➡ The demand for silver in India is increasing, leading to a rise in silver imports. This is due to both investment and industrial needs. Michael McGloan from Bloomberg suggests that this shift in demand could push silver’s value back towards its 2011 peak of $50. The increase in silver’s value is also influenced by the Federal Reserve’s rate cut, which encourages people to buy precious metals like silver.
➡ The market is currently observing a rise in bond yields and a stronger dollar, which is normal after a rate cut. However, if this continues, it could indicate either a reluctance for further rate cuts or a looming recession. Despite a stronger dollar potentially discouraging gold purchases, the stock market continues to rise, suggesting a focus on future inflation. This summary also acknowledges the contributions of sponsors like Fortuna Mining, who have seen a successful year and are investing in exploration programs across multiple countries.

On the technical side, Michael McGloan at Bloomberg says that 35 was resistance and now it’s support. And he thinks the ceiling has shifted as well, putting India at the center of Silver’s path back towards the 2011 peak of $50, which is on his radar now. But you’re ready for your day. And now, here’s Vince. Good morning, everyone. I’m Vince Langdon. This is the Golf X Market Rundown. Today, we’ll be talking about the story in the top left-hand side of your screen, Special Silver Comments, which is a combination of Indian demand returning on the world stage and some interesting technical observations by Michael McGloan at Bloomberg Intelligence.

And you can see the rest of the board there. And we’ll leave that up for now. 10-year yields are $4.13K, up 2.5K. The dollar is $97.69K, up $33K. It has to be $500 to $66.43K in change, up $5K. VIX is $15.46K, down $23K. Gold is $36.49K, up $6K. Well off its highs, I think it was up $15.20K. Silver, $4,207K, up $27K, also off its highs. But silver was outperforming handily, continues to. Copper, dead in the water. That’s where it was when silver and gold were on their highs, $453K. WTI, $6,332K, down $44K. Natural gas, $290K, down $1.5K.

Bitcoin, down $655K. That $116K, spot $431K. Ethereum, $45.17K. Hovered right below all-time highs. Maybe it made them last night, I’m not sure. Platinum, palladium mixed, mildly mixed. Gold, silver below $87K now. Grains all up relatively uniformly, so a little bit of a bid there, nothing special. Saturday morning, 8.04 AM, gold to average $4,000. Silver, $45 in 2026, according to the renewed Deutsche Bank analyst. They’re back on the scene. Okay. Oh yeah, where were we? Here we go. All right. We just sent out a post. It’s a combination of two things. One of them, we think it’s with a mini pod.

We think it was good to put them together. One was fundamental, the other was technical. But India’s silver story is turning heads again on the world stage, turning heads again, not our heads, whatever. After a sluggish start to the year, silver imports are climbing as both investment and industrial demand drain domestic supply. Dealers in Mumbai report that even as prices surge, investors are holding tight with little scrap coming back to market. Typically, they have a little bit more hitting the bid when it rallies. Futures in Mumbai just hit record highs, up nearly 50% this year, while silver ETFs saw inflows more than double their typical monthly average.

This momentum suggests fresh buying could carry into year end. Now, on the technical side, Michael McGloan at Bloomberg says that 35 was resistance and now it’s support. And he thinks the ceiling has shifted as well, putting India at the center of silver’s path back towards the 2011 peak of $50, which is on his radar now. We have extensive comments on that. He talks about the gold-silver ratio. We talk about the gold-silver ratio. He talks about the relationship with gold as leading versus lagging. We talk about that as well. And then the Indian demand, we give it some context as well in the mini pod.

But we think it’s a must read, especially in the context. When you look at everything that’s going on, we also make comments on SLV. It’s getting hard to borrow with a hat tip to Bob Coleman there. And those of you that subscribe to the premium stuff know that we favor silver right now, this time of year, over gold. If we’re going to be long, anything, we’re going to be long silver. We think silver needs to lead this rally. We think the Fed rate cut makes people that are more likely to buy precious metals to go from gold into silver.

