SilverMiners Alpha

Software Engineer | Investor & Trader
Hunting asymmetric opportunities in Silver miners
Sharing my research, positions & thoughts along the way

[SilverMiners Alpha @SilverMinerDesk]

Michael Oliver’s (@Oliver_MSA) latest discussion with @TFMetals had a lot more substance than just “metals are going higher.”

A few points that really stood out:

• Oliver believes the recent silver pullback is likely exhausted, and that the summer low may hold as the major low.

• He compared the current setup to 2008. After that correction, silver went from roughly $11–12 to $50, close to a 4–5x move, while gold roughly tripled.

• His miners vs gold work is now showing a breakout. His view is that miners could start outperforming bullion significantly, potentially signalling larger money moving into the sector.

• On the long-term upside, he pointed out that the previous two major gold bull markets were roughly 8x moves from low to high. Matching that historical magnitude would put gold around $8,000–$9,000.

• And silver is even crazier: its decades-long range was roughly $5 to $50. Simply projecting that 10x range above $50 gives $500 silver. Oliver was careful to say he wasn’t specifically predicting $500, but added that he doesn’t think the eventual move necessarily stops there.

Definitely one of Michael Oliver’s more interesting recent interviews. The combination of miners showing relative strength + his view that this correction is nearing exhaustion is what I’m watching most closely.

@SprottMoney

[TF Metals Report @TFMetals]

This was recorded yesterday for @SprottMoney.
Michael Oliver @Oliver_MSA and I recap the month of September, look ahead to Q4 and discuss the methodology he uses in making his forecasts.
https://t.co/H1iX0Ek22y

[SilverMiners Alpha @SilverMinerDesk]

Michael @Oliver_MSA , I had a question I was hoping you could help with. Do you have any historical data comparing the returns of explorer, developer, and producer mining stocks during previous major gold and silver rallies?

I’d be really interested to see how each category performed and at what stage of the rally they tended to outperform.

[SilverMiners Alpha @SilverMinerDesk]

I think this is the reality with most investors. Very few will spend the time understanding the actual research, the charts, momentum structures and the reasoning behind the conclusions.

Most just want a target and a timeline. And naturally, that’s what podcasters ask for too because bold targets get clicks, views and ultimately help drive subscriptions.

If the target hits, you’re treated like a genius. If it doesn’t happen on schedule, suddenly years of solid research get ignored. @Oliver_MSA

[SilverMiners Alpha @SilverMinerDesk]

Michael Oliver’s (@Oliver_MSA) latest discussion with @TFMetals had a lot more substance than just “metals are going higher.”

A few points that really stood out:

• Oliver believes the recent silver pullback is likely exhausted, and that the summer low may hold as the major low.

• He compared the current setup to 2008. After that correction, silver went from roughly $11–12 to $50, close to a 4–5x move, while gold roughly tripled.

• His miners vs gold work is now showing a breakout. His view is that miners could start outperforming bullion significantly, potentially signalling larger money moving into the sector.

• On the long-term upside, he pointed out that the previous two major gold bull markets were roughly 8x moves from low to high. Matching that historical magnitude would put gold around $8,000–$9,000.

• And silver is even crazier: its decades-long range was roughly $5 to $50. Simply projecting that 10x range above $50 gives $500 silver. Oliver was careful to say he wasn’t specifically predicting $500, but added that he doesn’t think the eventual move necessarily stops there.

Definitely one of Michael Oliver’s more interesting recent interviews. The combination of miners showing relative strength + his view that this correction is nearing exhaustion is what I’m watching most closely.

@SprottMoney

[SilverMiners Alpha @SilverMinerDesk]

Peter Krauth (@peter_krauth) has been one of the most consistent voices on silver for years, and this is an important point.

$60+ silver gets the attention, but if this move continues, the real asymmetry could be in quality silver miners that are still nowhere near reflecting higher silver prices.

Great work as always, Peter. 👏

[Peter Krauth @peter_krauth]

Silver at $60+ still isn’t the whole story.

The bigger opportunity, in my view, is what could happen next in quality silver stocks.

I break down why I remain so bullish in my latest piece, available only on @OrestocksDotCom:

https://t.co/wq0ml6bZu5

For more silver insights, subscribe free to Silver Advisor:
https://t.co/JXwexBScQN

[SilverMiners Alpha @SilverMinerDesk]

HECLA MINING | $HL 🇺🇸 | $HL.CA 🇨🇦

Hecla is drilling toward history.

