The rarest signal in commodities just triggered.



An ounce of silver is now worth more than a barrel of oil.

The last time we saw this ratio flip was during the absolute peak of the 2020 crisis.

It is a massive dislocation. The market is effectively saying that the preservation of wealth (hard money) is now more valuable than the consumption of energy.

When ratios break this hard, it usually signals that the central banks are about to step in.
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