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.