Transcription
Hello everybody and welcome into Commodity Culture, where we dive into commodities markets, sound money principles, and geopolitics, all with the goal of making you a better investor in the commodities sector. My name is Jesse Day. Today is November 28th, 2025, and I'm thrilled to welcome Steve Penny to the program. The founder of Silver Chartist, a premium technical analysis service that covers silver, uranium, gold, platinum, and energy.
Silver hit new all-time highs today of over $56 an ounce. Where are we headed from here? And is silver still undervalued at these prices? The CME halted trading for 10 hours due to what they call a cooling issue, but Steve thinks something more sinister could be behind the freeze. With silver soaring, was this cover for shorts to exit their positions? We also dive deep into the gold market. Get Steve's current view on uranium, platinum, and so much more. So, strap yourselves in for my conversation with Steve Penny.
Steve Penny, it is great to have you back on Commodity Culture. It's been a while, and I want to kick things off with discussing the silver space. Obviously, it's very exciting today as we sit here. Silver has hit new nominal all-time highs, currently at around $56 an ounce. Uh, it wasn't that long ago that people were saying silver could never get to $50, and here we are. What are your thoughts on silver's recent price action and where do you think we are in this silver bull market? Closer to the beginning or the end in your view?
Yeah, really good question, and it's great to be back on with you. It's been a couple years since we last connected, and last time we've talked was 2023. Silver is probably down in the 20s, and a lot's happened between now and then. It's good to see silver up north of $50. Also, uh, been looking at your channel, and it's awesome to see your channel growing and, uh, the awesome content you're putting out. So, congrats on all the, uh, successes with Commodity Culture.
So, where are we at in silver? Is it surprising? No, it's not at all. I mean, we've been expecting this. Anyone who's been bullish on silver for a couple years now. $50 has been the magnet. I mean, $50 has had a magnet on it for a long time. And to think that this is like the end would be, I think, uh, very naive because silver got to $50 in 1980, got there again in 2011. Well, here we are. Think of all the currency units that have been created since then. So, yeah, nominally, we're we're breaking out to new all-time highs, right at that $50 level, just above it today. But, uh, when you adjust for inflation, all the currency that's been created, all the fundamental, uh, the fundamental case for owning silver, all the reasons have just gotten stronger and stronger and stronger. So, I think we're we're, um, near the beginning. Now, you can measure where we're at in a bull market in terms of time or in terms of, in terms of price. So, I think in terms of price, we're we're earlier stages, but in terms of time, I think it could be the the latter stages.
Well, it's it's hard to. Let me let me add some color to that. We are potentially potentially setting up for a parabolic move here in silver. Now, I don't want to be the guy who says, "Hey, we're going to have a parabolic move," because strategy is greater than predictions. And nobody can predict exactly what's going to happen. But I think the potential and the ingredients are coming together for a potential parabolic move in silver. And unlike gold, I think gold is entering the monetary system, and it's more likely to have its kind of big move up and kind of plateau as it enters the global financial system. Silver is more likely to have kind of a big parabolic top, and then that sets it up for, you know, a a very sharp pullback. So, uh, in terms of time, things can happen really fast. Our our minds are wired to think in linear fashion, but and thinking, uh, in exponential fashion is not how our minds are wired. But when things go exponential, things can happen in a very compressed period of time, and I think we could be entering one of those periods in silver where, you know, maybe there's a year or so left before we get to, like, you know, way well well into the triple-digit silver area, which could mark kind of a big blow-off top.
Well, I want to dive deeper into silver as well as gold in just a moment, but first, some recent news. There was a 10-hour outage at CME, at the CMA, one of the world's largest derivatives marketplaces. Um, this is what they posted on X about it. They said, "Due to a cooling issue at Cyrus One data centers, our markets are currently halted. Support is working to resolve the issue in the near-term and will advise clients of pre-open details as soon as they are available." Now, they got completely attacked in the comments. I also attacked them in the comments because this just seems completely insane. Like, really, a cooling issue can happen and it can shut down, you know, one of the largest marketplaces for derivatives. This includes futures for commodities for 10 hours. What What are your thoughts here? Does this pass the sniff test, or is something wonky going on?
