Silver is now trading in triple digits in the West: $103.11.

Not just an intraday spike, but a daily close above $100.

And not just a daily close, but a weekly close above $100.

To celebrate, here are 12 reasons why the silver rally is far from over 🧵 1) London lease rates are flashing red.

London is the world’s main hub for physical silver. Professional players there don’t just buy and sell silver, they also lend it to each other. This happens, for example, when one trader has to deliver silver soon but doesn’t have it yet, while another party does have silver in stock but only needs it a few weeks later. So the silver gets borrowed for short periods to bridge that timing gap.

Under normal circumstances, 1-month lease rates trade around 0%. Sometimes slightly higher if the lender wants to earn something, sometimes slightly lower if someone has too much inventory. Anything above 1% already signals stress. Right now, lease rates are around 2.5%. That is extreme. It tells you there is a serious shortage of physical silver. And these elevated lease rates put a very solid floor under the silver price.

Gold is at all-time highs and sentiment is euphoric.

Tomorrow I’m meeting someone from a company that has been helping people invest in gold for centuries.

Here are the questions I want answered. 1/7 Why would you invest in gold? Research by Professor Jeremy Siegel shows that, over long periods of time, stocks deliver much higher returns than gold. 2/7