Silver

By Otavio (Tavi) Costa – X

It’s hard to ignore what’s happening with silver recently.
What fascinates me is how few are interpreting this move through a hyperinflationary lens.

Instead, the prevailing narrative is that prices are overstretched and due for mean reversion — a view I strongly disagree with.

The chart below serves as an important reminder of the extreme volatility gold experienced during the Weimar period from 1914 to 1925.

From a price-behavior standpoint, the resemblance is hard to ignore, despite obvious differences in today’s political and economic environment.

Let me be clear:

Silver is not making new highs because miners are recklessly deploying capital or because supply is surging.

In fact, we’re seeing the opposite.

There have been no major discoveries, no meaningful supply response, while demand continues to rise structurally, all while a monetary crisis quietly builds.