Oh, yeah. As someone who has complete absolute trust in the government and our official institutions, I believe that story 100%. I'm of course being, yeah, totally sarcastic. Uh, we were chatting before. I I haven't had a chance to really dig into this, but, you know, as you've been doing this for the years, I'm sure you're you're similar. You can kind of tell just your discernment, like, pretty sure that's a lie. Pretty sure that's not what's actually happening. Um, I haven't had a chance to really look into that story, but I do recall vividly back in 2011, silver had gone up to $50. I believe it was May 1st, 2011. I believe it was Sunday evening. I remember exactly where I was. I was in a hotel room in Germany on my way my way back home when, uh, they they always these coordinated raids or manipulations to the downside, or they always coincide them with some kind of event, news event. And I remember, uh, Barack Obama came on the TV and said they had just gotten Osama bin Laden. And supposedly that was a reason to slam silver. Like all that all happened within like five minutes. Silver dropped like $5. And then in the the ensuing week or so, this they had raised margin requirements on silver to unprecedented levels, like six, seven times in a row. And so it it just goes to show we we we always have to remember the the lengths that these bankers who don't, you know, necessarily maybe want silver to go up right now, the lengths they're willing to go to kind of, you know, manipulate the price to the downside. Ultimately, the free market wins, fundamentals prevail, but, you know, we always got to be aware what what, you know, the other side is. We need to be prepared for risks and what you know people who are maybe short paper silver are willing to do to bring the price down in the short term.
Yeah, absolutely. Now, I I want to touch on silver versus gold here because I know you're bullish on both. I'd love to get your thoughts on which level of which metal you think has the higher upside potential at this point in time because of course, up until recently, everybody was saying silver was tremendously undervalued compared to gold. But now that we sit here at $56, have things changed, or or is silver still the more undervalued of the two in your view?
Yeah, it's still undervalued. If you like, this might be a good spot to share a chart of the gold silver ratio. But yeah, and I can keep talking as I pull that up. But yeah, silver still remains undervalued relative to gold. In fact, right now, this is one of the data points that suggests we could be moving into the next, uh, push higher here in the metals because the gold silver ratio, silver is just breaking out against gold, and, uh, the gold silver ratio is breaking down against a key support level. Uh, let me bring that up right here on my TradingView account. Okay, so you can see this is the gold silver ratio going back to 1975. And the gold had been generally outperforming silver within the confines of this uptrend channel. You can see here, I mean, it's kind of a loose uptrend channel, but you can see this pretty clear support. Back in 2011, the gold silver ratio bottomed at 30 to 1. Then on the silver squeeze kind of peak back in 2021, um, got to a 62 to 1 gold silver ratio. And just before today, we were sitting right at the lower edge of this support right here. Well, now with silver ripping higher today, yeah, gold's moving higher, too, but silver's outperforming. Uh, we just lost support here at the on this gold silver ratio. So, my point is that we look poised for an area where this looks to be an area where silver should begin to outperform gold, I think, by a wide margin. And kind of an interesting thing to do is, uh, flip the script a little bit and make it, uh, show silver versus gold. And when I bring up a daily chart here, this is the silver to gold ratio. And if you looked at this as like a stock, you would say, "Wow, this is this stock just broke out above its 200-day moving average right here. Uh, the 200-day is just beginning to slow upwards." So this is the early stages of an uptrend. And then you got this clearly defined uptrend channel. So this is silver versus gold, and you see silver just beginning to outperform gold. And I think there's a long way to go. As we just looked at that gold silver ratio in the long term, 62 to 1 was the silver squeeze peak. 30 to 1 was the peak in 2011. And then back in 1980 was 15 to 1. So we're still at 75 to 1. So if we get back to where we were in 1980, silver would outperform gold by a factor of five just to return to that 1980 ratio. And, you know, you have Keith Neumeyer, and, uh, probably knows a lot more about it than I do, but the geological ratio of it coming out of the ground is like 7 to 1. Um, so it's it's possible we even get down to, you know, th those kind of levels. So short answer, I think silver is poised to outperform gold by a wide margin, although it's much more volatile, obviously.
