Happy Sunday, GoldBuzzers!

Grab your coffee and buckle up, because if you blinked this week, you missed silver making history. We're talking one ounce of silver trading at the same price as one barrel of oil - something that's literally never happened before in normal market conditions. Meanwhile, gold's sitting pretty near $4,200 and the Fed is basically waving a white flag on rates.

Ok, let’s dive in!

What a week! Gold ended the week chilling just under $4,200/oz - near its best levels since October - while fresh economic data basically guaranteed a Fed cut next week. The delayed September PCE (consumer spending) came in softer than expected, with core inflation cooling to 2.8% - exactly what the Fed needed to see. Markets are now pricing an 87% chance of a 25bp cut at the December FOMC meeting.

But silver? That's where things get WILD. The white metal exploded above $58/oz, up 21% on the month and flirting with all-time highs and up a face-melting 102% year-to-date! After some brief profit-taking, bulls came roaring back on that Fed cut data.

If you want to check the fundamentals - low visible exchange inventories, renewed ETF accumulation and industry estimates of a 2025 supply deficit are creating perfect short-squeeze conditions, while durable industrial demand from solar and other green technologies keeps the medium-term thesis solid. The gold-silver ratio has compressed from 100+ to around 72 and silver's absolutely stealing the show!

Bottom Line: With the Fed looking increasingly dovish (low interest rates and easy credit), both metals are primed for more upside. Gold's holding strong while silver's gone full berserker mode. 💰

This has never happened before and this is why it matters.

GoldBuzzers, mark December 3rd, 2025 in your calendars.

That's the day silver pulled off something that's never happened before in sustained trading: parity with crude oil. One ounce of silver. One barrel of oil. The same price tag of roughly $59.

Let that sink in for a second. The last time these two commodities even came close was during the COVID lockdowns in April 2020 - when oil briefly went negative because nobody was driving anywhere and storage tanks were overflowing. Both an ounce of silver and a barrel of oil touched $15. That was an anomaly born from chaos.

This? This is different. This time, silver didn't catch up because oil collapsed. Silver got here by ripping higher - up 102% year-to-date - while oil just sat there, range-bound and sleepy.

Silver's been on an absolute tear, hitting a record high of $59.66 per ounce on December 3rd. The drivers are stacking up like dominoes:

Industrial demand is through the roof. Solar panels, electronics, EVs – they all need silver. Over half of global silver consumption now comes from industrial uses, and the green energy transition is only accelerating that demand.

Supply is tight – for the fifth year running. Miners can't keep up. Meanwhile, ETF investors are piling in, with 15.7 million ounces flowing into silver ETFs in November alone. That's the kind of buying pressure that moves markets.

The Fed is about to cut rates. Traders are pricing in an 87% chance of a December rate cut, which has sent the dollar tumbling to three-week lows. A weaker dollar makes commodities priced in dollars cheaper for the rest of the world - and that's rocket fuel for silver.

While silver's been sprinting, crude oil has been napping. WTI has consolidated between $57 and $60, weighed down by ample global supply and profit-taking. Recent data showed U.S. crude stockpiles rising by 2.8 million barrels. Not exactly bullish.

The result? A historic crossover that's got the commodity world buzzing.

Here's another signal that's hard to ignore: the gold-silver ratio has dropped below 72 - its lowest level since 2021. For years, we've been talking about how historically stretched that ratio was above 80. The fact that it's compressing now suggests silver has serious room to outperform gold from here.

As of today, silver trades around $58, with daily ranges showing continued volatility. Analysts at Saxo Bank note overbought conditions but emphasize the momentum from short covering and the breakout above the $54.50 resistance level.

Is silver overbought in the short term? Probably. Will there be pullbacks? Almost certainly. But the structural story - tight supply, surging industrial demand, and a shifting monetary backdrop - remains firmly intact.

Having personally bought some more silver this week, one ounce of silver trading at parity with one barrel of oil isn't just a market curiosity - it's a signal. It tells us that the old relationships between commodities are breaking down. It tells us that hard assets tied to the energy transition are being repriced. And it tells us that investors are paying attention to silver in ways they haven't for decades.

For silver bulls, this parity moment isn't the end of the story. It might just be closer to the beginning.

A few recent stories you might have missed.

Silver's Gone Absolutely Bonkers - as ETF inflows surge to their highest levels since July and supply remains tighter than your uncle's wallet at Christmas. Bloomberg

Fed Rate Cut Odds Jump to 89% - after private payrolls unexpectedly dropped by 32,000 jobs in November, basically screaming "please cut rates!" to Powell & Co. CNBC

Poland's Back in the Gold Game - The National Bank of Poland just scooped up another 16 tonnes, closer to its ambitious 30% reserve target and Brazil continues their de-dollarization dance. World Gold Council

500-Year-Old Shipwreck Found in Desert - Miners in Namibia's diamond fields stumbled upon a Portuguese treasure ship from 1533. Daily Galaxy

That’s all for today, folks! Enjoy the rest of your weekend and I’ll see you Tuesday.

Before you go, please take a moment to rate today’s GoldBuzz and tell us how we did.

Rick Adams
Founder, GoldBuzz
rick@goldbuzz.com