Core Viewpoint - U.S. tariffs are distorting commodity prices, including silver, leading to declining inventories and a bullish trend driven by investment and speculative demand, which exacerbates the supply-demand imbalance [1][2]. Investment and Speculative Demand - Investment and speculative demand are critical for silver price movements, with a bullish trend since 2020 and a record high expected in October 2025, likely increasing the deficit in 2025 [2]. - The Silver Institute CEO indicated that a structural deficit in silver is likely to extend into 2026, with production down by approximately 800 million ounces compared to global demand [3]. Price Movements and Trends - Silver futures experienced a correction of 15.4% to $45.51 on October 28, 2025, but rebounded to a new high of $54.415 on November 13, indicating a long-term bullish trend despite volatility [4]. - Silver set new nominal record highs in October and November 2025, with corrections suggesting a potential rally into 2026 [5]. Historical Price Context - The 1980 high for silver, adjusted for inflation, is over $200 per ounce, indicating significant upside potential for silver prices, with projections suggesting prices could exceed $60 or $70 [6]. - The silver-gold ratio has historically fluctuated, and a return to the average would place silver at $52.24, with potential for much higher prices if the ratio returns to its 2011 low [8]. Investment Strategies - Buying silver during price corrections has proven to be an optimal strategy, with significant pullbacks observed since 2020 [11]. - The most direct investment route in silver is through physical silver, but COMEX silver futures offer a viable alternative for market participants [12]. Silver ETFs and Market Products - The iShares Silver Trust (SLV) is highlighted as the most liquid silver ETF, with substantial assets under management and high trading volume [13]. - Other silver-related ETFs and mining shares provide additional exposure to silver price movements, with diversified products available for investors [13]. Future Expectations - The expectation is for silver prices to rise significantly above the October 2025 record high, although the path may be volatile [14].

Core Insights - Precious metals, including gold, silver, platinum, and palladium, were the best-performing sector in the commodities market in Q3 2025, rising 20.32% and 55.92% over the first nine months of the year [1] - The bullish trend for precious metals is expected to continue into October 2025, with GLTR ETF rated as a hold, indicating potential buying opportunities during any pullbacks [1] Gold Market - COMEX gold futures reached a record peak of $4,398 per ounce on October 17, 2025, but corrected to $3,901.30 by October 28, marking an 11.3% decline before rebounding to over $4,000 on October 29 [3][4] - The long-term bullish trend for gold remains intact, as indicated by the quarterly chart [5] Silver Market - COMEX silver futures also hit a record peak of $53.765 per ounce on October 17, 2025, followed by a correction to $45.51 on October 28, a 15.4% drop, before rebounding to over $48 on October 29 [6][7] - Similar to gold, the long-term bullish trend for silver is firmly intact [8] Platinum Market - NYMEX platinum futures reached $1,770 per ounce on October 16, 2025, the highest price since September 2011, indicating a continued bullish trend despite recent selloffs [9]