And I know you're always technically oriented, but when it comes to the fundamental side of silver at present, there's a few, um, what people are calling catalysts that are now behind the sector that have developed recently. Obviously, the big news is that silver has been declared a critical mineral by the US administration, kind of a sign that they understand its strategic importance. This is in addition to the Russian government declaring that they're going to start stacking it as a strategic asset along with platinum and palladium and some other metals. We have stress on LBMA inventory. Some people I've talked to think the free float there is still very close to zero at present. And then lastly, China implementing export restrictions on silver starting next year. Um, I know that's a lot in one question, but maybe have you been paying attention to any of these developments, and do you believe that, um, these have big potential implications, or is your view that technical analysis trumps narratives and headlines?
Absolutely. I I keep an eye on all of it. I like to say fundamentals tell me what to buy. Technicals tell me when to buy and when to sell. Now, these fundamental headlines aren't necessarily, uh, very good timing indicators for when to buy or when to sell, but it's important to have a firm grasp of the fundamental case for whatever sector you're speculating or investing in because having a deep fundamental conviction is required to ride out the inherent volatility in both directions of these sectors. If you don't have a strong fundamental conviction and you get your first 30% pullback, you're likely to sell. So, it's important to have that deep fundamental conviction. And I think all the things you just raised, the tightness in the physical market, the strategic minerals, uh, critical minerals, uh, all these things just reinforce the bullish fundamentals. Absolutely. But I primarily look at technicals as timing indicators for when to buy and when to sell. And and many of these things, I mean, these are newer developments, but the fundamental headlines have been bullish for a very long time. And sometimes they don't matter. You know, sometimes I've seen price just going straight down as the bullish headlines are the loudest, but often it's just something I've noticed over the years. And I'm not saying this is the case right now. In fact, I I think we're headed much higher. However, it's important to know that the bullish headlines are often the loudest at interim peaks or major peaks. So, there will come a time to sell, especially if we get this big parabolic run in silver. And I can all but guarantee that when we get to that big blow-off top, the bullish headlines are going to be everywhere. They're going to be so loud, and it's going to be very difficult to push that sell button. So, I think predictions are important, but it's imperative to have a strategy, a personal strategy of when you're going to push the the sell button and trim profits because no one's going to time the exact top. So, uh, just being able to tune out that noise and focus on the charts. To me, charts, yes, they they do give me a forecasting edge. I mean, maybe, you know, if if you get like a if 60% of your forecasts are accurate, you're wrong 40% of the time, that's still pretty good. But what they allow me to do personally is kind of remove emotion. So I'm able to tune out those bullish those all those headlines and then just focus on the charts, enabling me to take profits when the time comes.
The sponsor of today's episode is Arc Silver Gold Osmium. Owner Ian Everard is praised even by his competitors as one of the most honest and level-headed bullion dealers in the United States. They have some great prices. You can see some of them displayed right now on screen. Take advantage of these specials today by reaching out to Ian at 307-264-9441 or by email at Ian@archsgo.com. Make sure to tell him, of course, that Commodity Culture sent you. And now back to the interview. Let's touch on gold. Now, I want to get into the technicals in a moment, but but I want to start with the fundamental aspect that you brought up at the top, which was that gold will be re-entering the monetary system, and you see that as a major catalyst for the metal. Um, talk to us about how you see that coming to pass because obviously, there's been a lot of different talk out there about the BRICS members starting to transact using gold to circumvent the dollar. We have China's new, I believe it's called the CIPS, uh, system that they're trying to use to work outside of Swift. That's supposed to be a yuan-based system, but I think gold could potentially be involved there. Uh, we've heard about gold-backed bonds, uh, potentially being, uh, issued at some point. How do you see gold re-entering the monetary system? Is it in a variety of ways? Could we ever return to a true gold standard? What are your thoughts there?
