SLV · iShares Silver Trust (silver bullion) $60.17 +1.20 (+2.04%) 2026-SEP-18 12:49 EST

Rule sold 80% of his physical silver in January and still hasn't bought any back. The reason is not a price forecast — it is a discipline about why you own something. He bought silver because the asset class was genuinely despised, and he bought most of it under $20. Once that hatred disappeared, so did the reason: "when the reason that you own something goes away, I believe that you need to at least reconsider your investment thesis." He reconsidered, decided silver was no longer the best home for speculative money, and moved it.

He pushes back on the host's claim that silver has become hated again this summer, and the distinction he draws is unusually precise. Real hate looked like 2020, when "probably 15 of 20 social media comments were anti-silver" and holders "regarded silver as a jilted lover." Today "people are bored of silver… some silver holders are afraid of silver. But to describe it as hated, I would suggest more it's less loved." Bored is not a buy signal; despised is.

The most interesting moment is where he concedes ground. Shown a 40–50-year chart, he agrees silver has behaved much like gold as a long-term store of value, and admits his gold-to-save / silver-to-speculate split may be "a bad habit formed of age" from watching silver run from about $1.50 in 1970 to $50 in 1981 — a move he largely missed. "The chart that you just showed me showed me that over my lifetime I'm probably wrong." Separately, silver carries a job in his framework beyond investment: when silver starts sharply outpacing gold, that is his signal that non-specialists have flooded in and the move is getting dangerous.

SLV holds physical silver. This is the first appearance in the archive where Gromen actually gives silver a view rather than having it appear in a headline: asked directly about "non-gold metals and minerals like silver or copper," he says "I like them. I like silver. I like copper."

Silver sits in both of his buckets at once, which is part of the appeal. It is a monetary metal, so it benefits from the same debasement that drives his gold call; and it is an industrial input, so it benefits from the grid and reshoring build-out he expects once the US stops trying to be the world's bank. He gives no price target and no allocation — the endorsement is one sentence — so this is a stated preference rather than a developed thesis.

Silver went above $100 in late 2025 and Oxbow sold every ounce — and took real criticism for it, because the metal had risen 212% that year. His justification is a rule rather than a forecast: when a commodity moves that far that fast, the size of the move itself obliges you to take the money. Silver later collapsed back and sits around $64 at the time of this interview, which vindicated the exit.

Now he's back in, with only "three or four bucks, maybe five" of profit so far, and added more the day before recording. It is a deliberately smaller position than gold — silver is more volatile and more industrial — but he expects it to follow gold: "the same thing that applies to silver applies to gold."

Silver is treated throughout as gold's higher-beta twin — it moves in the same direction, usually further. After a 160% gain in 2025 it is down on the year, and Newton's plan for it is identical to gold's: don't chase the bounce, be "a much bigger buyer" if weakness arrives in September, and hold into 2027.

On whether the old highs get taken out, he is honest about the limits of his method: "that's pretty tricky to make a long-term bet like that. I think that probably can happen, yes" — most likely somewhere between October this year and autumn next year. But his discipline stops him from acting on it early: "I don't like to make big long-term calls when at least for now the momentum is not yet turned enough."

Silver is the position that best illustrates how he operates. It rose 215% in twelve months — at which point, he says, "you have to take it, because that's a commodity." Oxbow sold all of it into the strength late last year and in January, took the tax hit, and annoyed some clients doing so.

What told him the top was near wasn't a price target but the identity of the buyers: momentum funds that "always come in late… real hot money, and when they leave, they just sell at any price." After the correction he has bought silver back — "just a straight silver," meaning the metal itself rather than miners — restoring the same portfolio weight at a much lower price.

Rick sold most of his physical silver into the run to record highs and is not buying it back — not because he's bearish on silver long-term, but because his entry rule hasn't been met. He only buys a commodity when the crowd genuinely hates it, and right now silver is merely "disappointed, but there's still hope in the market."

His benchmark for real hate is silver at ~$20 after the failed "silver squeeze," when "if there were 20 comments about silver, 18 were people describing it as a four-letter word." Until holders who were hopeful actively despise the sector, he waits. Note the distinction he draws all episode: he's negative on bullion as an entry today while being constructive on silver mining shares, which he says already discount $37–42 silver in a $55 world.

