Today we round up the market action and focus especially in on the precious metals and other commodities markets with a spotlight on silver and whether it is getting overdone here to the upside, or if the rallies in gold and now silver are leading indicators of a more transformative repricing of the physical world relative to the paper/financialized world, which could mean we're only getting started. Today's pod features Saxo Head of Commodities Strategy Ole Hansen and is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

As discussed on the show, a post from Craig Tindale on the importance of critical materials and what China understood a long time ago that has led to this ugly wakeup moment for the rest of the world. There is also this post from Craig, which discusses another angle on the same topic. Also note that the Trump administration is listening.

For our longer form podcasts, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

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What could take silver to USD 250 an ounce?

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