Tavi Costa

Tavi Costa

List of Technical Setups

Macro Update

Tavi Costa's avatar
Tavi Costa
May 26, 2026
∙ Paid

Silver miners relative to gold miners appear to be on the verge of a significant breakout.

It doesn’t take a mathematician to recognize what happens when a business is selling metal for $75/oz while production costs remain closer to $15–20/oz.

These are the strongest margins this industry has ever experienced.

Here is a macro and technical report covering several important charts and market developments that I believe are worth discussing.

The image shows a comparison chart of the performance of silver miners (SIL) versus gold miners (GDX) from 2015 to 2027, indicating a downward trend for silver miners.

AI-generated content may be incorrect.

This post is for paid subscribers

Already a paid subscriber? Sign in
© 2026 Tavi Costa · Privacy ∙ Terms ∙ Collection notice
Start your SubstackGet the app
Substack is the home for great culture