Re CDE I’ve had if for decades, but Hecla HL has been outperforming CDE, so today I bought 400 more HL on that dip. Below are my main core holdings. I can’t believe how high my account is lately.

How much was the reverse split? I didn’t own CDE in 1980, maybe around 1993 I got it.

https://www.msn.com/en-us/money/chart?id=a1n2hw&comparisons=a1n1im%2Ca1upz2%2Ca1pe52%2Ca1r9u2%2Ca1ntfr%2Ca21ylh%2Ca22irw&timeFrame=3M&chartType=line&projection=false

Maybe it’s the Boj. raising not the Fed cutting.

It could happen with pressure but I don’t feel it which means nothing.

• Expectations: Following rate cuts in late 2025, policymakers are expected to hold the range at 3.50%–3.75% to monitor economic data. 

I found out that CDE did forward dividend  splits back in 1980 but not during the all time high. It wasn’t till 2009 it did a reverse split.

Thing about them is that spot silver is actually higher today. Unfortunately, I think the algorithms tie them to SLV.

Captain – good article. I could see a scenario where silver sort of bounces around $100 for a while and gold catching a heavy bid. $10K might get here a lot sooner than we think.

Since Japans rate hikes appear to have decoupled yen and gold moving in tandem to inverse but too slow for the yen to keep up and can still be bought back.

The Fed may have something to do with the yen spike up. Maybe the Fed is going to cut rates I don’t know but read the last paragraph.

• (BOJ): When the yen hits new lows (e.g., nearing 160 vs. USD), the BOJ may sell U.S. dollars and buy yen in the open market, causing an immediate, sharp, and often unexpected, rise in the yen. These moves are often designed to shock speculative traders.
• “Rate Checks” (Fed & BOJ): Reports that the New York Federal Reserve is conducting “rate checks” (asking banks for yen-dollar quotes) often cause sharp, sudden, short-term surges in the yen, as it acts as a signal of potential,, joint, US-Japan intervention. This was observed in January 2026, when such checks caused a quick spike, even before direct intervention occurred.
• Unwinding of the “Carry Trade” (BOJ/Fed): Investors traditionally borrow cheap yen to invest in high-yield U.S. assets (the carry trade). When the BOJ signals a potential rate hike, or the Fed signals a potential rate cut, this gap closes. This forces a rapid “unwinding” or, a massive buyback of yen, causing a sharp, vertical spike in its value.

Dave Hunter mentioned that. He expects a correction in the market that could pull the metals down too. He warned as far as equities to get out because when it settles the leaders in the market will change and the equities could take years to recover but commodities will and the. really take off and somethings in tech’s should be okay and actually appear to go together cuz tech will need commodities. So far it’s going that way and now it’s starting to show up on a chart. I can imagine things could get A little more expensive if the product requires them.

…. is to bank locally … stop banking with these international banking interests who want to bring in CBDC’s (which will be brought in with a manufactured crash) …

Stop voting for these banker bums and their installed minion politicos in national and state governments.

Hoctua … spit

Ycl/  $silver.

Looking around,  I can’t see a ratio or

overlay on a chart just kinda in my head. Yen bounced , silver dropped but then in serious trouble.

… weakness in the shares is likely a test of the breakouts currently occurring in numerous key ratio breakouts in the PM sector.

This move is historic in increasing dimensions.

Chuckle … throat gurgle … spit

Righto!

The 12-Year Base, $5,000+, The Dow to Gold Ratio Collapse, The Great Rotation, The 1970s Parallel, and Why This Trend Is Not The Top!

Two years ago, Gold executed its most significant breakout in half a century. Months ago, silver shattered a 45-year-long base in what was the second most powerful breakout in modern history. It has now surpassed $5,000 for the first time in history. Congratulations to the few who understood what was happening.

And yet, the financial media remains fixated on the nominal highs of the Dow Jones Industrial Average, celebrating its ascent above 49,000. They are cheering for a ship that is taking on water, blind to the fact that the very yardstick they use to measure wealth is failing.

Last week, another earth-shattering event occurred, one that will not be reported on the front page of the Wall Street Journal or discussed on CNBC. Gold, the ancient and ultimate measure of value, broke out of a 12-year-long base against the S&P 500.

H/T Jordan Roy-Byrne For Chart

This is not just another chart pattern; it is a tectonic shift in the financial landscape. It signals the beginning of a great rotation that many have been speaking about for quite some time, a massive and accelerating movement of capital away from conventional financial assets and into the timeless safety of hard money.

