Silvers explosive gains in the last 4 weeks have seen ETF buyers pivot away from gold into its cheaper cousin. Consensus expectations for gold in 2026 are constructively bullish, yet more modest than this year’s explosive +66% rally. However, silver is stealing the spotlight from gold by staging a vertical rally over the past month which is partly explained by a shortage of the physical metal that’s more acute than golds at this stage. The advance is feeding on itself with holdings in silver ETFs increasing over the last 6 weeks, its longest stretch since July.
We see silver consolidating further between $US65 and $US70 area but the risks remain on the upside, i.e. a squeeze up towards $US75 wouldn’t surprise.
MM is bullish towards precious metals medium term
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