KER Market QuickTake – Silver at $90, Gold at All-Time Highs! What the Market Is Missing
In this KER Market Quick Take, the first market discussion of 2026, we dive into the explosive moves across precious metals – particularly silver’s historic surge above $90 – while questioning why mining equities continue to lag far behind the metals themselves.
Despite gold reaching new all-time highs and silver delivering one of its strongest breakouts in decades, investor enthusiasm toward precious metal stocks remains surprisingly muted. Cory and Shad break down the disconnect, explore sector rotation into industrial and energy metals, and explain what could finally ignite the next leg higher for miners.
Let us know your thoughts on the KER Market QuickTakes – Fleck@kereport.com and Shad@kereport.com
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Barely in the green. (And vs silver, the silver mining ETFs were down 6% or more.)
It’s one thing to maybe correct vs the metal to work off overbought conditions, but SIL:SLV and SILJ:SLV have had waterfall declines, well below the rising 200 and 600 day MAs–extremely disappointing. That is real chart damage and could be a sign of something worse.
Additionally, SIL and SILJ closed with ugly black reversal candles. A conventional interpretation would be that we are going lower in the days ahead, if not topping out for a while. Would not be surprised at all if they gap down hard tomorrow.
With respect to silver miners disconnect from the silver price, it will interesting to see how much silver miners have hedged their output, to lock in multi-year operating profits.
It would be helpful, when you interview the CEOs of these companies, to ask about their hedging strategy. This could be why the miners are not 2-3x the spot price – investors think the companies will be overly hedged in a silver bull market.
If any silver miner I owned announced that they’ve hedged into a historic silver breakout (JRB called it the second greatest breakout in capital markets history), I would not only sell them, but would consider actively shorting them.
No point owning miners if they waste money buying insurance.
HL:SLV down 9% today and on the cusp of breaking a H&S top. .
WILD RIDE TODAY for sure….. Hard to believe silver is on a rocket ride …in such a short period..
after such a long wait….
I have not really held many silver plays although I do hold quite a few multi-metal stocks with silver as a by product. So far it only has hurt me in the ceo.ca contest but I am sure it will when managed money gets overwhelmed (managed money like JPM and their joined at the hip hedge funds). I continue to suspect intervention and thought they couldn’t resist the winning side which appears to be the opposite of being naked short. However, they still seem to favor counter intuitive market making (I am sure for their “clients” … ).
The elephant in the room, no matter what kind of room one hangs out in, still seems to be corporate/managed money (just my impression based on repetitive daily performance of my portfolio) affecting the game. (Also there are years and years of Wall Street pulling the rug out from under commodity investors as if it is “fair game” and ignored by regulators.)
Great discussion Cory/Shad. Keep these things coming.
At least the PM stocks and ETFs are turning things around and back up in the green here in the end of the trading session. If they had closed in the red it would have been a big bummer, but unless something radical happens in the last 15 minutes of trading, we’ll end up having a green day in the sector.