Some are calling what is happening a “blip” or even a “bubble” in precious metals. Those that do, do not understand history. While the world is mesmerized by the illusion of stock market wealth, the real story is one of profound devaluation of the base currency.

Priced in gold, the Dow has fallen 77% since 1999. Read that again. 77%! The trend is undeniable and it is accelerating, just look at the chart. We are witnessing a historic wealth transfer, a repricing of assets that will have profound consequences for every investor.

The question is not whether it will happen, or if it is happening, but whether we understand it has happened and will continue to happen and if we are positioned for it.

• You need to understand Gold just broke out of a 12-year base against the S&P 500, signaling a historic rotation of capital out of stocks and into hard assets.
• You need to understand that priced in gold, the Dow Jones Industrial Average has collapsed by an astonishing 77% since 1999.
• You need to understand the Dow-to-Gold ratio is plummeting towards its historic crisis lows of 1:1 or 2:1.
• You need to understand gold has also broken out against the Nasdaq 100, the engine of the last decade’s bull market.
• You need to understand Morgan Stanley, one of the world’s largest banks, is now advising clients to abandon the traditional 60/40 portfolio and move 20% into gold, creating massive capital flows of big money.
• You need to understand the macro drivers for this great rotation are intensifying, not abating.
• And you need to understand this trend will not stop until the underlying conditions change. It’s a scientific law that I will share below.

Gold has broken out vs. the S&P 500 from a 12-Year base, the Dow to Gold ratio is collapsing, gold has shot past $5,000, the great rotation into hard assets is underway, and this trend will not top until something big happens to change the trend!

Let’s Dig Into The Following:

1. The DOW’s 77% collapse vs. sound money is really highlighting the illusion of wealth. The mainstream financial media is a master of illusion. It directs our attention to the glittering lights of nominal new highs while picking our pocket in the darkness of devaluation. The headlines continue to celebrate the Dow Jones Industrial Average closing above 49,000. It is a meaningless milestone, a number devoid of any real-world context, because the unit in which it is measured; the U.S. dollar, is in a state of terminal decline. Why our traditional stock portfolios, which we have been told is in a perpetual bull market, have lost over three-quarters of its real value when measured in sound money!
2. Gold breaks out against the S&P 500, highlighting the great rotation is underway. The collapse of the Dow-to-Gold ratio is the headline, but the underlying story is the more broad-based rotation of capital out of the general stock market and into gold. The most powerful confirmation of this trend came last week, when the Gold-to-S&P 500 ratio ($GOLD:$SPX) broke out from a massive 12-year-long base.

   The ratio has been grinding higher, with one notable pullback in the first half of last year. Now, it has decisively cleared the critical resistance level that has capped its advance for over a decade. Why this signals that the flow of capital away from conventional stocks and into gold is not just beginning, it is accelerating!

3. The tech bubble is deflating as gold breaks out against the NASDAQ. Even more significant is gold’s breakout against the Nasdaq 100, the high-flying technology index that has been the undisputed leader of the market for the past decade.

   The tech giants; Apple, Microsoft, Nvidia, etc. have been the darlings of Wall Street, their valuations soaring to astronomical levels. But here too, the tide is turning. Gold has now broken out from a 6-year-long base against the Nasdaq 100 ETF (QQQ). Why we have been conditioned to believe that the only path to wealth is through a handful of mega-cap technology companies and that era is now over!

4. The macro drivers are an unstoppable force that are now beginning to pull in institutional investors. What is driving this historic rotation, is the collision of powerful, long-term trends that have been building for years and are now reaching a critical mass, all at the same time. The underlying structural conditions that have created this trend have not changed; they are intensifying and beginning to create a stampede. Why the institutional world is really only now beginning to wake up to this new reality and will propel this next leg!
5. Echoes of the 1970s are everywhere as history rhymes. For those who doubt the magnitude of the shift that is underway, we need only look to history. The current environment bears an uncanny resemblance to the 1970s, the last time the world experienced a fundamental reset of the monetary system and a secular bull market in gold and silver. The parallels are not just similar; they are uncannily similar.

   Why today, we face a similar energy crisis, born not of an embargo, but of a decade of underinvestment in fossil fuels, misguided green energy policies, and escalating geopolitical conflict, combined with persistent inflation, and the breakdown in the current global monetary regime!

