The price of gold has surged back above $4,000 as silver is climbing toward $50 once again on stress in the physical market.

Silver Futures Market = “Fake Prices”
October 10 (King World News) – James Turk:  Today’s unprecedented disconnect illustrates silver’s 2 markets: spot (physical metal) and futures (paper promises). Huge backwardation because demand for physical metal far exceeds supply. Very bullish. Market for physical metal is the ultimate driver. Futures market = fake prices.

Stress In The Physical Silver Market
Ole Hansen, Head of Commodity Strategy at Saxobank:  The silver market is showing clear signs of stress amid severe physical tightness in the London cash market. One-month lease rates have spiked as strong demand from major global trading hubs strains available supply. As a result, the normally stable relationship between COMEX and LBMA spot prices has temporarily dislocated, with LBMA trading at a rare $2.7 premium over COMEX. This points to further upside potential as supply and demand ultimately dictate prices — and right now, demand far exceeds available supply.

KING WORLD NEWS NOTE: LBMA Silver Price A Jaw-Dropping $2.70 Higher Than COMEX

Climbing A Wall Of Worry
Peter Schiff:  On a day when silver made a new record high above $51, with a positive close solidly above $49, silver stocks had one of their worst days of the entire bull market. This shows just how nervous silver mining stock investors remain as the bull market climbs a classic wall of worry…

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Just The Beginning
Otavio Costa:  Gold is now above $4,000/oz, and who would’ve thought silver would remain this cheap relative to gold?

KING WORLD NEWS NOTE: Silver Remains Historically Undervalued

Some say this time is different; others believe it’s only the beginning.

I’m firmly in the latter camp.

Get In A Lifeboat
Simon Mikhailovich:  Those who think they missed out on gold are missing the point.

If a ship goes down, those who paid more for their lifeboat aren’t any less happy than those who paid less.

Early Days For Gold
Simon Mikhailovich:  Just FYI:

Per WGC [World Gold Council], global gold ETFs held 2% less tonnage on 9/30/25 than they did in Oct 2020 and only 19% more than they did in 2012.

Early days….

Don’t Count On Fiat
Simon Mikhailovich:  The flip side of uncertainty about the high nominal price of gold is prevailing confidence in today’s Western currencies remaining the numeraire (unit of account).

Time will tell but financial history isn’t encouraging.

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