➡ On June 4th, silver outperformed gold due to tariff shocks. The author believes that silver is currently where gold was 16 months ago, and they have been closely monitoring the market since May 25th. They also discuss the potential of platinum and palladium, and the need to confirm their suspicions with a knowledgeable colleague. The author concludes by highlighting the importance of silver’s recent high in attracting investors’ attention.

Silver reclaimed Center Stage last week, surging nearly 9% in spot markets, its second-best weekly performance since June of 2024. The spark? A fresh wave of tariff-driven enthusiasm. As the return of steel and aluminum tariffs, rekindled interest in industrial metals, and silver caught the macro bid. Welcome to the Morning Markets and Metals with Vince Lancey. Where each morning Vince brings you the financial and precious metals news to get you ready for your day. And now, here is Vince. Good morning, I’m Vince Lancey. This is the Golf Fix Market Rundown. Today is Tuesday the 10th.

It’s 8.29 in the a.m. And there’s our home page directing you to two news stories. Lower left-hand side Goldman Silver buying surge is not overdone. We just emailed that out. And on the lower right-hand side, Trump got the call he wanted but geopolitical peace. That was emailed to some of you. We’ll get it to the rest of you later on today, or include it in the PM post. We think the Rickards piece, why Fort Knox Gold won’t be counted, is very important in understanding the mechanics of gold price suppression for the last 30 years, whether intentional or coincidental.

We think it’s also instrumental in understanding the mechanics of why the gold is repatriated, why it hurts the LBMA, and why it signals a crisis of good unencumbered collateral in the world for risk attenuation. And the top right-hand side, silver the last 30 days post. We’ll touch on that in a second. Today, we’re going to talk about the bank that said silver rally is just getting started. And you can see that peaking at the bottom there while I go over the markets. 10 yields are $485 down to unchanged. The dollar is $98.99, $99 unchanged.

S&P 500 is $60.13 on approaching all-time highs. The VIX is $17.20. Gold is $33.37. Silver is $36.67. Copper is $485 and change. WTI is $65.87. Oil is also broken out. We’re in day two of that breakout. I think Scott reminded me to look at that. And yeah, it’s there. Natural gas, $3.40 down two cents. Bitcoin, $109.500 after getting back above $110,000. I want to touch on that in a second. Hold on. Make a little footnote there. Palladium down 11, platinum up 3 at $12.20. Gold silver now below $95, substantially trading around $90.91.

Grains are mixed. Soy is up. Weed is down and corn is unchanged. Okay. Let me collect my thoughts here. Two housekeeping items. The first one is regarding premium subscriptions. We’ve picked up a lot of monthly premium subscribers, and we are grateful for that. We are going to raise that price. And we’re going to raise that price, not because we don’t want subscribers and not because, well, let’s be clear about this. If you sign up for a month on Goldfix, you will not get it. You’ll be here for a month. You’ll be inundated with a lot of content, and you may not really know how to digest it.

This is an immersion culture. It’s a combination classroom and reporting situation. So rather than spend $20 a month, we want you to commit for a year. People tend to join for a month because the commodity is hot, and then they move on to something else. We don’t want that money. We want people to stay here to get something out of it, to give it some time. And so because of that, we’re raising the monthly rate from $20 a month to $30 a month. We’re leaving the annual rate at $150 a year. Why? Because we want you to look at the monthly rate and say, that’s ridiculous.

I’ll commit for a year. Why? It’s not 100. It has to do with giving it a chance. We want you to give yourself a chance. So tomorrow we’ll be raising the monthly to $30 a month. Incidentally, footnote that concept. We do that as well because we get a lot of pseudo journalists who sign up for a month, get an article that we’re writing, write something about it, monetize it, and then unsubscribe. You know who you are, right? Okay. That’s the first thing. The second thing is, it’s like kind of a coming soon thing.

Chris Marcus is, it’s a plug, really, but it’s really, it’s going to be good. Chris Marcus is in the process of writing a very detailed silver report, probably, you know, something that institutions are going to be interested in. And he’s sharing pieces of it with me, and we’re going back and forth, talking about it. And he shared with me yesterday his observation on the commitment of traders. The shorts are very big. The concept, basically, is the shorts are very big on the bank side, net-net, right? And they’re as big as X.

I’ll let him spill the beans on it because he’s discovered this, right? And as we’re looking at it, we realize, we come to a conclusion that at every tamping moment, the shorts are really short on the banking side. And so I did a little bit of a regression analysis, and we were talking about it, and it would seem to us, I’m not going to blow his whole cover on this, but it would seem to us, having looked at it, that they get really short, they get their ass handed to them a little bit, and then there’s some magical tamping moment.

