I know nominally silver looks expensive, in real value terms its still cheap, we're not even at historical fair value levels yet. Call me when 25 ounces of silver bullion buys the nominal S&P 500. Time for a callback on my dark humor, silver Billy Madison meme. Three of the fiat currencies that had yet to nominally break out to new all time price highs are now gone and behind us. See ya later Israeli New Shekels. Physical silver shekels, win again. Albanian Lek, same story you were designed to lose real value to silver. Remember how I constantly remind myself here that silver eventually follows gold. Well in fiat Japanese yen, one of the most important fiat currency units in finance and the investment world, just saw its newest nominal price high in silver. The first time since 1980. Yep, originally the yen held 0.78 oz of silver melt value in a 90% silver coin introduced in 1870 as it began increasingly trading with the Western world. Silver is just getting started in Japan. Congratulations to Bulgarians for their introduction into the EU, out with the fiat lev, in with the fiat euro. Same, same and not very different, 20% VAT on silver bullion and more losses in your silver buying power to continue onwards. One of our final laggard indicators on the final boss list remains. The fiat Swiss franc vs silver nominal price is still below its nominal price high way back in 1980 in then much stronger fiat Swiss francs. This is yet another illustration that silver is only getting underway in the bull market mania to come. Yes, silver's spot price has been rising so sharply of late. And yes, it will have to rise much further in the years coming to bring supply demand market balance and East vs West equilibriums back. We got a long wild ride ahead. Buckle up Silver Squeeze'rs. This bullion bull will be rowdy, mostly to the real value upside. Speaking of bullion, if you are like me still adding to your positions.    REFERENCE: Yahoo Finance on Metals Wars & Silver 2026:  https://youtu.be/bJ0Jb0ZODHE?si=GbjiUvPUggBVX5rr&t=428

#html-body [data-pb-style=WS3I53C]{justify-content:flex-start;display:flex;flex-direction:column;background-position:left top;background-size:cover;background-repeat:no-repeat;background-attachment:scroll} All-Time Highs: Silver Over $79 and Gold Over $4,500 as China Pays Massive Premiums Over Western Spot Prices On Metals. What was supposed to be a quiet, holiday-shortened Christmas week turned into a barn-burner for precious metals, with silver and gold both finishing at historic weekly closes Silver absolutely ripped higher, closing the week above $79 per oz, while gold notched a fresh all-time nominal weekly close near $4,531 per oz, reminding folks that these bull markets are very much alive. The gold-silver ratio collapsed to around 57:1, a level we haven’t seen in years, signaling silver is finally starting to run faster than its big yellow cousin. Much of the action is coming from the East, where Chinese Shanghai Gold Exchange (SGE) and the Shanghai Futures Exchange (SHFE) markets are paying massive premiums for silver, platinum, and palladium compared to Western spot prices. To put that in perspective, silver has traded above $82 per oz on the SGE, platinum north of $3,100 per oz, and palladium around $2,300 per oz, all well above Western quotes. These premiums aren’t about taxes or paperwork — they point to real physical tightness, especially for 1,000-oz silver bars that are getting pulled from Western vaults toward Eastern demand. London silver lease rates staying elevated and COMEX registered silver inventories dropping by roughly one-third since September are more signs that physical supply is under strain. Add in concerns about future Chinese silver export restrictions and China’s control over a large share of global silver refining, and you’ve got a recipe for continued price pressure. Platinum deserves a neighborly nod too — it quietly blew past its old 2008 high, while the gold-platinum ratio has nearly been cut in half in just months. Finally, Google Trends shows interest in how to buy gold and silver at all-time highs — and from where I’m standing over the backyard fence, this bull ride still looks like it’s just leaving the gate. Silver closed at a new all-time high above $79 as gold broke past $4,500, with much of the action coming from the East where China’s SGE and SHFE are paying massive premium gaps for silver, platinum, and palladium versus Western spot prices. On what should have been a slow Christmas holiday shortened trading week, became anything but. Basically all week we witnessed the combination of China's SGE & SHFE precious metals markets ramp in local premiums paid for silver, palladium, and platinum respectively. The bottom half of this SGE silver price chart shows the local premium or discount versus the ongoing quoted NY silver price. The data there is only through Christmas Eve, or through last Wednesday two days ago. It since ramped even higher. One of the more diligent Eastern world Twitter X posters, Bai Xiaojun who uses the handle @oriental_ghost has for years now been posting Chinese SGE & SHFE daily closing price reports. There is no local Chinese VAT intertwined with these large premiums being paid on the far right hand side. Over $82 oz for silver on the SGE, over $81 on the SHFE. Premiums being paid for platinum and palladium are even crazier in percentage terms above Western price quotes. Nearly $2300 oz for palladium being paid while Western spot price quotes say $1925 oz as of writing this. Over $3,130 oz for platinum while the latest price quote in the Western world is at $2,446. This week the platinum price blew past its old early 2008 nominal price high near $2300. The