We are going to look at how far bullion still has to go, relative to other major US asset classes—specifically, stocks and the nation’s median home price.
What you will likely take away from this long view is that bullion still has many miles to run and further items to afford per troy ounce.
First, allow me to set the stage for how freakishly outside historical norms this bullion bull has been behaving of late.
There you go, silver bulls. Now, get back to your historically polite price lines.
Ignore the fact that, for the past +13 months, silver has been running many standard deviations above the last 50 years of full fiat currency-era data.
Surely last Friday’s selloff puts an end to all that.
Now the world can go back to suppressing metals as emerging markets get underpaid for the critical minerals they bring to market (oh, and please buy our debt, please).
Nope, price and relative value revolts are coming right back to bullion over bonds.
The best bullion fundamentals have not changed; quit dreaming.
Fiat Greenback Being Exposed by Bullion Again
Before the gigantic sell-off in silver at the end of January 2026, the most reflective and conductive precious metal had been running at an unsustainable rate of appreciation.
The price move from the start of the year through January 29, 2026 — saw a monthly advance for silver that in US financial history was only second to that of January 1864.
Ah, yeah… at the height of the US Civil War, the market was also undergoing a debasement trade repudiation, if you will. Of the then-US greenback, another full-fledged fiat currency. Nobody wanted to hold those bags.
Many peripheral onlookers may perceive this recent anomaly of precious metals rising in prices across the globe as some sort of MEME stock phenomenon, which will surely roll over into other asset classes in time. All good, back to bubble normal dumb.
Never mind the unpayable world-record debt piles, trillions-wide government deficits, or the unfunded liability and pension problems plaguing the Western World at large.
Surely bullion is the bubble, and not the other way around, right?
Part of the US Congressional record illustrates that they also had wildly levered frenetic derivative markets where paper, or today’s electronic gold, what they called “phantom gold”, exacerbated the speed of the melt-up in silver and gold’s respective prices at the time. Now you can gamble on your CME Group smartphone application.
Surely it wasn’t also the fact that people were concerned about being left holding the fiat Greenback bag if the then Union had not won the war against the Confederacy. Perhaps this era of rampant speculation is nothing new under the sun.
This current version of the fiat greenback meltdown to bullion is not an anomaly. It is instead a historical cycle, typically found at the end of overspending sprees, leading to systemic structural resets that often follow.
Sure, we don’t have a major kinetic internally or externally, but in nearly any other sphere you can name, there are battles raging. As this post World War 2 Bretton Woods system continues to slowly unwind, only to then eventually ultimately quickly unravel.
The multiple standard deviation melt-ups in bullion today are telling anyone paying attention that this process is underway again. The big difference this time is that it is worldwide, with communication corroborating that statement, coursing through silver-laced electronics at nearly the speed of light.
US Stocks vs Gold
Cock you head sideways, you’ve been living most you life in a US stock bubble
I screenshot this +140-year key-ratio chart earlier in this volatile trading day.
At last look, we are now at the nominal S&P 500 costing 1.5 troy ounces of gold.
That is a level that only stock bubbles bring to market (1929, 1960s, 1990s, 2014-26).
At first glance you eyes might suggest, 1:1 parity is a fair value.
