Gold and silver prices are at very high levels. Weak December employment data is providing upward support for precious metals by increasing expectations of lower Fed rates and weaker economic conditions into 2026.

Investor behavior has shifted dramatically from net sellers to net buyers of gold and silver since late August/November, driving prices higher.

Silver prices are expected to go higher due to stronger fabrication demand in Q1 and continued investor demand from economic/political/social concerns, though short-term profit-taking is possible after the November spike.

There is NO backwardation in silver futures markets - this is a misconception. The futures curve shows normal contango with March at $78.84, May at $79, July at $80.80.

Platinum prices reached record levels but are vulnerable to short-term profit taking. Longer-term, prices should remain relatively high this year despite expected broadening surplus.

December employment data shows only 50,000 new jobs (primarily low-paying food service) and 584,000 total for 2025 - the lowest since Great Recession. Better-paying jobs in construction/mining/manufacturing are disappearing.

US Treasury stablecoins (backed by government bonds) can be depegged at will by issuers, creating risk for investors who think they own guaranteed Treasury bonds.

Eligible COMEX silver inventories ARE available to meet physical demand, not just registered stocks. Most eligible metal is not spoken for.

COMEX futures market structure with open interest much larger than inventories is normal and not manipulation - it provides essential liquidity to global economy.