The Futures Rundown 63: What the Heck Is Going On In Silver?

This episode of The Futures Rundown explores the explosive, and frankly "crazy," price action currently dominating the metals complex. Host Mark Longo is joined by Brett Friedman, Managing Partner at Winhall Risk Analytics, to dissect the unprecedented surge in silver, the "tail of two tapes" on Fed Day, and the lurking geopolitical wild cards that could upend the markets in early 2026.

Inside This Episode: The Silver "Freight Train"

Silver has officially decoupled from reality, outperforming the S&P 500 by eight times in 2025 and starting 2026 with a staggering 61% year-to-date gain. Brett Friedman breaks down why this move is the most intense silver "craziness" he's seen in a career spanning multiple decades.

Key Discussion Points:

• What is Driving Silver? We move beyond the standard supply deficit narrative to look at momentum trading, social media frenzy (Google Trends), and why implied volatility is hitting triple digits.

• The "Bubble" Checklist: Is silver in a bubble? Brett explains the "constant feeding" requirement and why the metal is currently thriving on global uncertainty.

• Fed Day Reality Check: A look at the top 10 most active futures products. While metals dominate the headlines, the volume remains concentrated in NASDAQ Micros (MNQ) and 10-Year Notes.

• Lurking Wild Cards: Why the upcoming Supreme Court decision on tariffs and a potential government shutdown are the "uncertainty triggers" the market is ignoring.

• Energy Complex Update: Why crude oil is stuck in a sideways band despite tensions in Iran and Ukraine, and the "demand destruction" currently hitting the cocoa and orange juice markets.