SLV is the big silver fund — owning it is essentially owning silver. Hay has credibility on this one in both directions: he flagged the early-year run toward $120 as a "blow-off top" (a vertical, unsustainable final surge) and told subscribers to sell gradually into it. Silver then crashed.

Now, after months of grinding sideways and a lot of investor fatigue, he says "it looks pretty interesting for a recovery." A stock-market scare would help by convincing traders the Federal Reserve won't raise rates; his own view is the Fed sits still — no hike, no cut.

Silver's advantage over gold is that people actually consume it: it goes into electronics, into military equipment (much of which is being destroyed and replaced right now), and into rebuilding electrical grids, where it's one of the best conductors there is. And when gold rallies, silver usually gets pulled along for the ride.

SLV is the biggest silver ETF — a fund that lets you buy and sell "silver" in a brokerage account without ever touching the metal. Each share is a paper claim on about nine-tenths of an ounce of real silver held in a vault. Prins uses it to make a point about how silver is priced: on a typical day people trade about 23 million SLV shares, the equivalent of ~21 million ounces, and over a year more than 5 billion ounces change hands on paper — even though the entire world only mines about 820 million ounces. Almost none of that trading moves any actual metal; it's just claims being passed back and forth, and on a single panicky day (June 24) 49 million shares traded.

Her argument: the drop in gold and silver since January was driven by this paper market — ETF redemptions, futures selling, quarter-end profit-taking and algorithms — not by anything changing in the real world. In fact the physical picture got stronger: central banks bought a lot of gold (244 tonnes in the first quarter, with a record share of them planning to buy more), and silver demand from solar panels, electronics and defense is rising while new mine supply is flat or shrinking. The Federal Reserve, she notes, can move the dollar and interest-rate expectations, but it "cannot print ounces" or speed up a mine.

So the setup she sees is a snap-back: the quarter ends June 30 (when the forced, performance-driven selling can fade), July has historically been a stronger month for both metals, and July is a COMEX "delivery month" for silver futures — meaning traders who bet against silver may be forced to buy it back to settle their contracts, which can push the price up. SLV is the simplest way to express that bullish-silver view. (Her specific gold recommendation is reserved for a paid, gated issue and isn't captured here.)

Silver sits in Rule's speculation bucket, not his savings bucket. Here he revisits it as a case study in his selling discipline: he sold his silver at $75 an ounce into a near-vertical price spike — a "hockey-stick" chart — and took plenty of criticism for calling the top early. His rule is simple and symmetric: "when I see a hyperbolic chart, up or down, I bet against it," because vertical moves never resolve by drifting sideways. He didn't give silver a fresh rating in this conversation; the takeaway is the method, not a new stance.

Silver sits in Rule's speculation bucket, not his savings bucket, and he only buys it when almost everyone else hates it. That contrarian bet paid off, so when silver shot straight up in January in what he calls a "hockey-stick" move, he sold 80% of his position — his rule is that those vertical spikes "resolve unpleasantly for the longs." So right now he's tactically out, waiting to buy back only when silver becomes a hated, ignored asset again. Longer term he's still constructive: in his experience gold rallies first, and once that pulls in ordinary savers — he points to India's physical-silver imports hitting multi-year highs as the tell — silver tends to outperform gold, partly because it's cheaper per unit and more volatile. The stance here is "sold the top, watching for the re-buy signal," not a permanent exit.

SLV is the big silver ETF. Silver has a split personality: part precious metal (a cheaper gold), part industrial metal (used in electronics and solar). In 2025 it went vertical on a story that AI and a global boom would devour industrial silver. Snider says that story was really a temporary supply squeeze, and the tell is the gold-to-silver ratio — how many ounces of silver one ounce of gold buys. In eras of strong industry it sits around 55–65; since China's economy broke in 2011–12 it has lived at 80–90. The ratio recently hit 46, meaning silver was priced for an industrial boom that the data (especially China, which makes roughly half of everything) says isn't happening.

If the ratio simply returns to 80, silver is worth about $50 — well below where it trades — and markets usually overshoot past fair value on the way down. He also flags an eerie parallel to 2011, when silver peaked near $50 and then spent years falling as dollar-shortage liquidations hit. So: negative near term, but he's explicit that an overshoot below $50 "could present a tremendous buying opportunity" for those waiting with a plan.

