John Rubino – Silver Surges In A Full-On Santa Claus Rally To End This Week At All-Time Highs
John Rubino, [Substack https://rubino.substack.com/ ], joins me for another nuanced discussion around the fundamental drivers, macro catalysts, and technical momentum factors that are driving silver and the precious metals stocks to new all-time highs here at the end of 2025. We also review trading strategies and the potential for valuation reratings to even higher levels in PM equities, that have lagged where valuations should be, despite their big moves higher on the price charts already seen this year.
We start off reviewing silver’s continued breakout up above $77 to new all-time weekly highs on both the spot and futures charts, as we spoke on Friday morning. John outlines that there may be a few different types of super whale investors underpinning the silver price, from sovereign governments and select central banks, to large institutions that have been underweight the sector, and even manufacturers trying to secure larger supply inventories to front-run potentially higher longer-term prices.
We review the slightly different demand drivers silver with both the industrial component, and the growing investment demand. Next we consider how much technical pricing momentum may be fueling more generalist speculation into the metal and mining stocks, where buying simply begets more buying.
While most market participants recognize that there will be strong record Q4 earnings for gold and silver producers, the spread between Q3 and Q4 average metals prices is so vast that it raises the question of whether the market is truly looking forward enough and properly factoring that into current company valuations.
We highlight the disparity between where gold and silver prices have run to and the comparatively low value that ounces in the ground are receiving inside of the PM developers.
We discuss how merger & acquisitions may shift to larger takeover premiums and higher prices for ounces in the ground, if the available assets and companies keep getting picked off the board. John points out that it could be manufacturing end users that lead the charge in acquiring silver producers, just to guarantee future supply. That would be a new dynamic for M&A from buyers that are less price sensitive, and just need to have metal for fabrication demand for their end products.
Wrapping up, we broaden out the discussion into the strength being seen across the whole metals complex, from gold and copper, to platinum, and palladium, throughout 2025. John believes that we are entering an environment where the world is waking up to the importance of supply chains and raw materials, which is going to lead to a continued commodities supercycle.
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Correct; we’re now where a lot of we conspiracy theorists have predicted for the past few years. While Warren sits on a lot of cash we’re enjoying the ride that has just started. There are answers to the dilemma we find ourselves in but they aren’t any that anyone wants to even consider so it’s onward and upward as governments and their politicians have only one answer and that is to spend fiat currencies until the system absolutely implodes. When will we know when to consider exiting our PM stocks? 1. When the bond market bottoms out on the next leg down. 2. When the dollar finds a bottom. 3. When the dow/gold ratio is below 2.
4. When Joe yells BUY BUY BUY.
+4 If only we had all gone to “all cash” in September of 2022 to present in the PMs like ole’ Joe advised, then we too could have missed the last 3 years of bull market action… 😉
Unobtanium! Silver spikes as industrial users scramble for inventory
John Rubino – Dec 26, 2025
Shad, Thanks for bringing your excitement and passion along with your gifted attention to detail to the Report. You and Cory make a collaborative and complimentary team. Somehow I think you’ll be moving onward and upward in your career with your determination, preparedness and hard work.
Tenacity and perseverance are what he exhibits
Thanks Terry.
You are so bang on the money here Marty!
Shad’s shown himself to be a great addition to the Ke Report.
It’s been a joy for me to delve into his ongoing contributions! Such a benefit.
Very much appreciated Canuckski. Also, nice to see you are still here listening to the show after all these years. Cheers!
Hi Marty – Thanks so much for those kind words. That really means a lot to me, because I work hard to research try and provide good information to our audience here, and am happy it is of value.
I’d like to thank you for also providing some of the best buy/sell calls on the KER for many years now. People could have a made a fortune if they just followed your trading patterns.
Ever Upward!
Great interview……
Thanks OOTB. It was a last minute impromptu thing, where I saw silver surging up on Friday and reached out to a few different folks to record something, but we didn’t have anything officially scheduled, and John was game to jump on and have the silver discussion.
We went on way longer than usual in this chat because we are both long-time silver bugs and were having a good time parsing out the different points. Sometimes those spur-of-the-moment real-time market reaction discussions come out great. John was definitely on-point!
The Silver Market Just Nuked The Narrative
Silver rips faces clean off on Friday. It’s a statement.
Quoth the Raven – Substack – Dec 27, 2025
“…let’s start with Friday, because it was not just “a big day” for silver. It was a statement. It was the kind of violent, undeniable, face-ripping move that doesn’t just show up on a chart, it closes an argument.”
“Silver didn’t merely rally — it ripped higher in a way that perfectly wrapped up a year where the precious-metals markets have done nothing but confirm what some of us have been warning about for a very long time: the global financial system is fundamentally broken, monetary policy is a farce, and the theoretical scaffolding holding modern finance together is rotting at the seams.”
“Silver’s explosive move was the result of a rare convergence of macro forces, market flows, and physical constraints all hitting at once: falling U.S. real yields and growing expectations for Fed cuts pulled investors back into precious metals just as central banks’ relentless gold buying encouraged rotation into silver. At the same time new demand from corporate treasuries and stablecoin firms broadened the buyer base further, silver’s already thin market was made even tighter by mining disruptions and deteriorating ore grades, and rising gold prices pushed retail jewelry buyers to trade down into silver, shrinking available supply.”
https://quoththeraven.substack.com/p/wellthat-escalated-quickly
Another important factor is that the public is waking up to the fact that the government and The Fed no longer know what to do to fix the economy and how to do it if anyone on earth did.
The biggest difficulty is to find any persons or groups wise enough to handle the financial bridle. The rise in precious metals is telling us the system is broken and we need to go back to honest money backed by gold as a starting point to begin repair of the financial system. DT