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Why it is Silver's Turn in 2025

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Housekeeping: Good Morning. There will be no broadcast tomorrow

“The Gold reset is a process, not an event”

Today:

* Discussion: Silver, Oil, Museum Media

* Premium: UBS: Silver's Turn

Discussion: UBS Buries the Lead

1- 2025 UBS Precious Metals Outlook

Key Points

* Last year, gold and silver posted their strongest annual gains since 2020 despite a selloff following Donald Trump’s US election victory. Platinum and palladium lagged, finishing 2024 in negative territory.

* A stronger USD and elevated US yields…

The skinny

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