After extending its historic rally to a high near $86.45 overnight, silver's Cash Index (SIY00) seemed to run out of buy orders.
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It was noted on CNBC early Monday that an ounce of silver was worth more than a barrel of oil.
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Morning Summary: As I was settling into the office early Monday morning, the last Monday morning of 2025, the host of CNBC’s Worldwide Exchange program Frank Holland asked his guest for thoughts on the fact an ounce of silver is worth more than a barrel of oil. Honestly, I had not thought of it in those terms before, but that is what we’ve seen for much of December. What does this mean? My Blink reaction is the world, except for the United States, continues to move forward with high tech and green technology, continuing the evolution away from fossil fuels. As for markets to start the week, the spotlight was again on silver as the March contract (SIH26) initially rallied as much as $5.47 (7.0%) before running out of buy orders and falling as much as $8.96 from its early high. March was sitting $2.09 (2.7%) lower at this writing. While I don’t think silver has hit a tipping point, it is worth noting the market was showing volatility of 63%. As for news pre-dawn, one of the first stories I saw was China’s military getting more active around Taiwan following the weekend earthquake[i]. As expected, global equity markets were mostly lower to start the week.