6. And incredibly, the psychology of denial has led so few to listen….up till now. With such a powerful and undeniable confluence of technical and fundamental evidence, the logical question is: why is this not the biggest story in finance? Why is the investment world, by and large, still asleep at the wheel? The answer lies deep in the realm of human psychology, cognitive bias, and the pervasive power of a narrative that has been carefully constructed over decades. Why the reality is that out of the billions of investors around the world, the percentage who have any meaningful allocation to precious metals is still vanishingly small, that the real bubble is not in gold; it is in the blind faith that the current paper-based system can last forever!

Scottie Resources

That’s why you don’t feed the bears.

Less of course your walking back from the lake holding a fish and being followed.

Transaction Aligns with Company’s Strategic Transformation; Expected to Further Strengthen Balance Sheet

COEUR D’ALENE, Idaho / Jan 26, 2026 / Business Wire / Hecla Mining Company (NYSE:HL) (“Hecla”, or the “Company”) announced today that it has agreed to sell its subsidiary that owns the Casa Berardi operation in Quebec, Canada to Orezone Gold Corporation (“Orezone”) for up to $593 million in total consideration. The transaction advances Hecla’s strategic transformation to focus on its premier silver assets and is expected to strengthen the Company’s financial position.

https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1104-nyse/hl/195928-hecla-mining-company-announces-sale-of-casa-berardi-for-up-to-593-million.html

Does it make a difference that Cuba is pretty much a failed state while Taiwan is 1st world?

… against your silver shares in order to manage your behavior … you have not been paying attention to the tape.

That said … this horse pucky can’t last forever …  things should improve after the Fed meeting tomorrow if history is a good guide.

Mornin all

Wall Street Mav
@WallStreetMav
Germany is concerned about increasing the size of their army because it would involve giving military training and weapons to Muslims in Germany.

“[German Chancellor] Mertz has admitted, that they can’t raise an army in Germany because it will be majority Muslim, because the Germans aren’t having kids and the Muslims are and they actually don’t want to give hundreds of thousands of young Muslim men weapons.”

“Like they’re worried about what would happen if they did that. So they can’t raise an army in Germany already.

“I guess if it’s gotten to that point, we just have to readjust to a new understanding of Europe, right?”

Tucker Carlson

Plat and Pall both v weak, as v thin mkts, easily bullied…until, u try and cover with no sellers…..Shares as always select shares like Nem getting hammered.

But Silver will not really go and Gold is a stallion…..looks like $ 5000 could be where the World wants in, who is not in and the World is no where near in….UBS said family trusts have barely 2 % of assets in PM’s….and they are relatively sophisticated……

As long as gold is over $5k I’m not too worried about the shares. 🙂

The writing’s on the wall

They also could run the stops before heading higher. Try to shake as many people off the silver train as possible. Oh look silver is dead we killed it, boom. Fireworks. Whatever the outcome it’s not going to be what we think, The fog of war is deceptive.

Thanks for sharing your  insightful posts ( along with everyone else’s!)

Agree with Buygold, that this could prove to be a tough, volatile week ( with the Fed doing its thing).

But I couldn’t agree more that this is a monumental time frame! IMHO, I will continue to nibble on the PM stocks that I follow, and continue to build on my present positions. Totally agree that the miners ( especially the junior explorers) are extremely undervalued!

The Asian Guy says not to focus on manipulation and he’s right, but this is the height of manipulation that we’re seeing. The one thing I’m sure about, is that it can’t go on for more than a couple of days as long as physical in Shanghai stays elevated. They can’t do it, unless their plan is to have everyone on the Crimex stand for delivery for the arbitrage play, and then default at delivery time.

Unfortunately, the buy/sell prices are still counted in dollars and paper is reality for the moment.

I agree with the captains’ article though, yesterday was not a top – not even close – it was a raid.

Speaking of the dollar, I thought it might bounce here around the 200 dma. Not quite yet. Very weak.

Silver’s 15% 5-Sigma Intraday Trading Swing, Huge Volatility, Shanghai Premium, Supply Tightness, G-T-S Ratio, & Why This is Not The Top!

Today will be remembered as the day silver went certifably insane. In the span of just a few hours, the price of silver rocketed from approximately $103 to an all-time high of ~$117, a staggering 14% gain.

