Gold/silver (XAUXAG) just broke below 60.
That means silver is massively outperforming gold in relative terms.
But here’s the problem.
We didn’t just wake up to a new era of industrial silver demand.
Nothing material changed.
Yet the narrative says otherwise: EVs. Solar. Electrification. China. Structural demand.
That story sounds convincing until you look at how silver is actually trading.
Silver isn’t behaving like an industrial input anymore: it’s behaving like a crowded momentum bet.
Silver is detaching from gold, from copper, and from its own historical behavior.
That combination is rare and dangerous.
Because when silver behaves like momentum instead of demand, outcomes cluster:
continuation (aka “the squeeze”) gets violent or
reversals come fast and furious
There isn’t much middle ground.
If you’re exposed to metals or thinking about it, this matters now, not later.
In the Pro section, I lay out:
the data showing why this isn’t industrial demand
the flows and mechanics actually driving silver
the probability map for continuation vs mean reversion
and the one confirmation that determines whether this move holds or snaps back
That’s the difference between sitting through the squeeze and knowing when to bail.
Keep reading below…
I. Why the Industrial Demand Story Breaks at Extremes
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