At Keno Hill, the high grade Bermingham Deep trend has now been traced over 800 feet toward the historic Hector Calumet mine, which produced more than 96 million oz of silver. Recent drilling included 62.7 oz/t silver over 10.2 ft.

Meanwhile, Hecla has increased its 2026 Nevada exploration budget to $16M, more than 3x 2025 levels, targeting Midas, Hollister and Aurora.

And at Lucky Friday, the surface cooling project reached 88% completion, supporting the mine over its long reserve life.

A lot happening across Hecla’s portfolio right now.

[SilverMiners Alpha @SilverMinerDesk]

Big development for Heliostar Metals $HSTR.NE $HSTR

500k oz/year is one thing, but potentially getting Ana Paula into production without further dilution is the part that really stands out.

[Jesse Livermore's Ghost @posting_anon]

The 300k oz/yr target is now officially 500k. And Charles believes they can bring Ana Paula into production without further share dilution. That would be quite an achievement. A l

[SilverMiners Alpha @SilverMinerDesk]

Definitely check out Eric Yeung’s (@KingKong9888 ) latest interview with Stacking Surfer (@StackingSurfer ).

Eric has become one of my favorite people to follow for understanding the bigger picture behind gold and silver, especially the developments coming out of China and Hong Kong that often get overlooked in Western coverage. His work consistently connects geopolitics, physical metal flows and the changing monetary system.

In this new conversation, they get into the changing market environment and the idea of gold potentially playing a much bigger role in the financial system.

Highly recommend giving this one a watch.

Link: https://t.co/7wzfMoTBnA

[Stacking Surfer @StackingSurfer]

Are You Ready for the Market Shift? Is the Gold Bond Back? https://t.co/FdJfkK4Ez1 via @YouTube @KingKong9888

[SilverMiners Alpha @SilverMinerDesk]

GR Silver Mining | $GRSL 🇨🇦 $GRSLF 🇺🇸

Record silver intercepts as GR Silver continues drilling ahead of its planned 2027 resource update.

CEO Eric Zaunscherb breaks down the latest results and what comes next at Plomosas in this new Crux Investor interview.

Worth a watch for anyone following silver explorers.

Link below👇

[grsilvermining @GRSilverMining]

GR Silver Infills Record #Silver Hole Ahead of 2027 Resource Update...

Check out the latest @CruxInvestor interview with $GRSL CEO Eric Zaunscherb ⬇️

https://t.co/tz792ypHZR

$GRSLF #SilverStocks #Mexico #JuniorMining

[SilverMiners Alpha @SilverMinerDesk]

WE JUST HIT 1,000 FOLLOWERS! 🥈🎉

When I started this account, the goal was simple: share my research, positions and thoughts on silver and silver miners as I learn more about this space.

Really appreciate everyone who has followed, shared my posts, challenged my views, or reached out to have a conversation.

I’ve already learned a ton from people here, and we’re just getting started.

Thank you all ❤️

On to 10K 🚀

[SilverMiners Alpha @SilverMinerDesk]

WE JUST HIT 1,000 FOLLOWERS! 🥈🎉

When I started this account, the goal was simple: share my research, positions and thoughts on silver and silver miners as I learn more about this space.

Really appreciate everyone who has followed, shared my posts, challenged my views, or reached out to have a conversation.

I’ve already learned a ton from people here, and we’re just getting started.

Thank you all ❤️

On to 10K 🚀

[SilverMiners Alpha @SilverMinerDesk]

This is one of the most overlooked parts of the silver supply story.

Even a massive move in silver doesn’t mean 74% of mine supply can suddenly respond. For most of those mines, silver is secondary. Their production decisions are driven primarily by copper, lead, zinc or gold economics.

That makes the supply response far more inelastic than people assume when silver demand suddenly accelerates.

One of the major catalyst when the rally comes in Silver.

@GoldSilverHQ

[GoldSilver HQ @GoldSilverHQ]

Only 26% of mined silver comes from primary silver mines.

The rest is a byproduct of lead/zinc, copper, and gold.

Silver supply doesn’t scale with the silver price alone.

[SilverMiners Alpha @SilverMinerDesk]

This is what I admire most about Michael Oliver (@Oliver_MSA )

For instance, earlier this year he openly called for the possibility of $300–500 silver by summer. That obviously didn’t happen, with silver ending the summer nowhere close to those levels, and naturally he received plenty of criticism for it.

