The Silver Awakening

A few weeks ago, we warned that Gold was getting stretched.

The volatility indicator for the shiny yellow metal spiked to its highest reading since the 2020 peak. Meanwhile, the options market was leaning way too bullish - traders were piling in just as the rubber band was ready to snap.

And snap it did.

The very next day, Gold futures logged their biggest single-day loss since 2020 - about the same magnitude of decline we saw at the 2011 top. 

Zoom out, though, and nothing about the primary trend has changed.

Gold just closed October higher for the 10th consecutive month. 

That has never happened before...

Not in the 1970s bull run. 

Not in the 2000s. 

Never.

Central banks continue to buy Gold hand over fist. 

But while the shiny yellow metal takes a breather, something much more interesting is unfolding in another precious metal.

Silver is waking up.