Sorry Silver Bears, the Vaults Are Empty and the Receipts Are In

Sorry silver bears, the vaults are empty and the receipts are in.

The Sprott precious-metals team just published their December report, and the data is merciless:

• Silver above $60 for the first time in history

• Cumulative deficit since 2021 approaching 800 million ounces (or over 1 billion if you prefer The Silver Institute’s higher forecast)

• LBMA vault stocks at fresh 2025 lows

• COMEX registered inventories near multi-decade lows relative to open interest, with December delivery already showing stress

• Indian physical premiums exploding to $4–$7 over spot (in December!)

• China announcing strict export controls on silver effective January 2026

When the world’s largest producer effectively walks away from the export market while solar, EV, AI and defense demand are still accelerating, the outcome stops being a forecast and becomes simple arithmetic.

$60 isn’t the triumph.

It’s the proof that the physical shortage phase has officially begun.

While the Bears Hibernate, the Yukon Bulls Accumulate

While the rest of the market obsesses over instant gratification, a quiet accumulation is happening in one of the most prospective gold districts on earth.

• Banyan Gold Corp (TSX-V: BYN) just closed a $25M financing and sits on 7.7M oz at AurMac — road-accessible, grid power, and a landmark agreement with Na-Cho Nyäk Dun First Nation.

• White Gold Corp. (TSX-V: WGO), still backed by Kinross Gold Corporation, grew indicated resources 44% to 1.73M oz this fall and is fully funded for 2026.

• Snowline Gold (TSX-V: SGD) keeps hitting high-grade at Rogue and is building what many are calling a brand-new gold district.

All three are down from their seasonal highs simply because the Yukon is currently buried under snow and the drills won’t turn again until May.

Goldman Sachs and the World Gold Council see $4,300–$4,700 gold in 2026. Central banks are buying at twice the pace of the last cycle. Real yields are still negative.

Translation: every new ounce these teams define next spring will be worth dramatically more than the ounces they defined last summer, and you can own them today at winter prices.

The smartest money in Canadian mining understands that the Yukon has always rewarded those who buy when the ground is frozen and everyone else is waiting for “better news.”

Spring 2026 is coming. The only question is whether you’ll be watching the breakout… or riding it.

Forgotten Neighborhood App Nextdoor Jumps 49% on Eric Jackson’s Bullish Call

Eric Jackson of EMJ Capital, the hedge fund manager behind Opendoor’ 360% 2025 rampage and Better’s 176% September moonshot, has officially turned ultra-bullish on Nextdoor (NYSE: NXDR).

His take: Nextdoor isn’t a sleepy local-ad business; it’s sitting on 100+ million verified U.S. and international households with real identities in a world about to drown in synthetic data.

Result? NXDR spiked as much as 49% today, its biggest move in over four years.

Love him or scrutinize him, Jackson has become 2025’s most dangerous catalyst for under-loved, heavily-shorted names.

Watch this space.

Brian Belski’s Mic-Drop: “This Isn’t a Bubble, It’s a VIP Room”

This morning on Yahoo Finance, Brian Belski (Humilis Investment Strategies) delivered one of the clearest, most confident takes I’ve heard in months: calling the current “AI bubble” narrative ridiculous.

His litmus test for a real bubble is brutally simple, universal froth. We’re not there. Retail isn’t all-in, margin debt is modest, and investment banks aren’t yet drowning in garbage-tier AI IPO fees.

Instead, we’re watching legitimate earnings from a small circle of world-class companies (Microsoft, Google, Amazon, Apple, NVIDIA) while dispersion widens and the Magnificent 7 starts to fracture.

Belski’s bottom line: we remain in a 25-year U.S. secular bull, but the next decade will reward disciplined stock-pickers far more than passive index huggers.

Thanks for reading this week's newsletter!

We appreciate you taking the time to stay informed and ahead of the game.