Yesterday’s stocks were strong, metals were stronger and Michael Oliver says silver has entered a new reality where price ceilings are disappearing fast. The other story that we want to touch on is China’s silver solar industry is cutting silver out of panels just as prices explode, underscoring how tight supply and cost pressures are reshaping the global silver market. We’ll be discussing that and lots more today. Let’s start with the markets. 10-year-olds are down 2, the dollar is up 1, the S&P 500 is down 5, the NASDAQ is down 58, the VIX is up a little bit.

Gold is down almost a percentage point. Silver is down two and three quarters percentage points. So that’s $44.53 down 41 bucks and $78.94 down $2.20 respectively. Copper $5.89 and change down 1.4%. WTI unchanged, offered at 57 and changed after getting hit yesterday. Natural gas and balance up 10 cents. Bitcoin down 1,700. Ethereum down 85. Platinum and palladium moving in sympathy. Gold, silver up a percentage point or one point, let’s say, and grains are all bullish, all up tonight. We’re looking at that board here trying to figure out what’s going on. Well, the big picture is, the small picture is the markets are volatile now, very volatile and supply chains are reshaping, it’s starting to manifest in price.

So news items are taken very seriously and markets react to them violently. With regards to gold and silver, I will say this, the more volatile silver remains up here, regardless of its industrial uses, the physical shortage that we have, the more volatile silver remains in this big range, the more it will start to scare away longer term investors. So just keep that in mind. You’re attracting hot money now. Right now, we’re just starting to attract hot money and low-income investors might be looking for something a little bit more stable. I’m not trying to throw water on it, but I’ve seen this before.

The market gets really with me and it attracts gamblers, not investors. And that’ll be in context of the ETF rebalancing as well. We’ll talk about that at some other point. But it is what it is, the markets are doing what they’re doing. Two stories we want to touch on today. China’s largest solar manufacturers led by Longi are moving to substitute base metals for silver as record prices drive costs sharply higher. Bloomberg reports silver now represents a major share of solar module costs. The shift highlights growing supply strain. Even as long-term research warns, solar demand could still consume a large share of global silver output.

We have that coverage as well as prior coverage embedded on about exactly how much silver is going to be used by solar. And the thrifting is starting now, so we need to be aware of that. The other story, in the gold fixed PM talking targets with Michael Oliver, we sat down with Michael and Tom Bodjerviks, the competent man, yesterday. And we gave a preview in the gold fixed PM last night of that conversation. And in that conversation, or in our conversation with Tom, Michael argued that silver has entered a new regime driven by Chinese demand tightening supply and collapsing price caps with upside targets far beyond consensus.

You can read that in the PM and catch the interview with Tom when it’s out later this week. Suffice to say, there were several things that were interesting. The one that jumped out at me when I’m looking for analogs was the new reality concept, the new regime, the changing zeitgeist is how I would say, the secular change. And Michael gave a good analog that he was talking about copper and base metals, how they change in 2006. And that resonated with me because I know what happened then and why it happened and how it happened.

So copper was flatlining forever for, you know, 40 years. And then 2006, boom, it exploded and it never looked back. So the new reality concept is valid. Anyway, more on that in a little bit. Silver math, 100 and 144 are our targets. That’s a post that we, we read, we edited, but that’s something we put out in August. The moment the government added silver to the critical minerals list and it’s our analog, it’s our analysis of where silver could go. They may seem like tame prices to you now, but that’s because we’re also euphoric, but silver is trading $40 when we said that.

And well, we stand by it. Of course, it’s going to overshoot it if it gets there. But that’s the point. Bullying bank silver price could potentially reach triple digit levels. That’s UBS. They’re always conservative with their analysis, but we liked it for that reason. Bank of America also has put out a report covering silver and gold as well. We’ll touch on that in a second. And a gold miner out of Toronto surges 90% after Maduro’s fall. Coming soon today and tomorrow, we have a nice lineup of things. The bank of America report where they liked the gold and love the silver in 2026.

We’ll be covering that. We’re breaking that down. Sunday, the founder’s discussion will be back and Michael Oliver himself will be stopping by to discuss metals, stocks, and bonds. We’ll do private Q&A with Michael and the founder’s group on Sunday. So don’t miss that. And we look forward to it. We’ve had him before and I think the timing is right and it will be fun. The Bloomberg commodity index is now the thing being discussed. What does the Bloomberg rebalancing mean for silver, gold, and oil? Well, we’re going to be covering that as well.

It means the index is going to sell silver and sell gold and buy oil and probably buy natural gas. I think they’re going to sell some base metals too. Basically, everything that’s over-performed gets sold and everything that’s under-performed gets bought and they rebalance the index. That happens every year. And normally, nobody talks about it. But this year, they’re talking about it because silver had such big moves. But they didn’t talk about it last year when gold had a big move. I suspect there’s some spin out there. But look, it is a negative on price.

The question is, how negative is it? And is it an opportunity to be bought or is it a reason to sell? The point is, it’s in the market. Commodity index is enrolled all the time. We talk about that in the context of seasonality. When it’s by season, the RAs are giving their allocations to buy for next year and other RAs are rebalancing, selling some gold, buying some oil. It happens all the time. But it’s significant this year because silver had a phenomenal run. So let’s see what that does. Tom’s interview will be out with Michael Oliver, I think, on Friday.

Data on deck. Today is ADP. This week is the unemployment report. And buy a hat, please, and support independent media. That’s make silver great again on the right. Pardon me, I have a little bit of a cold today. Still getting over it. All right. Wow, okay. Another ledge. But these ledges are, it’s actually easier to see it’s silver. These ledges are pretty phenomenal. It’s physical demand, just chasing it higher. Not unhealthy. I don’t really have a lot to add today. Oh, I do want to say this. I am looking, I did this last year and the year before.

I know it’s a bad level, relatively speaking, to do. But I think it’s the right thing to do over the next two years. And that would be, I’m going to sell a basket of AI type stocks, and I’m going to buy GDX against it. So equity, no should all be flat. But I’ll be long miners and short AI. I can get killed on this. But I think it’s a really good way to play the next level. If this bull market in gold and silver spreads, it’ll spread to the equities next. And I’m underweighted on miners in general.

But that’s the way it is. I was underweighted on miners when they were down 50% as well, but I protest too much. Anyway, I’m very happy. I think if you’re rebalancing precious metals in the index, people are going to start rebalancing their equities as well. And they’ve been doing that. We’re not on the lows by any means, but the conversation with Michael made me think a little bit more hard on that. And I think maybe as a two to five year trade, it might not be a bad idea. Anyway, I’m Vince. Have a great day.

Well, thanks for watching this morning’s Markets and Metals with Vince Lancy. We sure appreciate you tuning in and starting your day with us here. Hope you enjoyed the show and we’ll see you again tomorrow. Please note that this video is not intended as legal licensed financial trading advice and is to be used for informational purposes only. Please contact your financial advisor before making any decisions. And thanks for watching. [tr:trw].

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