But what I respect is that it hasn’t made him afraid to say what his work is showing him. He hasn’t become cautious with his opinions just because a previous timing estimate missed.

Agree or disagree with his numbers, it takes conviction to keep putting your genuine view out there when you know people will come after you if you’re wrong.

He seems far more focused on his work than on the noise around it. That’s something I genuinely admire.

[Brian Wilkes @BrianGoodner]

Yeah, @Oliver_MSA has a lot of interesting discussions but it feels like many interviewers want to ask him where Silver is going just so they can get his answer and put it in their headline. He never mentions specific price targets in his reports. But when put on the spot, he will give his honest opinion....and he analyzes the whole market, bonds, dollar, regular markets, etc, and has been doing it for decades, working for EF Hutton, predicting the 87 crash when few other people did, if any and has been specifically following commodites for his entire career. That's why it's comical when some random back seat quarterback says "this guy has no idea what he's talking about.".... it's like

[SilverMiners Alpha @SilverMinerDesk]

@AMCDiamondHands @AMCSPARTON Whats your average price?

[SilverMiners Alpha @SilverMinerDesk]

If weak data can't pull the 10y down, the Fed's toolkit for the long end gets very small: YCC, shifting issuance to bills, or relaxing bank rules to force demand. Watch which one they reach for first.

@LukeGromen

[Luke Gromen @LukeGromen]

The "Warsh needs to hurt labor markets to control LT UST yields" narrative is having a BAD day 👇

This is what you would expect to see in fiscal dominance: Strong data prints, 10y UST yields rise; weak data prints, 10y UST yields...rise.

Only way out now is a MUCH weaker USD.

[SilverMiners Alpha @SilverMinerDesk]

It doesn't, on its own. A weaker USD means foreign holders sell USTs and inflation rises, which pushes yields up. But with debt/GDP this high, the system can't survive higher rates. So the Fed/Treasury cap yields through YCC, QE, or bank balance sheet tweaks. Yields fall because policy forces them to, and the inflation shows up in the currency instead.

[TheApeOfGoldStreet @TheApeOfGoldST]

https://t.co/soyVNsQT92

$AGX.v - Silver X Mining

#Silver

[SilverMiners Alpha @SilverMinerDesk]

September had a lot going on in physical silver.

London ETP holdings climbed by nearly 23M oz, while almost 43M oz moved through COMEX vaults.

All of this happened while silver was selling off. Definitely worth watching where these flows go next. 👀

@BrianGoodner

[Brian Wilkes @BrianGoodner]

Finally, Silver is being demanded for delivery again, as September was the largest month of physical Silver bullion being shipped out since February. https://t.co/SYcFYiBgAJ

[SilverMiners Alpha @SilverMinerDesk]

@LurkDaChemeleon Yes, I think we’re about to see the tennis ball effect play out in silver. This is what happens when you hold an asset underwater for decades.

[SilverMiners Alpha @SilverMinerDesk]

I think the most interesting part here is not just the $55 low potentially holding.

It is what happens to the miners if silver simply stays above $60 and then starts trending higher again.

A lot of silver companies were built around much lower silver prices. At $70, $80, $100 silver, the change in margins, cash flow and project economics can become dramatic very quickly.

That is why I think the next phase of this cycle could be much more about operating leverage in the miners than just the silver price itself.

@TheGladiatorHC

[TheGladiator @TheGladiatorHC]

Steve Penny believes silver miners are entering an attractive accumulation zone and says he is now scaling back into high-quality names. He sees silver’s recent low around $55 as likely holding, with silver near $61 offering what he views as limited downside relative to much greater upside. Over the next one to two years, he expects silver to outperform gold by a wide margin, potentially by almost 5x relative performance if the gold-silver ratio eventually compresses from about 70:1 toward 15:1.

[SilverMiners Alpha @SilverMinerDesk]

@pmbug Excellent point. Wouldn’t be surprised if we start seeing the silver lease rates heating up again soon.

[SilverMiners Alpha @SilverMinerDesk]

This is one of the more interesting silver signals from September.

Price fell, but silver held by ETPs in London increased.

In other words, the correction did not come with investors dumping physical backed silver exposure. Metal continued moving into ETP vaults while the paper price moved lower.

To me, that adds to the disconnect I keep watching between price action and underlying physical demand.

If that divergence continues, I don’t think it can last forever.

@pmbug

[pmbug @pmbug]

Silver ETP/ETF (incl. SLV) London vault stock rose across the month of September while the spot price fell. That's highly unusual.