Silver prices have seen a significant surge, increasing by 103% this year, a figure notably higher than widely reported. This divergence highlights potential misinterpretations in broader financial media.

October saw silver lease rates reach 39%, a level not observed since 1980. Physical silver is being moved between New York and London due to a divergence between paper and physical markets unseen in 45 years.

The copper market is experiencing a fracture, with the COMEX to LME spread hitting 26.6% in July, far exceeding the historical average below 1%. This indicates a split in global copper pricing, with distinct American and international markets.

China's implementation of a 0.1% rule on rare earths means products exceeding this threshold require Beijing's approval for sale, potentially impacting advanced manufactured goods globally.

The Pentagon's cancellation of a $500 million cobalt purchase in August underscores market volatility, with prices moving too rapidly for government action.

Critical mineral processing concentration has increased between 2020 and 2024, with the top three nations' share rising from 82% to 86%, despite efforts toward supply chain resilience.

Central banks have purchased 694 tonnes of gold in nine months, marking the fourth consecutive year of buying over 700 tonnes. This indicates strategic positioning rather than short-term trading.

The established rules governing commodity markets for decades are simultaneously breaking down.

Factors like geography, policy, and physical supply are now taking precedence over traditional geological considerations and paper market prices.

This "Great Divergence" is not a future prediction but a current reality impacting global markets.

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