UBS Likes The Silver (More Than They Admit)

This is a free preview of a paid episode. To hear more, visit vblgoldfix.substack.comHousekeeping: Good Morning. Look for part 2 of the Dave Kranzler/ Eric Yeung interview on GoldFix later today“I told you, man, I told you,..but you wouldn't listen, well, you stupid f—, look at you now.”—A. Montana,ArbitrageToday* Discussion: UBS Likes The Silver… * Premium: More Than They Admit.Discussion: UBS Likes The Silver More Than They Admit* UBS sets a 1Q26 silver price target at USD 38/oz, extending 2H25 forecasts, and suggests selling downside risk for yield. Not for the faint of heart* Global silver demand is expected to reach 1.2 billion ounces in 2025, driven by industrial applications. Silver supply is forecast to grow by 3% in 2025, with mine production increasing by 2%.- first increase in a longtime* US tariffs have increased US silver and gold prices, creating front-loaded demand, but this effect may not last. - US Tariffs cause global deflation and donestic inflation* The gold-silver ratio is projected to decline from 91x to below 80x, assuming gold trades around USD 3,000/oz.Much more and why this report matters along with the report in premium belowMore at bottom…News/Analysis: Markets Recap:Stocks- Lower…. much much lowerMarket News: The Fed Put is a Bond OptionUS House Republicans unveiled a stopgap funding bill that would keep the government funded through September 30th. “It took just a few hours for Friedrich Merz to conduct one of the sharpest U-turns in recent political history. Its two coalition parties agreed to loosen the country’s constitutional debt brake and inject hundreds of billions into Germany’s military and ageing infrastructure ” Source: FT- A Big Deal“Federal Reserve chair Jay Powell played down concerns over US growth after U-turns by Donald Trump’s administration, disappointing jobs numbers and a tumultuous week in financial markets. “Hedge-fund honchos entered this year betting big on America, expecting President Trump’s promised tax cuts and deregulation would lift everything from U.S. stocks to the dollar. Turns out, an old-school industry in Europe was really the place to be. WSJ — “Turns out” is MSM code for we didnt cover it properly then… lots of things “turning out, and happening “ to everyone’s surprisie” in legacy media land. As relayed by GoldFix channeling Hartnett several times over the past 3 months. Buy Int’l, Sell US, Buy EU defense stocks, Sell US. defense..Geopolitics/ Politics: Attack the periphery, weaken the core“China on Saturday announced plans to impose a 100% tariff on Canadian rapeseed oil, oil cakes and peas, adding that a 25% levy would be placed on aquatic products and pork originating in Canada. CNBC- Tariff what you do not need… US can’t be bad cop to Canada so easily now. Attack the periphery, weaken the corePunchbowl writes, ahead of the Friday deadline for a funding bill to pass to avoid a US shutdown, "It doesn’t feel like a shutdown is going to happen, although there’s still a chance because, well, this is Congress."Jefferies Analyst Simon has trimmed his US GDP forecast from 2.9% to 2.4%; still expects 3 fed cuts in 2025Data on Deck: CPI* MONDAY, MARCH 10 None scheduled* TUESDAY, MARCH 11 NFIB optimism index* WEDNESDAY, MARCH 12 CPI Feb.0.3% exp 0.5%prev.* THURSDAY, MARCH 13 PPI 0.3%exp 0.4%prev* FRIDAY, MARCH 14 Consumer sentiment Summary and Final Market CheckPremium: UBS Likes The Silver More Than They Admit* Deconstructing UBS analysis in context.* What introducing a 2026 price target could mean* Frank constructive comment on silver mining stocks* Silver and tariff economics- Elastic vs inelastic demand* Gold and tariffs = Tanks and Gold* Platinum and Palladium(plus much more)