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Housekeeping: Good Morning. Look for part 2 of the Dave Kranzler/ Eric Yeung interview on GoldFix later today

“I told you, man, I told you,..but you wouldn't listen, well, you stupid f—, look at you now.”

—A. Montana,Arbitrage

Today

* Discussion: UBS Likes The Silver…

* Premium: More Than They Admit.

Discussion:

UBS Likes The Silver More Than They Admit

* UBS sets a 1Q26 silver price target at USD 38/oz, extending 2H25 forecasts, and suggests selling downside risk for yield. Not for the faint of heart

* Global silver demand is expected to reach 1.2 billion ounces in 2025, driven by industrial applications. Silver supply is forecast to grow by 3% in 2025, with mine production increasing by 2%.- first increase in a longtime

* US tariffs have increased US silver and gold prices, creating front-loaded demand, but this effect may not last. - US Tariffs cause global deflation and donestic inflation

* The gold-silver ratio is projected to decline from 91x to below 80x, assuming gold trades around USD 3,000/oz.

Much more and why this report matters along with the report in premium below

More at bottom…

News/Analysis:

Markets Recap:

Stocks- Lower…. much much lower

Market News: The Fed Put is a Bond Option

US House Republicans unveiled a stopgap funding bill that would keep the government funded through September 30th.

“It took just a few hours for Friedrich Merz to conduct one of the sharpest U-turns in recent political history. Its two coalition parties agreed to loosen the country’s constitutional debt brake and inject hundreds of billions into Germany’s military and ageing infrastructure ” Source: FT- A Big Deal

“Federal Reserve chair Jay Powell played down concerns over US growth after U-turns by Donald Trump’s administration, disappointing jobs numbers and a tumultuous week in financial markets.

“Hedge-fund honchos entered this year betting big on America, expecting President Trump’s promised tax cuts and deregulation would lift everything from U.S. stocks to the dollar. Turns out, an old-school industry in Europe was really the place to be. WSJ — “Turns out” is MSM code for we didnt cover it properly then… lots of things “turning out, and happening “ to everyone’s surprisie” in legacy media land. As relayed by GoldFix channeling Hartnett several times over the past 3 months. Buy Int’l, Sell US, Buy EU defense stocks, Sell US. defense..

Geopolitics/ Politics: Attack the periphery, weaken the core

“China on Saturday announced plans to impose a 100% tariff on Canadian rapeseed oil, oil cakes and peas, adding that a 25% levy would be placed on aquatic products and pork originating in Canada. CNBC- Tariff what you do not need… US can’t be bad cop to Canada so easily now. Attack the periphery, weaken the core

Punchbowl writes, ahead of the Friday deadline for a funding bill to pass to avoid a US shutdown, "It doesn’t feel like a shutdown is going to happen, although there’s still a chance because, well, this is Congress."

Jefferies Analyst Simon has trimmed his US GDP forecast from 2.9% to 2.4%; still expects 3 fed cuts in 2025

Data on Deck: CPI

* MONDAY, MARCH 10 None scheduled

* TUESDAY, MARCH 11 NFIB optimism index

* WEDNESDAY, MARCH 12 CPI Feb.0.3% exp 0.5%prev.

* THURSDAY, MARCH 13 PPI 0.3%exp 0.4%prev

* FRIDAY, MARCH 14 Consumer sentiment

Summary and Final Market Check

Premium:

UBS Likes The Silver More Than They Admit

* Deconstructing UBS analysis in context.

* What introducing a 2026 price target could mean

* Frank constructive comment on silver mining stocks

* Silver and tariff economics- Elastic vs inelastic demand

* Gold and tariffs = Tanks and Gold

* Platinum and Palladium

(plus much more)