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* FIEND'S SUPERBEAR MARKET
REPORT *
* August 28,
2025 *
* *
* e-mail:
fiendbear@fiendbear.com
*
* web
address: http://www.fiendbear.com *
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Fiend Commentary
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Silver
Sneaks, Gold Stares — Miners Say “Go”
Silver’s
back near $39 and gold is eyeing $3,500,
but the more interesting tell is miners leading bullion. When mining
stocks outperform spot metal—and breadth improves down the cap scale—it usually
signals a healthier, longer-term uptrend, not just a hedge bid. Equity
leadership implies investors are willing to pay for future ounces (and project
pipelines), not merely today’s insurance.
What
sustains it: softer real yields, a drifting dollar, and policy/fiscal
uncertainty. What can break it: a jump in real rates, a dollar squeeze, or
rising input costs (diesel, labor) that compress margins—even with higher metal
prices. Silver’s beta means it can overshoot both ways, but with miners out
front, dips are likely to get a second look. Opinion, not advice.
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