January Newsletter 2026

Briefly, let’s take a look at the gold chart. While its moves have not been as dramatic as silver, it too is consistently reaching all-time highs. The reasons for its strength are more obvious. One only needs to read the headlines in your X feed or online to conclude that there are increasing odds that a major destabilizing event is ahead. The reaction? The premium on geopolitical and global economic insurance is pricing in that risk.

Now, let’s turn to silver. In the last two years, we’ve repeatedly stated that “when silver decides to play catch up to gold, watch out.” There was no way to tell exactly when it would occur or exactly what would trigger it, but here we are. Here are a few reasons we are hearing from our sources within the industry:

1. China has halted silver exports. That immediately removes 14% of annual production from the market.
2. There is an imbalance of above-ground silver supplies between the United States and Europe.
3. The amount of silver required to “feed” the AI build-out of chips, power stations, and supply grid is growing rapidly.
4. Annual silver demand is projected to rise each year from a base of 1.12 billion ounces in 2025. Annual silver mining output in 2025 is expected to be $820 million ounces, leaving a 300 million ounce (and growing) deficit per year.

Those are just a few contributing factors. When you remove access to 14% of a market where demand for the product is rising, and production is already in a deficit, you have a recipe for exploding prices. This is why, at the outset, we said, this is not a speculative price surge that will end in a collapse to $30 per ounce again. If anything, the charts show a strong floor at $70 per ounce. However, with demand as it is and world events as they are, unless a major global liquidity crisis forces large institutions to sell profitable liquid assets to remain solvent, most analysts believe silver will continue to rise to between $130 and $300 per ounce within the next two years.

With that said, silver is silver. It can and will experience wide swings in price. Thus, dollar-cost averaging into this bull market remains a prudent way to take advantage of any brief pullbacks that will occur. We will update you further with our regularly scheduled February Newsletter. Until then, happy stacking!