Gold Platinum ratio has been falling extremely fast of late. During Trump tariff chaos in April of this year the Gold Platinum ratio peaked above 3.5 oz of platinum to afford 1 oz of gold, that figure has almost been cut in half since as about 1.85 oz of platinum now affords one oz of gold. Turning to another ratio that has been falling like a rock of late, the collapsing gold silver ratio had an epic week, seemingly being mainly driven by localized rolling shortages of 1,000 oz silver bars from the Western to the Eastern world. Lease rates for silver in London remain elevated, signaling low to no available float and 1,000 oz silver bar tightness there. The deliverable COMEX Registered silver 1,000 bar pile has basically seen 1/3rd of itself yanked since the early Sep 2025 peak, see the the dark green line below. China's SGE & SHFE silver bar inventories remain low with industrial silver users surely scrambling to stockpile silver before it runs away from them in price and availability. And then the growing concern about the potential for Chinese silver export restrictions 2026, 2027 to potentially chokepoint fresh silver inventories for itself before exporting to other nations. Estimates are given China's world dominating silver refining capacity that the Chinese control up to 2/3rds of the world's fresh silver bar mined and refined outputs. This gives China huge price discovery leverage wielding that dominate a silver refining and exportation position. Indians looking to acquire more silver in 2026 are likely going to have to keep paying local premiums to get what they can. Meanwhile big bank guesses for silver prices in 2026 are already laughably behind the curve that screenshot from this week on CNBC TV-18 in India. We are starting to get to the point in silver where yes the nominal fiat number go up is indeed fun, and nothing to take for granted or be grateful for. I have difficulty guessing how high this current run might climb before some price consolidations and market digestions. One thing is for sure judging by Google Trends data. United States internet user interest over the ongoing gold price, and silver price has never been higher. That makes sense right? People love seeing number go up, and getting that dopamine hit. It's addictive.www.google.c But most important for wealth preservation long haul, the public's interest in how to buy gold and how to buy silver has never been higher either. We're just bull riding fresh out the price breakout gates for silver and platinum. On the other side of this break, we'll get into some longer term value charts which are ultimately more important than triple digit silver seemingly having now become the consensus base case for 2026. The spot silver price ripped higher for the week with an extremely bullish close of over $79 oz bid. The spot gold price ended the week at $4,531 oz bid new nominal price high weekly close for gold as well. The spot gold silver ratio ends this week at down at 57 oz of spot silver to afford one troy ounce of spot gold. Breaking into the spot GSR 50s in this run was what I was hoping to see, and looking at the chart, we could go lower 50s. All the concerned top callers who are newly pretending to be experts in the silver market should remember that the aggregated price outside of NY COMEX hours has ballooned to nearly $400 oz ongoing. So in fiat US dollar terms we got a long road to come. In the log format of this chart, you can see it's the red spot price line and black NY intra-trading hours price aggregates that have been forced to ramp of late. The blue eastern world line is laying flat near $400 oz. I remain convinced the red and blue lines will again reconvene later in the mania phase for precious metals, we're just getting climbing. The Gold vs S&P 500 ratio, basically how much of the US stock market an ounce of gold can buy, well there is a potential technical break that might be coming next year. Ultimately we likely go back to 1 to 1 parity, and then higher towards the 2011 highs, and likely beyond in the final gold mania to come. Industry colleague and shrewd precious metals chart analyst, Jordan Roy-Byrne points out the Silver is breaking out vs the 60/40 stock and bond portfolio signaling a trend shift were investment capital is flowing into silver and harder assets over underperforming bonds and AI priced for perfection bubble stocks. The S&P 500 / Silver ratio is also falling like a rock, now at 87 oz of silver to nominally buy one share of the S&P 500 In the pip squeak 2011 silver bull that ratio got down to about 25, and that key ratio masking out all the nominal devalued fiat currency noise, well it fell to the low single digits in early 1980 silver bullion bull blow off top. The potential for silver to outperform the US stock market by a factor for four to forty fold still exists. Capital flows and rotations are coming for precious metals, front running them is best, as opposed to being late and overpaying in real value terms. Merry Christmas, especially to you crazy uncles out there. As time continues onward, they'll finally figure out you're the best crazy like a fox.  Next time we meet, 2026. Gonna be hard to beat this year. That will be all for this Week's SD Bullion Market Update.

Platinum and palladium might not get as much attention as gold or silver, but they’re essential to industries ranging from jewelry to dentistry to automotive manufacturing. But how do these metals get their global prices, and who sets the standards for their trade? The answer lies with the London Platinum and Palladium Market (LPPM), the The post The London Platinum and Palladium Market: A Brief History and Its Role Today appeared first on Manhattan Gold & Silver.