Kim Kahn

The metal has more than doubled in 2025, smashing through $60 per ounce to set a new all-time high.

Saxo Bank calls the surge a rare alignment of monetary, structural, and physical market forces.

Strategist Ole Hansen says silver's rally has outpaced what gold alone could justify, thanks to tight supply, price inelastic industrial demand, and policy-driven distortions, all amplified after silver was added to the U.S.

critical minerals list.

On the ground, miners are struggling to keep up with demand tied to electrification, solar, EVs, and the data center boom.

But the bullish story isn't bulletproof.

Hansen warns that any sharp slowdown in AI-related capex, say from a correction in stretched valuations, could hit chip and data center demand and weigh on broader risk sentiment.

Relative value is another caution flag.

The gold-silver ratio is now around 68, roughly its 30-year average.

After this year's melt-up, silver is no longer the bargain it was when the ratio topped 105 in April.

Technically, the key zone is $54 to $55.

A clean consolidation above the range could set the stage for higher levels in 2026, especially if Saxo's supportive view on gold, heading towards $5,000, starts to echo across the metals complex.

Now here's what's trending on Seeking Alpha.

The U.S.

Navy enlists Palantir to help it build nuclear submarines faster, JPMorgan Chase's consumer banking head warns of a little more fragile economy, and Elon Musk says he would not do Doge again.

In today's Catalyst Watch, Electronic Arts shareholders revote on the $55 billion acquisition offer from Saudi Arabia's public investment fund.

The deal is the largest leveraged buyout in history.

In pre-market trading, stock index futures and treasury yields are little changed as Wall Street gears up for the last Fed decision of the year.

Swaps are pricing in a near certainty that the FOMC cuts by 25 basis points, but there could be the highest number of descending votes in six years.

A split Fed could make for an interesting dot plot, which is also due.