hi fam.
it seems metals had a nice run. Now with war risk, crude oil prices not going down fast... inflation risk...that brings "inflation risks".

Charts look bad for gold > pushing to 4200$. So higher crude oil prices > higher interest rates > metals down > that´s what the markets are thinking now.

Rumors of lower economic activity in the Middle East - Asia thanks to Middle East attack.

Also bond yields are pointing higher...that´s bad for metals.

It is a multi causality : bad charts, higher interest rate, inflation risk, war...

Also they may tell you "turkey sold gold reserves"...yup. They need liquidity or "funding for war".

guess what Middle East countries were stacking? gold. will they sell gold for war funding?

Charts look bad. So we may go down from now even more for metals.

Where? I expect gold back to 4200 and silver below 70 soon.

Remember me? I am just a top hunter.

real rates are what matters not nominal rate on bonds.

Registered inventory hasn't flinched for the past 20 days, and if we look at the past 30 days, it actually went up by around 5 million ounces. The OI for June has stopped growing and is now declining. Industrial demand for silver is also declining. I keep searching for reasons to hope, but I can't find much. Does anyone have any facts to prove me wrong? And I mean facts, not conspiracy theories, cause I hope we are all reasonable adults here.

Spring: It is still possible that we will see < 70/65/60 before the summer.

Summer: We will see some kind of a moonshot. The $64K question is: Will it go to 150/200/300? Depending on what you are holding, your strategy will vary depending on the 2 scenarios:

1. Just like in January, once it peaks, it will be driven back down.
2. Cash Settlement or Force Majeure.

So:

• If you are holding paper (SLV, options, etc.), you need to get out at the peak regardless of which scenario unfolds.
• If you are holding trusts/miners/royalty, you need to get out at the peak for (1) and hold for (2).
• What about if you are holding physical? Get out at the peak for (1), but if there is a decoupling(2), what happens?

,

https://preview.redd.it/f8tgt6o9d42h1.png?width=949&format=png&auto=webp&s=631024976714339587be5987f85ba487ff2609ae

Not just the precious metals, but everything is going down. Is this part of normal market swings or is it the beginning of a global recession?

Vault: REGISTERED 81.6M + ELIGIBLE 234.3M = TOTAL 315.9M oz

• https://www.cmegroup.com/delivery_reports/Silver_stocks.xls

Open Interest: MAY: 1,010, +57; JUN: 2,865, -196; JUL: 73,570, -880

• https://www.cmegroup.com/markets/metals/precious/silver.volume.html

Also for your reading pleasure:

• https://www.cmegroup.com/delivery_reports/MetalsIssuesAndStopsReport.pdf

keep stacking

On Monday, Abaxx Technologies Inc. announced that it will launch Abaxx Silver Singapore futures on Friday, expanding Abaxx’s precious metals product suite.

The company said in a statement that its Silver Singapore (SSP) futures contract will be a U.S. dollar-denominated, 1,000-troy-ounce, physically deliverable product with a fineness of 0.9999, with delivery into approved vaults in Singapore.

In a Monday social media post following the announcement, Josh Crumb, Founder and CEO of Abaxx, said that North America is losing its grip on the silver market as Asian demand continues to grow

https://www.kitco.com/news/article/2026-05-19/abaxx-bets-asias-growing-silver-demand-new-singapore-futures-contract

What silver does in EVs (and why it’s hard to replace)

Silver is used in EVs because of its highest electrical conductivity and excellent corrosion resistance. It is critical in:

• Battery management systems
• Power electronics
• High‑reliability connectors
• Charging interfaces
• Sensors and control electronics

EVs use 25–50 grams of silver per vehicle, roughly 2× that of ICE vehicles.

Silver’s role is performance‑critical, not bulk‑critical.

Source: Grokpedia "Substitutes for silver in electric vehicles"

Can copper substitute for silver in EV components?