Yeah, there are a variety of different outcomes, and I I think it's probably less likely that we return to some kind of official gold standard. I think governments don't want to do that. I mean, that would be the last thing they want to do because it imposes forced discipline on them, and they don't want forced discipline. Um, but we could come to that point. So, I think it's important for everyone to know, and I know your listeners are very familiar with this narrative, especially here in the United States. We're rapidly approaching a point where 100% of tax receipts will go towards funding interest on the debt. That we're we're approaching that point. Now, when we reach that point, the biggest variable in that equation is interest rates. The higher interest rates are, well, every 1% rise on interest rates is about $400 billion of extra, uh, interest on the debt per year. Um, so, you know, how does this play out? I mean, you you can just play this out to its endgame there. I don't see a solution to the problem. Problems, predicaments have managed outcomes. So I just see different managed outcomes, and we're headed to that point, and, you know, not to be too doom and gloom, but it it that that outlook is pretty, uh, can get pretty ugly. So I see gold entering the system as some way to re reintroduce confidence amongst the people. Whether it's official or not, I don't know. But what we know is central banks are buying it hand over fist. I know, you know, big money is buying gold hand over fist. People in the know. And I like to say, follow not just follow the money, but follow the smart money. And they they know something. And I I'll just throw in there that for every crisis, you can you can bet your bottom dollar that the central planners, those in the, you know, positions of authority, they've got a plan for how they're going to handle the crisis. Uh, you know, they've said, "Never let a good crisis go to waste." Well, they've got a plan ahead of time, and they see this crisis coming. They're not talking about it now, but they know the the central planners, uh, they know it's coming. And I believe, uh, gold will be a part of that, uh, coming solution.
Well, let's look at gold from a technical perspective now. If you could maybe, uh, bring up a chart and walk us through, um, your technical outlook for gold and and where you see it headed moving forward.
Sure. Yeah. My focus has really been on on silver. I mean, gold is I I think it's going much higher. I have an ultimate price target, um, somewhere around $15,000 an ounce. But over the very short term, like the risk-reward ratio is least favorable in gold to me of of all the metals I checked, specifically silver, uranium, gold, and platinum. I like gold a lot here. And I think if you don't own any, um, you know, I would certainly want to kind of rectify that situation. However, you know, as far as, um, risk-reward ratio over the next few months, um, I think silver and platinum are more favorable entry points. But here's this long-term chart for gold, and what a beautiful pattern this is. I mean, this big cup and handle. My measured move target was up, you know, between $3,300, $3,500. Well, here we are. We've exceeded my expectations by a wide margin for 2025. The RSI, I mean, you know, RSI isn't an end-all be-all, but it's something to consider. That's this line up here. And, uh, right now it's over 92. That's the second highest on record or the highest on record. You have to go back to 1980. And, you know, RSIs up there tend to be like a caution signal. Um, that doesn't mean I don't think we're going higher, but there's no overhead resistance except for $4,398. That's the all-time high from back in October. Uh, once we clear that, you know, there is no overhead resistance. And when I bring up a daily chart here for gold, I put out to our members the other day, we had this little triangle pattern here. And I said, if you know, let me pull up, uh, the spot gold price. It's a little bit of a cleaner chart. There we go. Yeah, that's a little bit better. Uh, this little triangle pattern here. And I said, if we can manage to break above this red line right here, the path of least resistance becomes a retest of this $4,381 all-time high from back in October. So, I do think we're headed for a retest here in the weeks ahead. Um, do we punch through it and, you know, continue higher? Um, you know, my baseline expectation had been a little bit more of a sideways turn. So, you know, uh, I didn't think the most probable outcome was a rip higher here to new all-time highs in silver or gold this, you know, before the end of this year. Well, silver is breaking to new all-time highs. Um, is gold going to follow suit? Um, remains to be seen, but I'd watch this $4,381 level. Uh, if we can get above $4,381, you know, uh, we could just continue higher in gold. Um, but my my baseline assumption had been more of a sideways turn here for a couple of months.