So you talk about these daily slams, slam it at them. Well, there’s like these also big open interest slams. When the banks get this short, then eventually somebody cries uncle in private, and then one of your friendly neighborhood tampers comes in, whether it be a bank in Europe, or a regulator in the US, who knows? But Chris has found the data that corroborates that. And although that’s not the focus of his analysis, it’s certainly made for a good conversation yesterday. And he’ll tell you more about it when it’s out. But I just want to let you know, it’s really good.

It’s another connected dot on how things are managed. And now that we’ve seen it unwinding gold, we’re seeing it begin to be unwound in silver. We will, not tomorrow, but we will. Okay, so that’s the housekeeping. So here we go, silver just getting started. Where is that? Oh, let’s pull it up. Goldman’s trading desk noted yesterday that large silver ETF flows late last week and offered their impressions of this latest leg higher in the silver rally. Golfix broke that report down and emailed that to everyone. The latest in a series of 13 silver posts recently shared on this, quote, new white metal phenomenon.

Silver reclaimed center stage. This is paraphrasing their analysis. Silver reclaimed center stage last week, surging nearly 9% in spot markets. 8.9% is what we told everyone. It’s second best weekly performance since June of 2024. The spark, a fresh wave of tariff driven enthusiasm. As the return of steel and aluminum tariffs, we kindled interest in industrial metals and silver caught the macro bid. The report we just sent out is entitled Goldman silver buying surge not overdone. The report, they report that ETF and options flows confirm the strength of the move. The largest silver ETF, SLV, posted 460 million in inflows, its strongest week in nearly a year.

Simultaneously, it’s the simultaneously part that matters. Call option vines hit all-time highs on Thursday, an unmistakable signal that speculative and institutional players were repositioning in force. And I’m going to put in parentheses from very low levels, not from, oh, we’re adding to a long position. According to desk commentary, flows were skewed to buyers across the silver ETF complex, suggesting a broad based appetite for exposure. There is a lot of subtlety in this report. It actually shows within the analysis, the contradiction from their future side, which is not really convinced with their ETF side, which is essentially American normies, which is kind of convinced.

And when you put them together, you come up with a couple answers. And one of them is, is well, futures, speculators aren’t long. And we’ve seen that alligator chart in gold and silver. And that’s true. The other is COMEX doesn’t matter as much as it used to. So anyway, it’s a really good concise right up with some key charts. There’s a chart in there that I may bring up if I have time. And it’s actually squished in there. It’s the ETF flow chart. And if you’re going to chart anything, chart this ETF chart.

It’s really interesting. It’s like the silver ETF flows are about to break out in a measured move. Anyway, all right. So moving on related posts. Now, this is we’re putting this up because over the last, since May 3rd, we’ve been warning of this in timely pointed fashion. And we put up 12 posts committed to silver only during that time frame, walking people up to the moment we are, which is the point of this is an immersion culture, not a clickbait culture. And so we posted that called silver, the last 30 day posts.

That’s horrible English. But within that list of posts, there are three that we think are the past, the present and the future. And the first one is Goldman says gold is to continue out glittering silver. That’s from their futures desk. And that’s May 6th. And we commented on why that seems wrong. And then on June 4th, silver, as another bank says, silver out shines gold on tariff shock, which we also wrote about on May 29th and May 30 saying, listen, this is the real deal. And then where we think gold is headed is in an interview, a conversation, I should say, that I had with Jordan at the daily gold.

And that is titled silver is where gold was 16 months ago. And that was on June 5th before the last 7% rally in silver. So we feel like we’re on top of this. You also may know that we were long starting approximately May 30th, probably May 25th, and then sucked it up a little bit for five days. And then we were rewarded and we got out yesterday the last of our position. And again, it doesn’t mean the market’s done rallying. It just means we’re not in the rally if it goes from here on in.

So you can root against us if you want. That’s fine. So those are the related posts. This is all about silver today. There’s going to be a lot of people talking about it, writing about it. But if you’re looking for a past, present, and future, well, those three posts, I think, are key to figuring it out. This week, silver’s rally decoded. We’re going to try and take those posts and create, we’re going to create a narrative as if we were, you know, a storyteller. And then platinum joins the point. We haven’t written that up yet, but we have to dig down into that.