Yes — in bulk conductive roles

Copper is already the substitute and the standard for:

• Wiring
• Motors
• Busbars
• High‑current paths

Copper’s conductivity (5.96×10⁷ S/m) is close to silver’s (6.30×10⁷ S/m), making it a practical alternative for most electrical paths.

Partially — in some connectors and low‑voltage components

Copper can replace silver if engineered properly, but often requires:

• Larger cross‑sections
• Anti‑oxidation coatings
• Silver‑free fastening systems (e.g., eConnect bushings) that pierce oxide layers on copper/aluminum to match silver‑plated resistance levels .

No — in ultra‑high‑reliability, high‑frequency, or precision contacts

Silver remains superior because:

• It has the highest conductivity of any metal
• Silver tarnish (Ag₂S) remains conductive, while copper oxide is non‑conductive
• Even a 0.1% voltage drop can cause sensor errors in low‑voltage automotive systems.

Thus, silver is still required in:

• High‑precision connectors
• Sensor interfaces
• High‑frequency signal paths
• Some power electronics

These are small but critical applications.

Copper is a viable substitute for silver in EVs — but only in bulk roles.

It already dominates wiring, motors, and power distribution.

Copper oxide → resistance rise → heat buildup → thermal runaway

From your open tab:

• Copper oxidizes rapidly in humidity and heat (85°C / 85% RH tests show severe degradation)
• Copper oxide is non‑conductive, unlike silver sulfide
• As resistance rises, heat increases
• Heat accelerates oxidation → resistance rises further → positive feedback loop

This is the classic precursor to:

• Connector overheating
• Insulation melting
• Localized thermal runaway
• Electrical fires

Silver avoids this because its tarnish remains conductive, preventing runaway resistance.

Arcing and contact welding in high‑current EV components

Your tab notes that copper requires plating (tin, nickel, gold) to prevent oxidation, but even then:

• Plating can degrade under thermal cycling
• Exposed copper arcs more easily
• Arcing causes pitting, material transfer, and contact welding

In EVs, this is catastrophic in:

• Battery disconnect units
• High‑current relays
• DC fast‑charging connectors

A welded relay = battery cannot disconnect during a fault, which is a direct fire hazard.

Silver has lower arcing energy and maintains stable contact surfaces.

Electrochemical migration → short circuits

Your tab explicitly describes copper’s vulnerability to ion migration under humidity and bias:

• Copper ions dissolve and redeposit
• Dendrites form
• Dendrites bridge conductors → short circuit

This is a known ignition source in:

• BMS boards
• Inverters
• DC‑DC converters

Silver is far more resistant to electrochemical migration.

High‑frequency heating in radar/LiDAR circuits

Copper has higher RF losses than silver:

• Higher resistive heating at GHz frequencies
• More heat in small traces

ADAS radar modules sit near:

• Plastic housings
• Wiring bundles
• Thermal insulation

Excess RF heating can ignite nearby materials if a fault occurs.

Silver is the lowest‑loss RF conductor, preventing this.

Why copper substitution introduces fire hazards

Failure Mode	Why Copper Causes Fire Risk	Why Silver Avoids It
Oxidation	Non‑conductive oxide → heat	Tarnish stays conductive
Arcing	Higher arc energy, pitting	Lower arc energy
Contact welding	Softens under heat	More stable under load
Ion migration	Dendrites → shorts	Highly resistant
RF heating	Higher losses → heat	Lowest RF loss
Thermal cycling	Expansion mismatch	Stable interfaces

Bottom line: Copper is perfect for bulk power, but in precision, high‑current, or safety‑critical EV electronics, it introduces multiple fire‑hazard pathways that silver does not.

Silver remains essential in high‑performance, high‑reliability electronics.

These applications use small amounts but cannot be replaced without performance loss.

Long‑term trend:

• Copper use per EV will continue rising
• Silver use per EV will rise more slowly, but will not disappear
• Silver‑free connector technologies will reduce silver intensity, but not eliminate it.