SLV is an ETF that simply holds physical silver. Beyond being a precious metal, silver is an industrial input — critically, it's needed to make solar panels (and would be needed in huge amounts if data centers ever go into space).

Dreyfus's numbers: the world uses ~1.2 billion ounces a year but only mines ~1 billion, a ~200-million-ounce annual shortfall, with just ~600 million ounces of stockpile left — "about three years before we stock out." A market that runs out of inventory tends to see its price forced higher, which is the bet.

SLV is the big silver ETF. Hay had been very bullish on silver in 2024–25, then called the top when it blew past $100, and it got crushed. Now back in the upper $60s, he thinks that's roughly the "wash-out" level — where panic selling exhausts itself and value appears.

Silver has real demand drivers (it's used in AI data centers and consumed every time a missile is launched) and sentiment is very negative, which can be bullish. But because he correctly flagged the earlier blow-off top, he stays cautious rather than aggressively bullish — a neutral, value-leaning stance.

SLV is the silver version of the gold ETF. Dowd thinks silver eventually follows gold higher, but he flags a catch: silver is both a precious metal and an industrial metal used in factories, so it's far more volatile and tied to the economy.

If his recession call is right, factory demand drops — so in a downturn silver could fall harder than gold before it catches up. Hence the "be careful": he likes it long-term but it's the riskier, bumpier way to play the precious-metals theme.

SLV is an ETF — a stock-market fund that holds physical silver, so buying it is a simple way to own silver without storing bars yourself. It's Prins's single favorite idea for the year. Silver spiked to about $120/oz before the Iran war, then dropped back to roughly $75, which she sees as a gift: she still expects ~$120+ by year-end.

Her reasoning is a "structural deficit" — for four years running, the world has used more silver than it produces, and industrial demand (power grids, solar panels) keeps growing. The catch: about 80% of silver comes out of the ground as a byproduct of mining copper, lead or zinc, so it's expensive to separate. She prefers the rare "pure-play" silver mines — ones that dig only silver, in cheap-energy places like Morocco — because their costs (~$21/oz) are a fraction of the price.

She also flags a split between "paper" and "physical" silver. The paper market is the ETF/futures price you see on a screen; the physical market is the actual metal in hand, which has changed hands near $180/oz in parts of Asia. That gap, plus China stockpiling at an 8-year high, tells her the screen price understates real demand.

SLV is a fund backed by physical silver. He bought it as silver is "breaking out."

Silver is unusual because it's both a precious metal and an industrial one — used in solar panels and data-center electronics. So it benefits from real-world demand and from the same hard-asset rotation lifting gold. The gold-to-silver ratio (how many ounces of silver equal one ounce of gold) snapped back to about 56, which he reads as silver gaining strength.

SLV is the biggest, most-traded silver ETF and is treated as the "paper" version of silver. Since the war, money has been leaving SLV and moving into the physically-backed funds. Prins isn't rating SLV up or down; she uses the outflow as proof that the crowd is rotating from paper proxies toward funds with direct physical metal behind them.

SLV is an ETF that holds physical silver. Rule sold 80% of his own physical silver in late January, and it then fell about 30% in a single day — a well-timed exit. His logic is purely about why he owned it: he bought silver only because it was widely hated and unloved, which is when bargains exist. Once everyone turned bullish, that reason disappeared.

The trigger was the shape of the chart — a near-vertical spike that Canadians call a "hockey stick." Rule's rule is that the back side of a hockey stick falls just as steeply as the front side rose, so a parabolic top makes him want to sell, not buy. He took the money and rotated it into gold, which he treats as savings rather than speculation.

SLV is a fund backed by physical silver. Same playbook as the gold miners: he sold in January during the froth and is buying back into the pullback.

His big-picture case is that hard assets are still badly under-owned (around 1.25% of household wealth today versus ~3% in the 1980s), leaving plenty of room to grow as money keeps rotating in.

SLV is a fund backed by physical silver — buying it is roughly like owning silver bars without storing them yourself.

He sold around $106 because the market had gotten frothy: traders were buying eight times as many bullish bets (call options — contracts that pay off if the price rises) as bearish ones, a sign of crowd euphoria. He bought back near $80 after it cooled. The long-term case is intact — precious metals are only ~1.25% of household wealth versus ~3% in the 1980s, so he sees room to grow — but he warns silver swings violently, so be careful buying in.