And we have a friend, a colleague, a trader, an old school trader, even older than us, in Detroit that we’re going to reach out to because he knows everything there is to know about platinum and palladium. And we’re going to talk to him a little bit. And we’re going to see if this is real or not. And I suspect it is real, but we need to look for certain things in the futures curve to give us confirmation. And then add much more. The data on deck this week, CPI and PPI lead the storm, and NFIB optimism came out at 6am.

That’s actually pretty important, but in conjunction with other reports, and I’m not really sure if there’s anything else out today, but CPI is tomorrow. All right, let’s go to the charts. That’s kind of a busy looking thing right there, right? All right. So that’s Pauli those lines in case you’re interested. We like that product a lot, and we’ve actually been using it to confirm our own trading. And we don’t want to look at that right now. Hold on. First chart, this is the gold chart, I’m not counting the candle, and the whatever that color is, magenta line is silver during the same time frame.

Now, you may look at several things, you may see several things there. One is that silver was above and gold caught up to it. But that’s not really how the chart is. I made the chart look that way like gold was catching up to it, because I wanted to show the convergence of all the markets, gold, silver, copper, platinum, palladium, converging into gold. I made a comment yesterday that gold is over 3,000, and if it stabilizes over 3,000, what other commodities eventually catch up? Well, this is it. Now, I’m not talking about price, I’m talking about volatility.

I’m talking about gold is slow and steady going up, gets crazy volatile, but doesn’t really drop. And then all of a sudden, the other markets snap to it. They kind of like up is up, gold and silver are linked again, and they’ve been blinking since April 24th, which was after the tariffs went into effect, and they’ve got even more linked going into May 30th. So these two markets were just trading in unison for about a month, and then May 30th comes, and what happens? But what happens is, tariff says, screw it, I’m going to double tariffs on aluminum and steel, and then you see silver tear away from that tight correlation with gold and higher.

Oil’s higher, copper’s higher, platinum’s higher, PGM’s higher, but it started with silver. So keep that in mind. Next chart, platinum, what are you going to say there? You have to zoom out to get some perspective of what the hell’s going on there. Ignore the moving averages. So here we are. I mean, this is like, look at this. This is a monthly chart. It’s not a rounded bottom, but it certainly is a bottom that’s been broken through. So however you look at it, if you’re above here, buy it. We’re well above there.

If you’re above here, buy it, and we’re well above there. So here’s your final boss. Maybe that’s a boss, too. But actually, no, I don’t think this is a problem. Here’s your final boss, roughly 1325. We get above that. Here, I’ll stretch this out for a second here. And then you’re back into this structure. See that line that I just laid out there? And then you’re back into this structure. When you’re back into this structure, you’re back into 2012s. So basically, above 1330, you’re back into a, you’ve eclipsed the 2020 rally completely.

And you’re now into a 20 year round the clock back to 2011 in platinum. All right, silver. It’s lovely looking, right? I mean, here’s your, here’s your, this is not the 40 year one, but here’s your, this is the shorter version. Here’s your rounding bottom, right? Your, your initial panic. Oh my God, the world’s changing. And then back into the Nile. And now here we go. Silver being sold, not getting a chance to rally while gold is being bought. Okay. Silver being bought by India rallying to hear silver getting smashed again while everyone’s buying gold.

And then I believe, can’t prove it yet, that India bought here in anticipation of their own bank cutting rates in conjunction with the whole Trump tariff thing. And there you have it. But the chart, the killer chart, the killer chart is this chart. If you want to just zoom out a little bit more, here’s your 40 year chart, right? Okay. But I want to, I want to focus on something that Jordan noticed. This is the three month chart. So macro discretionary, bigger funds get in at the end of quarters. They allocate money at the end of quarters because that’s how they run their business.

And when they run their business like that at the end of the quarter, it’s like, Oh, what’s made a new monthly high? What’s made a new quarterly high? What’s made a new yearly high? And when they converge new monthly, new quarterly, and well, not new year, but new mid-year high, you look at silver and you say, wow, that’s a new high. How far does that high go back? It goes back forever, forever. There’s only one high on a quarterly basis for silver that is higher than 3664. And that is 2011 when the market closed, 3758.

If we close above that, anyone who’s trading money for macro discretionary point of view will all of a sudden have silver at the top of their list. It’s like product placement. There it is. Shit, we should have some exposure to that and everyone’s going to start looking at it. And some are going to buy it. They may not buy it during U.S. hours. They may buy it during Shanghai hours, but it will be bought during U.S. hours by CTAs. All right, so that’s it. I’m Vince. Have a great day. Thank you for listening.

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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