Let's talk about the gold and silver mining sector because this is an area that has also performed extraordinarily well this year. It it had been some time, the past year, let's say before, you know, 2024, people were talking about gold and silver, but they were bemoning the fact that the miners weren't really keeping pace in terms of providing that levered play on the gold and silver price. It feels like that has changed now. Um, GDX and SIL ETFs doing exceptionally well. A lot of the miners benefiting tremendously, particularly gold producers, from these high gold prices. A lot of the the big players, the Barricks, the Newmont Eagles, are essentially printing cash at these prices. Um, you know, producing more gold and is is another issue. There's talk of of M&A cycle coming up in the sector, that a lot of these big players are going to have to acquire, um, junior miners to to keep their growth trajectory moving forward. What are your overall thoughts on the gold and silver space at present and where you see it headed?
Yeah, I like to use, uh, ratio charts and compare the subcomponents of the precious metal sector. So, I'll look at ratio charts of silver versus gold, uh, versus senior gold miners, junior gold miners, senior silver miners, junior silver miners. So that's six subcomponents, and right now the junior silver miners remain the most undervalued of the whole precious metals complex, and I believe largely general generalist investors and the market in general are pricing in, you know, high $30, maybe $40 silver. So, I don't think the market, especially the mining shares, are looking in expecting silver prices to remain sustained up at $50. So my point is, if silver can just even if it doesn't, if this breakout doesn't hold, which I do expect it to, I think $50 is now a solid floor of support. But even if it doesn't, if we can just maintain a sideways turn above $45 silver, that remain, there remains plenty of room for mining stocks to continue to play catch-up. We've got the next, you know, quarterly earnings reports coming up. Well, there they're still pricing in, you know, much lower silver prices and gold price for that matter. So if we can just maintain where we are, that's still, there's still plenty of catch-up room for the mining stocks.
Well, I want to read a tweet you made recently where you said, "Simplest way to play the precious metals bull market. One, own physical first. Two, accumulate a basket of three to five quality miners. Three, turn off your computer for the next couple of years." Now, I'm I'm totally in agreement about having physical metals as the base, um, before you start speculating on mining stocks. But how do you personally go about determining that basket of three to five quality miners? I it in that particular case, you know, somebody who's perhaps, you know, doesn't have the time to devote to diving deep on juniors. Are you talking about maybe royalty streaming companies, the big producers? Um, how do you determine that mix of three to five quality miners?
Yeah. And having been in this for almost 20 years now, this this sector, probably the biggest mistake I see is for new entrants into this space, they go way too far out on the risk curve too early. Many times they go to the junior explorers developers before even establishing a position in physical. So I like to say, build that physical first, then a basket of top-tier quality mining stocks, and then you move down the risk curve in that order instead of going way out on that, you know, junior explorers and developers. And I see people just get 30, 40 explorers and developers, and, you know, that is a very specialized skill set. And you, you know, if most people in the mining space just simply want leverage to the to the metals, well, if if that's what you want, I think top-tier blue chip stocks are plenty. And, you know, going beyond on five stocks, you don't really get, you know, obviously, um, diversification reduces risk. It helps to manage risk, but you start going above 10 stocks, you know, you're not really up to 10 as a max. I think you you diversify your risk plenty. You don't really, I don't see a reason to own more than 10. And I think if you're going to stick to the blue chips, five is plenty. Five is plenty. So, if it were me and I were brand new to this sector, I might just buy the ETF to be honest, one of the ETFs. Um, but if you can probably outperform just by picking maybe two or three top-tier royalty and streaming plays. I think those are the lowest risk, highest potential reward plays. Um, obviously, they don't have as much upside potential, but on a risk-reward ratio basis, those plays have those stocks are the best, uh, you know, way to way to start. And then some senior producers, you know, like you mentioned, Agnico Eagle, Wheaton Precious Metals, Royal Gold. And then maybe a couple of like mid-tier producers with exploration upside for that torque. I think that's kind of that would be kind of a sweet spot. And don't feel the need if you're brand new to go into those explorers and developers unless you have, you know, specialized skill set or you're paying for a service with someone who really has a proven track record in that. And I I don't have that, by the way.
