Surreal Silver Blastoff Overshadows Platinum, Gold

Silver's extraordinary "rerate" to much higher price levels continued at full tilt over the Christmas holiday, adding another $4 and trading on Friday at over $76 per ounce.

That's a rally of more than 100% since June, with silver's multi-decade $50 high left in the dust!

Silver has been moving into a new reality, having been mispriced at unsustainably low levels for years.

There are no technical resistance levels for silver on the charts and momentum seems to be increasing, not diminishing.

Fundamentals remain strong with ongoing production deficits and pockets of tightness popping up in major hubs such as London, Shanghai, and Mumbai.

Substantially higher silver prices in the near term is very much a possibility. But what is certain, though, is greater volatility.

Not to be forgotten, platinum broke to new all-time highs last week and has similarly explosive potential. Gold topped its all-time high from October and appears ready for a new rally.

As exciting as the recent price action has been, it's prudent to avoid financial leverage and prepare mentally for large price swings, including to the downside.

Interestingly, silver mining stocks are barely keeping up with the metal itself. Given mining stocks are thought to provide leveraged returns, many argue they are still cheap. But according to Peter Bures, the CEO of Silver Crown Royalties, he wrote an article on the Money Metals site explaining why mining stocks may not actually be cheap at all anymore.

Money Metals is seeing a dramatic influx of first-time buyers this month, suggesting that recent moves in precious metals are finally being noticed by the American people -- the vast majority of whom have literally no exposure to precious metals whatsoever.

Phone lines are open six days a week -- including Saturdays -- but you may encounter hold times, thanks to the incredible demand for gold and silver that we’ve been seeing lately. But don't worry, you always buy or sell online at MoneyMetals.com.

Well, before we get to the interview let’s take a look at the whip-sawing market action for the week here.

Gold is up about $175 or 1.7% to check in at $4,526.

Turning to silver, the white metal is up more than $7 again this week and currently trades at $76.46 an ounce, good for a 10.5% gain. That’s nearly a 20% gain in just the last two weeks – truly remarkable.

Platinum is even more impressive than silver at the moment, believe it or not. The industrial metal is up – get this -- $448 or 22.6% this week. Wow!

And finally, palladium is up only a $192 – he says with his tongue firmly implanted in his cheek – a gain of 10.9% to trade at $1,939 as of this Friday midday recording.

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