In this KE Report Daily Editorial, I’m joined by Erik Wetterling, founder and editor of The Hedgeless Horseman, for a deep dive into the silver market’s breakout and the explosive rally in junior metals stocks.

Silver has been the standout performer in 2025, climbing over 30% YTD to a 14-year high near $40. Erik breaks down why junior silver equities, especially the smallest and riskiest names, have seen outsized gains, often disconnected from fundamental improvements. He explains how rising sentiment and a risk-on attitude are driving momentum, leading to sharp rallies in names with little more than leverage to the silver price.

We discuss:

As Erik puts it, the junior silver space may be “the worst sector long-term,” but in the current bull market, it’s showing some of the best short-term returns. Sentiment is surging, but caution is warranted. 

Click here to visit Erik’s site - The Hedgeless Horseman.