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.

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.

Mark Longo breaks down a tumultuous week 3 of 2026 as geopolitical tensions over Greenland drive massive futures volume.

The first three weeks of 2026 have been a geopolitical whirlwind. From "snatch and grab" maneuvers in Venezuela to carrier strike fleets moving toward Iran, and now a brewing trade war over Greenland, the futures markets are lighting up with volatility. Mark Longo takes you into the trading pit for a breakdown of what's limit up and what's crashing.

Inside the Trading Pit:

• The Metals Super-Cycle: Silver continues its rampage, up another 7.6% this week after a 25% gain last week. Is it unstoppable?

• Energy Update: An arctic polar vortex is sending Natural Gas soaring over 21% this week. Meanwhile, Heating Oil jumps 6.25% as the cold snap hits the Midwest.

• Lithium's Wild Ride: Up nearly 11% this week and a staggering 42.4% year-to-date. Mark explores what's driving this electric move.

• The Crypto Slide: Bitcoin and Ether futures both outpaced the downside this week, dropping 6% and 9% respectively.

• Ag & Softs: Cocoa continues to get cheaper for your breakfast table, down nearly 15% this week and 26% for the year.

• Volume King: The Nasdaq 100 Micro steals the throne with over 2.1 million contracts on the tape.

Watch the Year-to-Date Leaders: We analyze the rotation out of large-cap tech and the surprising strength in commodities like Palladium and Platinum.

0:00 – Introduction: 19 Years of the Network! 1:30 – Geopolitical Update: Venezuela, Iran, and Greenland 3:45 – Top 5 Gainers: Silver, Nat Gas, and the "Shiny Stuff" 6:10 – Top 5 Losers: The Crypto Pain & Cocoa's Collapse 9:20 – Volume Report: Nasdaq Micros vs. The 10-Year Note 11:50 – Year-to-Date Movers: Lithium's 42% Rampage 14:00 – Closing Remarks: Join us for This Week in Futures Options

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Is the "Silver Rampage" the start of a massive new commodity super cycle? On this episode of The Futures Rundown, Mark Longo is joined by the newly minted VIX Crystal Ball Hall of Famer, Rich Excel, to break down one of the wildest weeks in commodity history.

While the "Tech Wreck" pulls down equities, the metals are lighting up the tape with silver posting a massive 19% gain in a single week. We dive deep into why "price insensitive buyers" are driving spot prices higher and what it means for your trailing stops.

• 0:00 - Intro & The VIX Hall of Fame Induction

• 3:45 - Metals Dominance: Why Gold led and Silver is finally catching up with abandon.

• 7:15 - The Energy Flare-Up: WTI, Brent, and Heating Oil's 10%+ weekly surge.

• 11:00 - Silver Squeeze 2026: Are we looking at $100 Silver? Analyzing the 100+ IV.

• 16:30 - Ag Markets & The Breakfast Table: Why OJ and Cocoa are cratering while everything else pops.

• 21:10 - VIX Crystal Ball 2026: Rich Excel gives his official "Revolutionary" year-end prediction.

• 26:45 - Hogwarts for Traders: How the derivatives experts are positioned for Q1.

• Brought to you by Tastytrade: tastytrade.com/podcasts
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