How much silver is in an EV? (Cited)

Across three authoritative sources, the numbers converge tightly:

• Engineer Fix reports that “estimates typically range from 25 to 50 grams per vehicle”
• Gibraltar IRA states: “On average, an electric vehicle contains 25 to 50 grams of silver… Standard EVs: 25–30 g; luxury EVs: up to 50 g or more.”
• AxleWise (2026) confirms: “Between 25 and 50 grams of silver… hybrids use 18–34 grams.”

Consensus range:

25–50 grams of silver per EV
(≈0.8–1.6 troy ounces)

Why EVs use this much silver

Silver is used in:

• Battery management systems (BMS)
• High‑current relays and contactors
• Inverters and converters
• Onboard chargers
• ADAS sensors
• Infotainment and navigation systems
• Power steering and braking electronics
• Airbag deployment systems

These systems require high‑reliability, low‑resistance contacts, where silver’s unmatched conductivity and corrosion resistance are essential.

Breakdown by EV type

EV Type	Typical Silver Content
Standard EV	25–30 g
Luxury / high‑electronics EV	40–50+ g
Plug‑in hybrid	18–25 g
Hybrid	18–34 g

Abaxx Exchange out of Singapore is launching a physically delivered silver futures contract with delivery in Singapore this Friday.

In comparison to Comex which requires only 99.9%, Abaxx requires 99.99% purity for industrial use. This is going to be targeting a lot of industrial hedging and use cases that currently is used and will serve as a true price discovery for physical silver in Asia.

Abaxx will also be launching a silver spot market that also delivers to their vaults in Singapore following their success in the gold markets.

For those who don't follow, Silver/Gold futures trades in New York on Comex but spot trades in London on LBMA and most physical delivery goes to Asia.

Abaxx is building a competitive colocated spot and futures exchange that delivers in Asia. So it is looking very likely that they will be able to vacuum up all of Comex's liquidity as traders chase the real price of silver and gold for hedging and physical delivery.

This year they are likely to also launch 24/7 trading along with T+0 settling times.
Very exciting times for the commodity markets this year

It takes 6.3 ounces to build every AI server stack and they need the actual physical metal. Wonder what would happen if they ran out 🤔

This is based on 702 tracked silver products from APMEX updated 5-6pm CST. To see an explanation on how this information is retrieved refer to the 'How we compile the daily silver stock trends' section on the BullionStats.net site. There you can find data going back as far as 11/15/25 on inventory or silver premium trends

Total oz purchased since tracking started 11/15/25: 4,183,409.37

Total in-stock oz tracked: 834,080.04

Tracked oz added (24h): 2,178.94
Tracked oz removed (24h): 10,483.89

Number restocked since OOS: 3
Number now out of stock: 2

Top 15 cumulative oz sold for tracked products:

1. 1,710 oz: 10 oz Silver Bar - Secondary Market
2. 1,543.2 oz: 1 kilo Silver Bar - Secondary Market
3. 1,510 oz: 10 oz Silver Bar - 1901 $10 Bison
4. 980 oz: American Silver Eagles (Random Year, 20-Coin MintDirect® Tube)
5. 300 oz: 100 oz Silver Bar - Engelhard
6. 300 oz: 100 oz Silver Bar - Secondary Market
7. 260 oz: 5 oz Silver ATB (Random Year) BU
8. 234 oz: Great Britain 1 oz Silver Britannia BU (Random Year)
9. 225.05 oz: 1 kilo Cast-Poured Silver Bar - APMEX
10. 205 oz: 5 oz Cast-Poured Silver Bar - 9Fine Mint
11. 200 oz: 100 oz Silver Bar - APMEX (Struck)
12. 200 oz: 2023 1 oz American Silver Eagle Coin BU
13. 200 oz: 2026 1 oz Silver Eagles (20-Coin MD Premier + PCGS FS® Tube)
14. 160.5 oz: Canada 1.5 oz Silver $8 BU (Random Year)
15. 140 oz: 1 oz Silver Round - 2026 APMEX Year of the Horse (Series 2)