01/15/2026
The DeCarley Perspective...What in the Wild West is going on in Silver?
There are fundamental narratives driving prices higher as buyers experience FOMO (Fear of Missing Out) and even outright panic. However, from where I am sitting, and in my experience, there is no reasonable justification for parabolic price action in any market, and, in commodities, it has never been sustainable. Nevertheless, the reasons for buying gold and silver were sound; it is the magnitude and volatility of the move that are unusual. This is a commodity futures and options trading newsletter, and I wouldn’t be doing it justice without talking about the enormous metals rally of 2025, even if it means rubbing salt in my wounds. I had been vocal against the prospects of a historic metals rally, but I was wrong. As it turns out, gold and silver managed to deliver the kind of price appreciation not seen since 1979. Sometimes, low-probability events occur, and they have little mercy for anyone in their way, including those who have been around for a while.
