Source: Capital Cosm | Date: January 26, 2026

Key Takeaways

Silver broke through $100, trading at $112 with unprecedented momentum - up 55% in one month and 10% in a single day
PSLV trading at 6% discount (biggest since March 2020) indicates sentiment still at bottom despite record prices
Counterparty risk now exceeds market risk due to extreme price moves - those short silver/calls are "getting killed"
A systematic shift from paper assets to real assets is underway, driven by unwinding of $12 trillion yen carry trade
Junior mining stocks remain significantly undervalued relative to metal prices, presenting investment opportunity

Market Views

Gold at $5,090, silver at $112 with Shanghai silver at $123 driving COMEX prices higher
No clear top visible for gold or silver - "it is different this time"
Energy sector expected to be next in commodity rotation after metals
81% probability of US government shutdown priced in for January 31st
DXY weakening to 96 as Japan repatriates capital to defend the yen

Silver: Record highs above $100, extreme momentum, 100% above 12-month moving average
Gold: Breaking through $5,000 level with strong momentum
PSLV: Trading at 6% discount to NAV, largest discount since March 2020
Junior mining stocks: Significantly undervalued relative to metal prices
Copper: Now trading at $6/pound, considered "precious metal" status
Energy stocks: Next rotation candidate, GDX/oil ratio at all-time highs

"We are at probably the most dangerous time financially in 500 years"
"Bad things are happening behind the scenes and we think silver going up 10 bucks in a day is a good thing, but it actually could be a very dangerous thing"

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