Devil's Metal May Live Up to Reputation Silver's stretch above $100 an ounce in 1Q reached a too-far, too-fast plateau, leaving 2H focused on how low prices might go. My bias is that the metal -- sometimes referred to as the "devil's metal" -- may live up to its reputation. The graphic highlights how the previous highs near $50 in 1980 and 2011 may represent only initial gravity-pull support. At the end of 2025, silver reached its greatest premium to its 10-year moving average since 1979. The metal rarely stays far above this mean, currently $31, for long. What's different is the consumer price index registered 4.2% in May, compared with the 14.8% peak in 1980. In addition, a top reason cited for owning Bitcoin and precious metals has been the runaway US budget deficit. But at roughly 0.50, debt is minuscule vs. the stock market's capitalization, showing equities remain the asset class that matters. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/ti3vt9n3n09q {BI COMD} #silver @Bloomberg(Mike McGlone)