Craig Hemke - Silver’s Breakout, Silver Miner Margins, & the Hard-Asset Supercycle
In this daily editorial, Craig Hemke, Founder and Editor of TF Metals Report, breaks down the historic acceleration in precious metals, with Silver surging over 15% in November and now approaching $60/oz.
Craig argues this sustained move is fundamentally different from past spikes and serves as a "front run" to major bullish developments anticipated in 2026. We analyze the glaring valuation disconnect in mining shares - despite record metal prices - and the imminent catch-up trade, which is part of a broader "hard asset" boom that includes Copper and Gold.
Key Discussion Points:
- Silver's New Analog: Why the current market action is a sustained breakout, similar to Gold's 2024 move, rather than a fleeting spike.
- The Valuation Disconnect: Analysis of the historic lag in GDX and silver miners (SIL), signaling a massive catch-up trade is imminent based on Q4 margin expansion.
- Macro Drivers: Discussion on the weakening US Dollar and massive US Treasury deficits fueling the need for hard assets.
- The Hard Asset Trade: Simultaneous monthly high closes across Gold, Silver, Copper, GDX, and COPX signaling a major, sustained commodity trend.
Click here to visit Craig’s website - TF Metals Report
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