Yesterday, I did something I haven’t done in a long time: I turned off the stock ticker and cracked open a cold one. Not because I gave up, but because I had finally seen something that gave me hope.

No, it wasn’t Jerome Powell finding religion on inflation. It wasn’t The Donald and Elon making up. And it certainly wasn’t Apple’s latest WWDC showcase, which landed with all the grace of a belly-flopping rhino.

It was silver.

That’s right—silver. We mentioned this yesterday… and it delivered! The oft-forgotten, underpriced, manipulated cousin of gold is finally having its moment. Silver is quietly, confidently rocketing to 13-year highs.

And the most beautiful part? Hardly anyone’s paying attention.

Let’s dig into what’s happening—and why this isn’t just another dead-cat bounce for the grey metal.

AAPL Falls From the Tree

Let’s get the noise out of the way first.

Markets were dull on the surface—S&P 500 was pancake-flat in a low-volume snoozefest. But under the hood, momentum was cracking. Goldman’s momentum index slumped 1.5%, while high-beta junk popped 1.2%, marking a divergence that always spells trouble. And then came Apple.

Fresh off another WWDC nothingburger, Apple’s stock dumped again. This marks the second year in a row Tim Cook & Co. fumbled the AI bag on center stage. Instead of dazzling us with innovation, Apple reminded the world it’s still selling the same phones with slightly different lenses and a shinier case.

Wedbush analyst Daniel Ives commented on the event:

Overall, WWDC laid out the vision for developers but was void of any major Apple Intelligence progress as Cupertino is playing it safe and close to the vest after the missteps last year. Slow but steady improvements to strategy buy overall a yawner.

A UBS poll released this week found that only 17% of global consumers plan to buy an iPhone within the next 12 months. That’s the lowest stat in 10 years.

To put it bluntly, Apple’s moat isn’t wide, and it’s shrinking. And with tech giants dazed, it’s the low-quality meme stocks—unprofitable tech, momentum losers, and short-squeeze darlings—that are topping the leaderboard.

Honestly, with a President hellbent on sinking the markets, I’m not sure why you’d want to own tech stocks.

Meanwhile, Silver Soars

While Wall Street rubbed its neck, looking at its broken algorithms, silver quietly stole the show. As of this writing, the metal is trading at $36.60 an ounce, its highest level since September 2011. If you recall that year, silver briefly touched $50 before being pushed back into submission by central bank sell orders and paper contract manipulation.

Now? We’re on the runway again. And this time, the wings look sturdier.

Over the past week, silver has outperformed gold significantly. The gold-to-silver ratio has collapsed from over 100 to 90, with more room to fall. That ratio has only been this high during a few key moments of panic in history—the early 1990s recession, the 2008 Global Financial Crisis, and the COVID-19 collapse. Each time, silver screamed higher in the recovery.

This isn't just about charts. It’s about flows.

Smart Money Is Moving

According to Goldman’s futures desk, speculative net positioning in silver has surged. Call option volumes are exploding. And the largest silver ETF just posted its strongest weekly inflow in nearly a year—$460 million to be precise. Meanwhile, notional options volume in that ETF hit record highs on Thursday.

That’s not just retail hopping in late. That’s real money moving.

Even better, ETF demand—as measured by shares outstanding—is still below December levels. Which means most people still haven’t caught on. The breakout’s barely begun.

What triggered this sudden interest? A mix of macro and micro:

• Renewed tariff chatter, particularly around steel and aluminum, provided industrial metals with a bid.
• Slowing momentum in overbought tech forced some rotation into hard assets.
• A critical technical breakout above $36 triggered systematic CTA buying.
• Chinese funds are suspected to be scooping up physical silver, much like they’ve been doing with gold.

In short: it’s early.

The Goldman's Dissent—and the Bullish Rebuttal

Of course, not everyone’s convinced. Adam Gallard, a commodity strategist at Goldman, wrote that there’s no fundamental story—solar demand is slowing, the London market is loose, and Chinese exports are a question mark.

It’s fantastic that he thinks this way.

Because when the quants at Goldman don’t see the story, and the market still rips, that means something bigger is at play. And it often means they’ll chase later, at much higher prices.

Goldman’s own ETF desk noted that “while silver ETFs have registered robust inflows and spot flirts with 5-year highs, ETF demand remains below December levels.”

Translation: when the herd finally wakes up, it’ll be with torches, pitchforks… and buy orders.

Why It Matters Now

Let me take a step back and explain why all this silver chatter matters—because it’s more than just a hot trade.

Silver isn’t just an industrial metal. It’s money. Always has been. Always will be.

In a world awash in fiat, bloated deficits, negative real rates, and exploding debt-to-GDP ratios, the case for hard money is stronger than ever. Gold gets the spotlight, sure. But silver is the canary in the monetary coal mine. When silver outperforms gold, it’s usually a sign that confidence in paper assets is cracking, not just among the goldbugs, but among the broader class of capital allocators.

We’re seeing that right now.

Silver's rise coincides with Bitcoin’s recent breakout, oil’s unexpected surge, and a global rejection of negative-yielding (return-free risk) assets masquerading as sovereign debt. While the Fed pretends to have things under control, the market is hedging in real time, with commodities.

That’s not noise. That’s narrative.

Where Do We Go From Here?

The last time silver touched $50, Ben Bernanke was printing trillions under the guise of “emergency liquidity,” and JP Morgan had a stranglehold on the futures pits.

This time, we’ve got:

• A de-dollarization trend from BRICS+ nations.
• Central banks hoarding gold (and soon, silver)?
• Exploding demand from EVs and AI server infrastructure.
• A political environment where neither party can spell “austerity.”

The world is on the verge of another commodity supercycle, and silver is the cheapest ticket on the ride.

We’re not just heading toward $40. We’re heading toward $50—and beyond.

Wrap Up

The mainstream media will catch on to silver when it breaks $45. Bloomberg will run a special. CNBC will trot out a new ETF. The Financial Times will refer to it as a “bubble.” And by then, the easy money will be gone.

If you're already holding physical silver, congrats. If not? Get some.

Because while Apple is busy repackaging last year’s ideas, and the Fed is fumbling its credibility, silver is the only thing in this market that looks truly undervalued.

Don’t miss it.