We think silver tracks AI, sadly, but it does in this environment. And we’re not completely convinced, but the three days after the Fed have been Wednesday, Thursday, Friday, Wednesday afternoon, Thursday, and today so far have tracked that. Silver was extremely weak before the Fed and then stronger than gold for the rest of the day after 2 p.m. Stronger than gold yesterday, stronger than gold today. So there could be a little bit of a convergence. You’ve got a physical demand coming out of India that’s manifesting an SLV in the U.S., right? You’ve got silver vaults accumulating tons more on COMEX to what purpose we don’t know.

You’ve got a technical chart that I want to show you that just absolutely just makes me giddy and a bunch of other things. Let me show you that chart right away before I get to the other stuff. There’s the chart. I will frequently make big picture comments when I’m trying to throw water on something like, we need to close above here for there to attract new money in 2026, like those type of things. You hear me say, macro discretionary buys new highs, macro discretionary buys new quarterly mid-year. And we’ve had a lot of good ones come up recently in silver.

And thankfully, they’re still below everyone’s radar. But here’s one that’s on nobody’s radar, except Mike McGlone. We have different numbers, but we’re probably looking at different databases. I’m sure his dad is better. But the gold-silver ratio has never, according to him, closed above the 1991 high. It comes in at about 93 and change. So for all the, it has to close above this for me to get bullish. Well, the gold-silver ratio for as big of a range as it has been, and for as high as it has been, channel between 70 and 90 for the last 10 years, it’s still on its all-time high.

So I’m not even going back to the, let’s talk about silver, 1930s, that stuff. I’m talking about now. It’s like, if you can’t get the gold-silver, here. I’ll put it to you the way that I’m absorbing it. Central banks are accumulating gold hand over fist, not silver. If you can’t get the gold-silver ratio to settle over 1991’s high this year, you’re never going to get it to settle over. This is the biggest central bank demand for gold in forever. And the gold-silver ratio is 91, below 91. What’s going on here? I’m saying if it’s only a gold rally, then the gold-silver ratio should be above 91.

Yeah, it spiked it a couple of times. Pretty scary, but the end of the year, we don’t settle above 91. We won’t settle above 91. Anyway, I really like this. I’m thankful that he pointed it out because I like to look at these big picture biases. And it also, of course, lines up with my own story where I think the gold-silver ratio, as long as it’s below 90, you hear me refer to it a lot recently, as long as it’s below 90, uncomfortably long silver over gold. That’s it. That’s my story. If you can’t get gold-silver to settle over 91 on a year when everyone and their mother and their mother’s uncle’s cousin is buying gold, then you’re never going to get it to settle over 91.

Anyway, where was I? Relating post yesterday, go fix PM with a recap. I actually touched on gold-silver a little bit in there. Exclusive, that’s our opinion. Shwebe’s scandal explains LBMA failure. It’s all the same thing. It’s rehypothecation at the physical level collapsing. Founder’s early look, that’s the Deutsche Bank analysis. Bloomberg’s Asian central bank demand may be topping out. We agree with that. We just think it’s a little bit early. We hope it’s a little bit early to be saying that, but it certainly is something that’s not going to be a tailwind for more than another year tops.

Then the market run down yesterday and then Michael Ivory’s post there. Then Hong Kong moves to eliminate dollar use to public square. That’s been picked up by Zero Hedge. Thank you very much. Thank you very much to Zero Hedge for various insights that we pull from reports. Next, coming soon, gold now versus 1979. That’s why it’s not a spike high. That’s why we’re not approaching the high of 1980, I hope. Bloomberg, we already did that. Deutsche Bank, that’s coming on Saturday. India’s silver imports poised to accelerate. That’s today. China to loosen import restrictions. Well, that’s just a news item.

