Silver didn’t gain 67% this year.
It climbed over 100% — a miss of nearly 40% by mainstream financial media.
And honestly, that’s the least interesting part.
Digging deeper revealed something far more important:
🔹 Silver lease rates surged to 39% in October, a level last seen in 1980. Physical silver is now being flown between New York and London, highlighting a widening gap between paper contracts and real metal — something not witnessed in decades.
🔹 Copper markets are no longer unified. The price gap between COMEX and LME exploded to 26% in mid-year, compared to a long-term norm below 1%. The world no longer trades on a single copper price — the US has one, and the rest of the world has another.
🔹 China quietly rewrote the rules on rare earths. Any product containing more than 0.1% Chinese rare earth material now requires Beijing’s approval for global sale. This effectively places much of the world’s advanced manufacturing under policy control.
🔹 In August, the US Pentagon announced a $500M cobalt purchase. Two months later, it was scrapped — markets had already moved beyond government response speed.
🔹 According to the IEA, processing power for critical minerals became more concentrated, not less, between 2020 and 2024. The top three countries now control 86%, up from 82%. Billions spent on diversification achieved the opposite result.
🔹 Central banks accumulated nearly 700 tonnes of gold in just nine months. This marks the fourth year in a row of heavy buying — not for trading, but for long-term strategic positioning.
The takeaway is clear:
The systems that defined commodity markets for the last 40 years are fracturing at once.
Location matters more than resource size. Regulation outweighs price signals. Physical supply is overtaking financial abstraction.
This isn’t a prediction.
It’s already unfolding.
#BTC #BitcoinVsGold #commodities #MacroFinance