Investors are rushing into the silver market: Physical silver-backed ETF holdings jumped +15.7 million ounces in November. Year-to-date, silver ETF holdings have increased in 9 out of the last 11 months. Meanwhile, silver skew, an indicator of call-option volatility, jumped 8 percentage points over the last 2 weeks, to 10 percentage points, marking the highest premium over put options since March 2022. Put differently, betting on higher silver prices is becoming extremely expensive. Silver prices have soared +101% this year, on track for their 2nd-best annual performance in history, only below the +435% gain in 1979. Precious metals are on fire.(The Kobeissi Letter)