We’ll throw it out there. And then we’ll do the HeartNet walkthrough and we’ll have a Sunday founder’s discussion. Other than that, I’m going to do some light writing this weekend. Moving on. Data on deck, San Francisco Fed President Mary Daly gives a speech. Sadly. Charts and final market check. Before I do that, just do a plug. There’s the Saturday story. Gold to average 4,000 silver to 45, average 25 and 2026. And I have, see, I have down here touched 4,300. I think I’m wrong. I think it’s touch 4450. So basically it’s going to go as high as 4,500 according to DB with an average of 4,300.

We’ll see. Can’t believe bullion banks are our friends now. There you have it. The enemy of my enemy. Um, okay, let’s go to the truck. Get a little bit more reasonable here. How about one day? Gold top right. Silver top left. Dollar. And bonds there. All right. So I said yesterday in the recap, you should listen to the read, read the recap. Bonds. Have been weak post the Fed easing. And that’s okay to happen, especially since we’ve had bonds rally. Uh, for such a reasonably pronounced amount of time here, put it up over here.

All right. This is, this is, you know, bonds have been doing this in anticipation of the rate cut and then the rate cut comes and then the yields climb a little bit. You’d expect that right. Let’s look at the dollar. The dollar has been dropping in anticipation of the rate cut and it rallies afterwards. All these, these last three days dollar up. Bonds up bond yields up. I should say, uh, that’s normal. You know, but I don’t want it to go on too much longer, uh, because if it does, then either, and I don’t know either, uh, the market is saying the fed shouldn’t be cutting another 75 basis points going forward or, uh, we’re in a recession.

Like it could be both. Who knows? Stagflation is the word. I guess you got to look at, but the, the sum total reason to dollar and, and, and bonds are important is because well, if the dollar rallies, that’s bearish gold, right? And that’s going to, that’s going to be, it’s going to throw water on the U S impulse to buy. So U S people will buy if the dollar is stronger, yada, yada, yada. But as long as stocks are going up, uh, they’re kind of ignoring the stronger dollar. Again, you know, we have to see what’s going on.

I think, I think if you want to, if you want to just back out all this stuff, I’m thinking, look, if you think the fed needs, if we need a bigger bubble, which means we need to tolerate a higher inflation, which means bond yields to go need to go higher. I don’t know why the dollar is stronger, but that’s probably because bond yields are climbing a little bit. And that means stocks go up and precious metals go up. So the whole market is, has an eye on the recession, but it’s hedging future inflation.

That’s my story. Well, thank you, Vincent. And thank you to everyone who has been watching at home all week. Sure do appreciate you being a part of this community that we have here. And great to have our leader, Vince, giving us the gold and silver every morning, especially during what are certainly some chaotic times in the world. Although fortunately, at least in terms of the monetary changes that we, seems like we’re not waiting one for one day anymore, but we’re in the midst of now. Great to have Vince sharing his insight every day.

I sure learn a lot. I am grateful and I hope you had fun watching the coverage this week. And before you wrap up, just would like to mention that this is all made possible by our kind sponsors, of which Fortuna Mining has won. Been a great year for Fortuna as their stock price has soared past where it was when it got shorted following their last earnings and that new highs of the year. Of course, I understand, especially in the mining world and in the stock world, investors always want to know what is coming next.

And that’s one of the really nice features of their Seguela mine they built where I did actually take a trip there a couple of years ago. And you’ve heard Jorge talk about it. If you’ve heard any of those quarterly calls he does where they have more targets in their pipeline there that will keep them busy for long enough. They also have a construction decision coming up on Dia Mesud and they have invested $19 million into a generative exploration program across Cote d’Ivoire, Mexico and Argentina. And one of the things that Fortuna mentioned in their last earnings was that they do have over a half a billion dollars in their liquidity position right now, which really gives them the opportunity to be selective about good opportunities as well as what they are developing on their own and for a brief recap of what they are doing with that $19 million exploration program, well just click on the video that’s coming your way now.

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