For a while last year, I became almost single-mindedly obsessed with silver. I’ve got to say, I wish it had remained so, since just buying SLV and kicking my feet up would have saved a lot of thought and tension! In a more positive light, my endless yammering about silver as a long position has turned out to be a good disposition.
SLV itself is at a multi-year high and is trading at levels not seen since 2012!
And if you want a sense as to how much public interest in silver has increased, look no farther than the volume of PSLV over its entire lifetime.
For 2025 year-to-date, SLV has even beaten Bitcoin. You know what else? You can actually HOLD and LOOK AT silver, and you’re never going to wake up one morning and discover you’ve lost your password, or your crypto is compromised, or they’ve invented a quantum computer that renders crypto worthless.
More importantly, the long-term analogs I’ve been talking about for the past year are still rock solid. Below, for instance, is silver divided by the S&P 500. Look bullish to you? It sure does to me…….for years to come.
If I may offer one note of caution, it is this: the SLV/GLD ratio shows that silver has been in serious ‘catch-up’ mode with gold in recent days. Even when gold is weak, silver keeps clomping higher.
Much of the very recent rally could be made up of this need to catch up, and that may simmer down for a little while. Long-term, I don’t think it makes a bit of difference, but for this immediate moment, silver might be a bit on the pricey side.
