Silver is holding its breakout. Now we're waiting on the Swiss franc to confirm the move.
By Sam Gatlin, Jason Perz
November 17, 2025
Last week, we highlighted the record short interest in the iShares Silver ETF $SLV. Every time we’ve seen positioning like this in recent years, it has sparked massive upside resolutions.
This time, that surge in bearish bets is colliding with the completion of one of the largest bases in market history.
If mispositioning has ever mattered, it’s right now… because these shorts might be the final spark that launches Silver to all-time highs once and for all.
We also pointed to two key intermarket ratios last week that suggest Gold's crazy cousin is taking the leadership reins in the precious metals complex.
Today, we’re taking that thesis one step further.
Instead of looking at Silver in isolation, we’re zooming out to a foreign exchange cross that has moved tick-for-tick with the commodity for decades. A breakout in this currency would give us the green light to say, confidently and unapologetically, that Silver’s breakout is the real deal.
Let’s dig in.
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