I I [laughter] love the honesty there.
Yeah. I I don't mean the track record. Uh, our track record is is very good. I'm not trying to be, but, but, uh, that's not my specialty. So I I don't buy those. I I my specialty is timing the sector with technical analysis. I don't own any explorers or developers.
Yeah, I like that actually. And I think even even if somebody is, you know, intermediate, beginner to intermediate, venturing into the juniors is extraordinarily risky. Even buying a single mining stock is extraordinarily risky. Even the majors, I mean, even a royalty and streaming company can be risky. Look at what happened to Franco Nevada. They had a huge amount of of their, um, assets in the Cobra Panama mine, which got shut down by the government there, and that caused a massive, um, correction in their stock price. Now they've since recovered, and I think they're a very solid company, but there's so many risks in this sector. I love your advice of of just buy the ETF. Um, I think that's probably just buy the GDX if if you want a levered play on on the gold price. And yeah, if you're willing to devote the time and, uh, and build the skill set to really evaluate the juniors or follow a service that does, then that's another story. Um, I'd love to get your take on the uranium sector, my favorite of all commodities. And by the way, another sector where investors make that same mistake. They they yolo into the lottery ticket explorers hoping for that 10-bagger. And meanwhile, I mean, you have people complaining on Twitter about not making any money in uranium. We go back to [laughter] 2020. I want to rattle off a few names to make a point because since the start of 2020, Denison Mines is up 645%. NexGen Energy 540%. Cameco 950%. Energy Fuels 1,100%. So, one thing that that does bring to mind for me is the fact that we are nowhere near the start of this bull market in uranium, but in your estimation, is there still a lot of upside left? And if so, what inning would you say we're in right now?
Yeah, well, I I first got into uranium in 2020 when the spot price was around $17, $18, $19 bucks. It was below $20. And, you know, I got in some of these early points, you know, had some 10-baggers in the sector. And, um, so where are we at now? You know, we've been as high as $107 on uranium. We've pulled back. Right now, we're around $80 bucks. I'll to check check the charts, but right about $80. So, uh, the previous all-time high, 2007, was $147. If you adjust that for government inflation metrics, that gives you about $200 uranium to get to the previous all-time high. Again, using government statistics. So, I think we're at least going there. But, I would argue the supply-demand fundamentals are even more bullish than they were in the previous bull run. So, you can certainly make a case for even higher prices than $200 uranium. So, here we are at $70. So, you know, do you measure innings by time or price? I'm not sure. I think, um, this sector is so volatile that I intend to have exposure for a long term. So, my strategy is I've got a long-term be right. I call it my literally label it in Erade. You know, you can name your accounts, give them little nicknames. So, I call it "Be Right, Sit Tight" long-term account. And I I intend to just hold that for the long term and just ride through the inherent volatility of the sector. But then I've got a separate bucket where I give myself permission to kind of take profits when we're overbought against resistance and scale back in when we're oversold against support. And, you know, I think we could be setting up, just like we are in silver, for a big, very big move in uranium, which would provide some very nice profit-taking opportunities followed by probably, you know, a sharp correction. Um, in the macro environment, I'm expecting, you know, a big deflationary impulse at some point where everything comes down, and that will provide fantastic opportunities to scale back in. So, you know, even though over the next 10 years, the trend is probably going to be up and to the right, I mean, you're going to get way deviated to the upside along the way, those are profit-taking opportunities. And then when you pull back to on trend or even, you know, below, well, that's opportunities to scale back in to use volatility to your advantage. So, I think we probably got a long way to go in this uranium bull market, but there's that doesn't mean there's not going to be profit-taking opportunities as soon as, you know, early 2026.
