Dear Reader,
Silver blasting through $90 an ounce has triggered a predictable response from the market.
The charts look "extended." The move feels "too fast."
And suddenly, a lot of very serious people are explaining—again—why silver is dangerous, speculative, and destined to collapse under its own weight.
And that reaction tells me far more than the price itself…
Because markets don't end when investors are nervous. They end when investors are comfortable. And right now silver makes most people deeply uncomfortable.
But that's not a warning sign. It's confirmation.
The Moment Everyone Starts Calling a Top Is Usually the Middle
When silver was grinding higher quietly, nobody cared.
When it broke old resistance levels, it was dismissed as a temporary spike.
Now that it's flirting with triple digits, the same voices that ignored it at $25 and doubted it at $50 are suddenly very concerned about protecting your capital.
And that's how you know we're not near the end.
Every major silver bull market follows this script…
The early move is ignored.
The breakout is questioned.
The acceleration is feared.
Only later — much later — does enthusiasm replace anxiety.
And we are still very firmly in the anxiety phase.
This Is the Second Leg, Not the Victory Lap
The biggest mistake investors make with silver is assuming that the first dramatic move must be the whole move.
But that assumption has been wrong every single time.
The first leg of a silver rally is driven by positioning…
Smart money sees the macro cracks forming — currency debasement, real-rate pressure, supply shortfalls — and gets in early.
That phase is quiet, uncomfortable, and often boring.
The second leg is driven by reality…
Price starts doing the convincing. Headlines appear. Skeptics get louder. Participation, however, remains thin.
That's where we are today.
Silver isn't topping. It's transitioning — from disbelief to reluctant acknowledgment.
Gold Opened the Door — Silver Is Kicking It In
Gold always leads in these markets…
It's the metal central banks trust when currencies wobble.
It's the asset institutions default to when risk needs hedging.
Gold did its job first, repricing higher while most investors were still obsessed with growth narratives.
And silver lagged, as it always does.
But once silver starts moving, it rarely does so politely…
You see, the market for silver is smaller, thinner, and far more sensitive to incremental demand.
That's why silver doesn't just follow gold — it overshoots it.
And what you're seeing now isn't speculation. It's math colliding with supply constraints.
A "Crowded Trade" With Almost No One in It
Despite the fireworks, silver ownership remains shockingly low.
Retail investors haven't piled in.
Advisers aren't allocating aggressively.
Institutions are still underweight or absent entirely.
That's not what a bubble looks like.
If silver were actually in mania territory, you'd see it everywhere…
You'd hear about it at dinner parties. You'd see new silver ETFs launching weekly.
You'd see pension funds talking about "strategic allocations."
None of that is happening.
Silver is loud in price and quiet in portfolios.
And that disconnect is exactly what fuels second-leg rallies.
Silver Isn't Just a Hedge Anymore — It's Infrastructure
One reason the market keeps mispricing silver is that it's stuck in an outdated mental model…
Silver isn't just a monetary metal anymore. It's an industrial necessity.
Modern economies don't function without it.
AI infrastructure, data centers, solar installations, defense systems, medical technology, and advanced electronics all rely on silver.
This isn't optional demand. It's structural.
At the same time, supply growth has been anemic…
New discoveries are rare. Permitting is slow. Capital has been scarce for years.
You can't just flip a switch and flood the market with new silver.
That imbalance doesn't resolve itself quickly. It compounds.
Why Silver Miners Still Look "Broken" to the Market
If you really want to see how early we still are, look at silver mining stocks.
The metal is screaming higher. Yet many miners are still acting like nothing has changed.
That's not because the opportunity isn't real. It's because scars run deep in this sector.
Investors remember past cycles where miners promised the moon and delivered dilution.
Skepticism is baked into valuations.
But skepticism doesn't survive earnings growth.
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Earnings Season Is About to Break the Narrative
Silver miners are walking into this earnings season with tailwinds they haven't enjoyed in years.
Costs were set in a much lower price environment.
Balance sheets were strengthened during the downturn.
Capital discipline was forced upon management teams.
Now those same companies are selling silver at prices that blow past prior assumptions.
That's how you get margin expansion that analysts didn't model.
That's how free cash flow surprises happen.
And that's how valuation gaps close — quickly and violently.
Markets can ignore stories. They can't ignore numbers… Especially numbers like these.
When Miners Reprice, They Don't Ask for Permission
Historically, silver miners don't ease higher. They revalue in chunks.
Once the market accepts that higher prices are sustainable and profits are real, capital rotates fast.
Generalist investors don't need to love silver to buy miners.
They just need to see cash flow, dividends, buybacks, or debt reduction.
Once those boxes get checked, the "commodity discount" disappears.
That's when you see moves that feel disconnected from the metal itself.
Volatility Is the Price of Being Early
But, that being said, silver has never rewarded timid investors…
It moves too fast, pulls back too sharply, and punishes anyone who mistakes volatility for failure.
Pullbacks will happen. They always do.
But volatility is not a signal that the trend is broken…
It's the mechanism by which weak hands exit and strong hands accumulate.
The investors who do best in silver cycles aren't the ones trying to finesse every move.
They're the ones who understand where they are in the cycle — and stay positioned while others panic.
This Is Still an Unfinished Story
The first leg of this rally brought silver back into the conversation.
The second leg is forcing the market to confront the reality that silver is no longer a fringe asset in a world defined by monetary strain, industrial expansion, and geopolitical tension.
The final leg — the one driven by mass participation — hasn't arrived yet.
And when it does, silver miners will not remain ignored.
The bottom line is that silver at $90 feels extreme to people who missed the setup…
But to those who understand the cycle, it looks like the middle.
So, with that in mind, we're opening up a special report on four under-the-radar companies…
All four are positioned to benefit as silver miners finally reprice — first in this second leg of the rally, and then again when the final, crowd-driven phase begins.
Get your copy today so you can get invested before the second leg really takes off and brings a flood of investor capital with it.
To your wealth,
Jason Williams
@TheReal_JayDubs
Angel Research on Youtube
After graduating Cum Laude in finance and economics, Jason designed and analyzed complex projects for the U.S. Army. He made the jump to the private sector as an investment banking analyst at Morgan Stanley, where he eventually led his own team responsible for billions of dollars in daily trading. Jason left Wall Street to found his own investment office and now shares the strategies he used and the network he built with you. Jason is the founder of Main Street Ventures, a pre-IPO investment newsletter; the founder of Future Giants, a nano cap investing service; and authors The Wealth Advisory income stock newsletter. He is also the managing editor of Wealth Daily. To learn more about Jason, click here.
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