Solar panel cost curve

Silver can go to $100. 

Silver lease rates reach record high of 10.6%

High lease rates mean bottoms in silver.

1 year silver lease rates are hitting record highs and they have never hit 10.6%. Every time when lease rates spike, silver bottoms out.

Currently the 1 year silver forward rate is -7.1%. Lease rate = SOFR - forward rate = 3.5% + 7.1% = 10.6%

Goldman Sachs: Long gold/copper, short oil/gas

 

Silver supply and demand

 

Nomi Prins Top Commodities

Nomi's top commodities for 2026: 

1) silver 

2) uranium 

3) copper 

4) platinum 

5) gold 

6) palladium 

7) rare earths: Nd-Pr 

8) cobalt, lithium, nickel

Yardeni hikes gold price from $5000 to $6000

Yardeni hikes gold price. 

LNG Drags Down Energy

LNG in oversupply. 

JP Morgan $5400 gold

JP Morgan gold target is $5400.

Retirement Stocks

Stocks to own in 2026. 

India pension funds buy gold

New structural demand from pension funds.

U.S. gold investors Vs. gold price

If US private investors double their gold portfolio, gold will go up 20%. 

IEA Oil Glut

Do not buy oil. 

Silver demand from EV

Silver Institute report.

Real inflation adjusted silver

Silver is going a lot higher. 

Silver to $500

Silver is going to $500.

USD Overvalued

The USD is overvalued. 

Copper mine supply disruptions

Copper supply will be weak in the coming years. Silver as well.

Oil CAPEX/Amortization Ratio

When oil CAPEX is higher than amortization, production will rise. 

Yardeni $10000 gold

Yardeni targets for 2030:

- Gold: $10000 (+150%)

- S&P 500: $10000 (+50%)

Silver demand

A nice industry. 

JP Morgan: $30 oil

JPM $30 oil.

Goldman Sachs: Oil $40

Oil $40.

USD vs Gold

 Usd vs gold.

Sprott Inc. Update

Buys: New Gold, Barrick, Coeur, Endeavour Silver, Equinox, energy and coal.

Sells: Sandstorm, Fortuna, Pan American.

 

USD losing reserve currency status

USD losing. 

China's Silver on Critical Minerals List

On Oct 26, MOFCOM announced that tungsten, antimony, and silver will be added to China’s Key Export Supervision Catalog beginning November 2025. Exports will now require quota review and joint approval, replacing the prior self-reporting system. This means tightened export oversight through 2027 — not a relaxation of controls. While U.S. sources may highlight “general license” discussions, the official Chinese policy text confirms continued regulation of these critical minerals. For markets dependent on antimony, this underscores the strategic importance of North American supply chains and verified domestic production capacity. This notice tightens export controls, not loosens them — it shows that as of late October 2025, tungsten, antimony, and silver are now under stricter export supervision requiring government review and approval (rather than being freely exportable). So, contrary to the rumors about “general licenses removing controls,” this Chinese government release actually confirms the continuation or expansion of export controls into 2026–2027.

Remember, China exports a lot of silver.

U.S. Deficit Projections

U.S. deficits expected to rise.

 

Put/Call Ratio Gold

Put/Call ratio > 1. Bearish.
Put/Call ratio < 1. Bullish.

A low Put/Call ratio signifies support for the gold price.

Berezin: Gold Quant Model

Berezin gold quant model is bullish gold.

Goldman: $4900 Gold

Gold will keep rising to $5000. 

India Silver Collateral

India is turning silver into money. 

IEA Oil Supply and Demand

Oil is getting worse. 

Due to oil on water.

Production still needs to rise.

Copper Supply Shock

Copper will be bullish. 

TIPS Rolling Over

TIPS is about to roll over. 

Lower TIPS boosts gold upward.

TIPS lower due to rate cuts and higher inflation outlook.

Photovoltaic demand silver

Photovoltaics are headed to 20% of total silver demand. 

Selling Bonds for Gold

This doesn't stop.