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Like gold, silver’s rally this year has been nothing short of astonishing. The metal has doubled in 2025 and hit a record high on Wednesday. Supply deficits, a weaker dollar and concern over the state of the economy have pushed the metal to all-time highs. Silver got its latest boost after ADP reported a surprise decline in private payrolls for November. However, the move higher in sliver this year may now have gone too far. “Silver has gone parabolic,” warned Jonathan Krinsky, chief markets technician at BTIG, in a note to clients. He pointed out that the iShares Silver Trust (SLV), which tracks the metal’s performance, posted three straight daily gains of 2.5% or more in the past week. “That’s only happened five other times in the ETF’s history (back to ’06). Four of the five occurred either at, or right before, a major peak for SLV,” he said. SLV YTD bar SLV year to date Indeed, SLV has also outpaced gold’s performance this year. The fund is up more than 100%, while the SPDR Gold Shares fund (GLD), which tracks gold, has gained around 60%. Peter Boockvar, chief investment officer at One Point BFG Wealth Partners, wrote earlier this week that he remains “long and positive on silver, along with gold and platinum (as hybrid vehicles win the market share battle vs full [electric vehicles] and which use more platinum per hybrid than an [internal combustion engine] vehicle). Expectations of an Easy Money Man in the Fed next year is also helping.” The message is, investors should tread carefully when charts start resembling hockey sticks.