And how do you gauge when it's time to perhaps take profits? As someone personally, I I I don't look at technicals too much. Um, but I ended up taking profits a few weeks ago, maybe was a month ago, on Energy Fuels because it just started going ballistic on speculation that the Trump administration was going to be buying rare earths, taking a stake in rare earth companies, and maybe uranium companies. So, all this stuff was swirling online that, oh my god, Energy Fuels has both uranium and rare earth, and the valuation just got absurd to the point where I said, "Okay, let me take my initial investment off the table and just play with the house's money because it it feels like it's gotten out of control." Now, I've been vindicated. Not that I didn't want it to keep going higher because I still have a large position, but it it's since come down quite a bit. So, for me, it was kind of gauging the sentiment of the sector that that made me led me to that decision. How do you figure out when it's time to take profits and take advantage of that volatility in uranium and and in the commodity space in general?
Sure. And and congratulations for doing that because I think that makes the point like I was saying earlier, the bullish headlines are often loudest at interim peaks. So when you were pushing that sell button, taking profits, which was very prudent, you know, I'm I'm sure everyone in like all over social media just going to the moon. Why would you ever sell? I mean, it's hardest to sell when, um, you know, at interim peaks because the bullish headlines are the loudest. So, you know, I use a lot of tools and indicators. Uh, technicals are my primary one. But it's as simple as this, too. You know, uh, one of my sayings I say kind of tongue-in-cheek, but there's some truth to it. Whenever I begin to feel smarter than I actually am, it's usually a good time to take some off the table. And whenever I kind of feel stupider than I actually am, like, oh my god, what am I even doing in these sectors? You know, I just bought the S&P 500 10 years ago and forgot about it. You know, that's usually a pretty good time to buy. Um, but, uh, social media is a good sentiment gauge. You know, the more rocket ship emojis you see on on X is usually, uh, kind of your your near interim peak. Um, but really the primary tools are are technical analysis.
So, yeah, that that's obviously something that your average person needs to dive into, needs to learn, or needs to subscribe to your service, which we're going to talk about in just a moment. But first, I want to talk about platinum because this is a metal that's been quietly breaking out into a bull market that most haven't been paying attention to. In fact, platinum's up just as much as silver is today, over 5%, and yet if you go to X, everybody's talking about silver. Um, platinum still feels very much under the radar at present. How do you currently see platinum positioned and how much more upside do you see ahead for that metal?
Yeah, I want to use my words carefully because I don't want anyone to get irresponsibly long platinum. Not that people would do that based on some random guy on the internet being me saying that. But platinum I think has the potential to outperform silver, and in fact, I think it is likely to outperform silver on a percentage basis over the course of this bull market. However, downside risk is also greater. So on a risk-return, uh, risk-adjusted return basis, I think silver is the better play. But I think silver could outperform, and platinum has a pattern of kind of going sideways and being losing, you know, kind of it's quiet, people don't pay attention to it, and then boom, out of the gates, it just surges higher. Uh, earlier this year, you know, was just trudging along for, uh, almost two years, you know, give or take around $1,000, give or take a couple hundred bucks, and then boom, it went up to $1,700, almost, uh, I think that's about a double from the lows, and then now what's it doing? Just kind of going sideways. Just sideways. Everyone's focused on silver and gold. So, I do expect another explosive move higher in platinum. The previous all-time high is $2,309 in platinum. We used to say silver is the only commodity on the planet, you know, half of where it was in 1980. Well, platinum, uh, a little over half, but still way undervalued compared to where it was at that all-time high at $2,309. As of today, um, it's just breaking above, I think, around $1,600 an ounce. Well below that previous all-time high. Platinum has plenty of room to run, and it's such a tiny, tiny market. So just it just takes a small amount of investor demand to come in and really alter skew those supply-demand fundamentals, uh, in favor of higher prices. And by the way, platinum, I I follow the World Platinum Investment Council to for fundamental analysis on platinum. And platinum is projected to be in a supply deficit going into the 2030s. Platinum is also in a supply deficit, but that should come into surplus, I believe, in 2028, 2029, somewhere in there. But platinum supply deficit going way out into the future, which just gives that fundamental conviction.
