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Posted December 5, 2025 at 10:15 am
In this video, we break down silver’s eye-catching 2025 move through the lens of the gold-to-silver ratio, central bank activity, and industrial demand. You’ll see how the ratio spiked above 104 in April 2025—near its second-highest level ever—while the long-term average sits closer to 70. We explore why geopolitical risk and concerns over U.S. deficit spending pushed global central banks toward gold as a diversification away from the dollar, fueling a broader “debasement trade” into hard assets.
We then look at how silver initially lagged, only to surge more than 50% in just over two months starting in early September. The video also connects silver’s rally to similar moves in platinum and palladium, highlighting the potential industrial angle tied to rising electricity needs and the AI revolution. Finally, we compare silver’s strength with the more modest rally in copper, and what that might say about silver’s role as both an industrial metal and a precious-metal hedge.
Learn More: https://www.cmegroup.com/markets/meta…
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Originally Posted December 2025
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In the last three PM bull markets (since 1971) I think the GSR achieved between 32:1 and 16:1. Without much difficulty, it can be argued that the fundamentals driving the current bull are more serious than previously, and so a GSR of 30:1 over the next 18 months should perhaps be seen as a conservative ratio target. In each of the previous PM bulls, gold moved 8x over its previous bear low. That is $1,050 now, so we are just halfway to the usual 8x… and, again, the fundamentals are more severe this round. So, gold conservatively at $8,400, and a GSR of 30:1, gives us a realistic, tradable price target for silver of $280. And seeing as the final move has historically taken place quickly, this could all unfold in a few quarters.
The gold:copper ratio seems to me to be screaming ‘recession’.