December 01, 2025

Craig Hemke - Silver’s Breakout, Silver Miner Margins, & the Hard-Asset Supercycle

19 minutes

In this daily editorial, Craig Hemke, Founder and Editor of TF Metals Report, breaks down the historic acceleration in precious metals, with Silver surging over 15% in November and now approaching $60/oz.

Craig argues this sustained move is fundamentally different from past spikes and serves as a "front run" to major bullish developments anticipated in 2026. We analyze the glaring valuation disconnect in mining shares - despite record metal prices - and the imminent catch-up trade, which is part of a broader "hard asset" boom that includes Copper and Gold.

Key Discussion Points:

Silver's New Analog: Why the current market action is a sustained breakout, similar to Gold's 2024 move, rather than a fleeting spike.

The Valuation Disconnect: Analysis of the historic lag in GDX and silver miners (SIL), signaling a massive catch-up trade is imminent based on Q4 margin expansion.

Macro Drivers: Discussion on the weakening US Dollar and massive US Treasury deficits fueling the need for hard assets.

The Hard Asset Trade: Simultaneous monthly high closes across Gold, Silver, Copper, GDX, and COPX signaling a major, sustained commodity trend.

Click here to visit Craig’s website - TF Metals Report

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Investment Disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

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