And how do you approach the platinum space without giving away too much that that you say for your subscribers because there's such a small handful of publicly traded mining stocks. The main ones are in South Africa, which can be a fairly risky jurisdiction. Um, do you do you invest in platinum miners? Do you stick to the physical ETFs? How do you approach the platinum space?
Yeah, similar to, uh, silver and gold, I like to get a core position in the physical metals first, and roughly 20% of my physical allocation is is platinum. And then coming down the food chain a little bit. I I don't own any platinum miners because it's really hard to find quality names. Um, I have owned Suncor Stillwater in the past, and that's kind of the big name a lot of people think of. Impala Platinum is another one.
Um, but these aren't to me really quality companies. They're more like trading opportunities when the when the setup presents itself. So, I just prefer the ETFs that give you exposure to the price. The Sprott Physical Platinum Trust is my favorite vehicle. It's half exposure to platinum, half exposure to, uh, palladium. I'm bullish on both metals. So, I do own that in full disclosure. Uh, PPLT, it gives you is supposedly gives you pure play exposure to platinum. That's just another ETF. Just, you know, caveat, JP Morgan is the custodian of that metal. So, that brings a level of distrust to me personally. So, I don't necessarily play that too often. It's not like a long-term hold for me. So, th those are that's how I do it. I look for trading opportunities and the quality mining stocks. Um, PLG, Platinum, uh, Group Metals is another trading setup, another company I like to trade. I have no interest in holding that for the long term. Um, so, that's how I do it.
Well, talk to us about Silver Chartist, where people can find it, and what it is you do there.
Yeah, it's a it's a really cool community. It's a fully transparent, over-the-shoulder service with real-time alerts. So, members see exactly what I own. They get screenshots of my Erade portfolio, and, uh, whenever I push the buy or sell button, they get, uh, an instant alert, a real-time alert. I don't claim to get every turn correctly. Uh, we do have a I am proud of our track record, but I don't want you to be the guy who claims I'm the guru who's going to nail every turn. Uh, pride comes before destruction, so I don't want to be that guy. But hopefully, by sharing what I'm doing in a fully transparent manner, talking through what I'm doing, why I'm doing it, hopefully that helps our members to make better trading investing decisions in their own account. And then we've got a really nice community, too. You know, we're kind of united by a common goal of achieving time freedom to pursue life's higher callings, things of eternal significance. Money can buy many things, but the most important thing money can buy is your time. Time to do the things you've been put on this earth to do. And we're here to encourage each other. You know, we're not yelling at each other about, you know, different opinions or disagreements. We sharpen each other. And the community aspect is awesome.
Fantastic. I'm going to put a link in the description below to Silver Chartist so people can check it out. Thank you so much, Steve, for coming on the show and sharing your knowledge with the audience.
You bet. Thank you so much, Jesse. Uh, really enjoyed talking to you.
Thank you for joining us. Ark, Silver, Gold, Osmium has some great specials. Here they are on screen right now. These are while supplies last and prices subject to change. Reach out to owner Ian Everard today at 307-264-9441 or by email at Ian@archsgo.com and make sure to tell him that Commodity Culture sent you. And pick up your Commodity Culture merch. Represent the show in style. Everything backed by 100% quality guarantee. Link is in the description, and I'll see you guys in the next episode. Commodity Culture is a series on commodities and natural resources. If you would like to see more, be sure to subscribe and hit the bell notification so you're always up to date with the latest episodes.