It was a move of breathtaking violence, a parabolic explosion that had the entire financial world watching in a mixture of awe and terror. And then, just as quickly as it had risen, it was knocked down, crashing back to the $105 level in a brutal, gut-wrenching reversal.

This 15% intraday range represents a 5-sigma event, a statistical anomaly so rare that it is expected to occur only once every 13,932 years.

It is a move that, according to the models, should be impossible. And yet, it happened. The largest daily gain since 2008 was wiped out in a matter of minutes. The chaos was palpable. The fear was real.

And so, the question that is on everyone’s mind is this: Does this massive reversal signal the top? Is this the end of the great silver bull market of the 2020s? Was this the final, manic blow-off that signals the end of the party? The answer, in a word, is no. Not even close.

• You need to understand today’s 15% intraday swing was a 5-sigma event, a statistical impossibility that signals a market in transition, not a top. We also saw this very thing with gold this past October.
• You need to understand the Shanghai silver premium exploded to a record $23/oz, confirming this is a physical supply crisis, not a paper-driven speculative bubble.
• You need to understand Jim Cramer, the ultimate contrarian indicator, capitulated today, tweeting that silver is “getting ridiculous” and that he would “try to cash in on family silver.”
• You need to understand Goldman Sachs’ top precious metals trader, Benjamin Binet-Laisne, left the bank today, or rather he was let go. This is not a coincidence. He must have lost a fortune shorting silver.
• You need to understand the gold-silver ratio has begun a waterfall decline, but it is nowhere near its historic cycle lows of 10-20:1.
• You need to understand Michael Oliver’s framework predicted this extreme volatility. He has been warning for months that the transition to a new price reality would be violent.
• And you need to understand absolutely nothing has changed in the fundamental picture. The supply deficit is worsening, demand is exploding from every direction (solar, military, grid, data centers, tech, automotive, Asian development), and the monetary crisis is accelerating.

The great silver shakeout of 2026 just happened with a 5-sigma event, involving a huge intraday trading swing, huge volatility, an expanding Shanghai Premium, historical physical supply tightness, and a rapidly declining G-T-S Ratio. Oh, and this is not the top!

Let’s Dig Into The Following:

1. It’s critical for us to understand this 5-sigma event in silver. A 5-sigma event is, for all practical purposes, impossible. It is an event that has a 0.00002% probability of occurring, or once every 13,932 years. It is an event so far outside the realm of normal probability that it should not happen. And yet it did. Why today’s event was violent, chaotic, and 100% absolutely necessary!
2. The Shanghai silver premium exploded out today. If there is one signal that cuts through all the noise, all the chaos, all the fear, it is this: the Shanghai silver premium exploded to a record $23/oz today. While the paper price of silver was being slammed down on the COMEX, the physical price of silver in Shanghai was soaring to a reported $133/oz. Why as long as the Shanghai premium persists, the drain of physical metal will continue until the Western vaults are empty!
3. None of what happened today would make sense without looking at the U.S. dollar. It is no coincidence that silver’s violent reversal today occurred just after the U.S. dollar index (DXY) reversed higher. After falling through the critical 97 level to a low of 96.85, the DXY suddenly and inexplicably spiked higher, just as silver was hitting its highs for the day. Why they know that if the dollar falls precipitously, silver will explode, and they know that the dollar is the linchpin of the entire financial system, and they will do everything in their power to prevent it from collapsing!
4. All of the contrarian indicators tell us that this is not the top in silver. In moments of extreme volatility and fear, it is essential to look at the data, not the drama. And the data is telling us, in no uncertain terms, that this is not the top. Why the events of today have provided us with some of the most powerful contrarian buy signals we have seen!
5. The gold-to-silver ratio compression has only just begun. For months, we have been highlighting the gold-silver ratio as one of the most important charts in the world. And for months, it has been telling us that silver is dramatically undervalued relative to gold. Today, that ratio began a waterfall decline, falling from over 50 to a low of 44.5. Why this is a significant move, but it is just the beginning, the historic low of the gold-silver ratio is between 10:1 and 20:1, and that is exactly where it is going!
6. And the macro backdrop is absolutely unchanged and intensifying. While the price action today was dramatic, it is critical to understand that absolutely nothing has changed in the macro backdrop that is driving this bull market. In fact, the forces propelling silver higher are not weakening; they are intensifying with each passing day. Why these are not temporary factors; these are structural, multi-decade trends that will take years to play out, and a 15% intraday swing in the price of silver does not change any of this!