Precious metals are in the eye of the storm right now. Geopolitical tension, the AI build-out, currency debasement, stimulus and rising deficits… each headline is further strengthening the case.

In this month's letter, we look at:

• Why silver miners are starting to outperform gold miners, and what this structural shift could mean going forward
• The two demand drivers shaping the metals market in 2026—the global arms race and the AI infrastructure build-out—and where the miners fit in
• COMEX positioning at one of its most extreme readings in 17 years, and what historic short-position levels have meant for the market in the past

Follow the link in the comments to read the full letter.