Saxo Market Call The silver streak - can it continue?
10 snips
Oct 10, 2025 
In this discussion, Ole Hansen, Head of Commodity Strategy at Saxo, dives into the recent silver surge, analyzing the dynamics behind its spike to $50 an ounce and questioning if the momentum can sustain. He draws historical parallels, referencing the Hunt brothers of the 1980s, and explores the interplay between precious metals. Also on the agenda: the impacts of geopolitical tensions on oil prices, upcoming earnings reports, and the influence of central banks on demand. Get ready for insights that shape sectors and markets alike!
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High-Yield Spreads Show Building Stress
- High-yield bond spreads widened sharply as supply dynamics and private credit crowding mask underlying stress.
- A nine-basis-point move pushed spreads to around 282bps, the widest since early August, indicating rising credit concern.
1980 Hunt Brothers Parallel
- Ole Hansen compared today's silver spike to the 1980 Hunt brothers attempt to corner the market that drove silver from about $6 to $50.
- That earlier futures-driven squeeze collapsed after margin hikes and ruined the Hunts despite huge gains.
Gold-Silver Ratio Signals Silver Upside
- The gold-silver ratio has moved toward long-run averages, implying more upside in silver if gold holds.
- Using a 20-year ratio suggests silver could rise toward the mid-$50s at unchanged gold prices.