Copper already found a new range.
Silver has not.
Since late 2025 the two have travelled together, then all of a sudden, stopped.
Copper pushed through old resistance and started behaving like a market that has to discover the price. Silver made the early running, faded back toward former highs, and has been sitting there while copper kept working.
That lag is the story.
In fact, that lag is our friend… as it creates a gap we can track.
Silver is not a second-rate copper. Far from it. It sits on both bids: the industrial one already paying up for copper, and the monetary one that still supports gold. It is also the by-product the copper industry does not get to opt out of. When concentrate is tight, those ounces do not show up from a leach pad.
The question into year-end is not whether copper can print another high. It is which way the gap closes: silver catching copper, or copper falling back to silver.
Let’s talk about that gap.
In this note, I analyse how the lag between copper and silver futures has created a gap and potentially a valuable opportunity for investors.
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