1. Retail Investors Look to Trigger Silver Squeeze 2.0

Publish date: March 31, 2025

Silver received mainstream attention in March, with renewed calls for what supporters dubbed “Silver Squeeze 2.0,” reviving a theme that first gained prominence during the meme stock era of 2021.

Online chatter intensified ahead of March 31, with advocates urging coordinated purchases of physical silver to challenge what they saw as entrenched institutional control over the metal’s pricing.

Efforts traced back to a March 22 post on X by user @TheSqueakyMouse, which gained broader attention after being amplified by sector analyst Jesse Colombo. Colombo, who posts under the handle @TheBubbleBubble, has argued that the silver price is artificially suppressed by large financial institutions:

“Bullion banks like JPMorgan Chase (NYSE:JPM) and UBS Group (NYSE:UBS) suppress silver prices through aggressive naked shorting—but a coordinated surge of physical buying could catch them off guard and break their hold on the market.’

Colombo pointed to data showing that major banks hold net short positions equivalent to roughly 223 million ounces of silver, meaning a US$1 price increase could theoretically translate into US$223 million in losses for those positions.

2. Missouri Set to Recognize Gold and Silver as Legal Tender, Critics Raise Implementation Concerns

Publish date: May 12, 2025

Attention on precious metals took a more concrete form in Missouri. In May, the state’s General Assembly passed a Republican-backed amendment to a broader finance bill that recognizes gold and silver as legal tender.

The measure would require state entities to accept electronic forms of gold and silver for public debts, including taxes. Private businesses would not be required to accept precious metals, but could do so voluntarily.

Supporters argued that recognizing gold and silver offers a hedge against inflation and what they view as irresponsible federal monetary policy. Critics, however, questioned how the system would work in practice.

3. Silver Miners Deliver Record Q2 Earnings as Price Breaks Out

Publish date: August 19, 2025

Silver’s mid-year rally above US$35 per ounce translated into record or near-record earnings for many miners in Q2.

Pan American Silver (TSX:PAAS) reported record net earnings of US$189.6 million in the period, while First Majestic Silver (TSX:AG,NYSE:AG) posted its strongest quarter to date, nearly doubling revenue year-on-year.

Even mining companies facing production challenges, such as Fresnillo (LSE:FRES,OTC Pink:FNLPF), saw revenue growth driven by gold output and pricing strength.

4. Missing Silver Bars Bring Mining Community Together

Publish date: March 7, 2025

Amid those financial milestones, the mining community was united in March by a widely shared incident.

Following the Prospectors & Developers Association of Canada convention, two 10 ounce silver bars purchased by Kin Communications founder Arlen Hansen went missing after being checked in his luggage on an Air Canada flight.

The bars, worth about US$647, were intended for a silent auction benefiting Canadian children living with diabetes.

“I don’t need a refund, a free upgrade, or more points, this was stolen from the children who need it, not me,” Hansen wrote on X. The response from the mining community was swift. First Majestic Silver and its mint division volunteered to replace the lost silver, while others donated to Diabetes Canada and expressed support.

The incident also revived scrutiny of airline cargo security, particularly given Air Canada’s association with earlier high-profile precious metals thefts, including the 2023 gold heist at Toronto Pearson International Airport.

5. Pan American Silver Gets Green Light for US$2.1 Billion MAG Silver Deal

Publish date: August 25, 2025

One of this year’s most consequential silver M&A developments came when Pan American received final clearance from Mexico’s Federal Economic Competition Commission for its US$2.1 billion acquisition of MAG Silver.

The approval paved the way for the deal to close in early September, combining Pan American with one of the world’s highest-grade primary silver assets, Juanicipio.

Under the terms, MAG shareholders were to receive either cash or Pan American shares, leaving them with about 14 percent of the combined company on a fully diluted basis.

“This strategic acquisition further solidifies Pan American as a leading Americas-focused silver producer,” Pan American CEO Michael Steinmann said when the deal was announced.

He added that Juanicipio “will meaningfully increase Pan American’s exposure to high margin silver ounces,” while also providing longer-term growth through MAG’s exploration properties in Utah and Ontario.

Don Durrett: Gold, Silver Price Targets and 15 ‘Must-Own’ Silver Stocks

Kicking off the list in the fifth spot is Don Durrett of GoldStockData.com.

In this January interview, Don shared his silver and gold price outlook for 2025, as well as his 15 ‘must-own’ silver stocks. We don’t have time here for the full list, but I’ll leave the link to the video below. For now, here’s Don talking about why he’s so bullish on silver and gold stocks.

Peter Grandich: Gold Mines Set to Print Cash as Price Hits New Highs

Peter Grandich of Peter Grandich & Co. is next.

This interview is from all the way back in February, when gold was still around US$2,800 per ounce. Peter talked about how US$5,000 was no longer sounding outlandish to him, and also explained how the higher gold price could impact mining companies.

Vince Lanci: Silver’s London Liquidity Crisis — What’s Happening, What’s Next

Vince Lanci of Echobay Partners is always a popular guest, and in mid-October he helped break down unusual dynamics in silver, which had broken through US$50 per ounce.

Ed Steer: Silver Rally Now Unstoppable, Price to Hit Triple Digits

Ed Steer of Ed Steer’s Gold and Silver Digest comes in at number two. This interview is also from mid-October, and in it Ed weighed in on the silver market’s complex inner workings. Ed also gave his thoughts on the precious metal’s long-term prospects.

Rick Rule: Gold Strategy, Oil Stocks I Own, ‘Sure Money’ in Uranium

Finally, our most popular interview of 2025 was with none other than Rick Rule of Rule Investment Media. In this early November conversation, he said he had recently sold 25 percent of his junior gold stocks; he also explained why he did it and how he redeployed that capital.

Biotech sector rebounding after US uncertainty

According to Song, biotech has rebounded since its lows in April of this year.

Company valuations are trading at a 15 percent discount to broader markets on forward price-to-earnings, with secular demand intact for oncology, obesity and chronic diseases. In Song’s view, the biotech industry’s rebound stems from reduced uncertainty under the administration of US President Donald Trump.

Song added that valuations across healthcare are reasonable, noting rotational flows from cooling AI hype.

“I can’t deny that there have been some rotational effects that not just biotech has benefited (from), but healthcare in general,’ he commented. “While AI is an important driver in healthcare, to our view, it certainly is not priced in to the largest extent in many pockets of healthcare.”

Key biotech sector catalysts in 2026

Song sees healthcare’s recovery extending into 2026, with oncology remaining the primary growth engine.

He characterized the current sector resurgence as a durable structural shift being fueled by key developments that present tangible investment opportunities, including anticipated positive clinical trial outcomes, such as those for Revolution Medicines’ (NASDAQ:RVMD) pancreatic cancer drug.

“They have a lead drug that blocks an important pathway called RAS … and they could have a potential breakthrough in pancreatic cancer. They’re running a Phase III trial to demonstrate a potential survival benefit. There could be meaningful progress there,” Song noted. A data readout is expected next year.

Outside oncology, Song flagged high-profile biotech catalysts that could broaden the sector’s 2026 rally.

“Non-peptide oral GLP-1s … are clearly going to be an important data set readout and launch that could occur next year,” he explained, citing Eli Lilly’s (NYSE:LLY) orforglipron, a daily pill that hit Phase III success for type 2 diabetes and obesity in 2025. Approval is expected in 2026, and he believes it could be a potential game changer in obesity and chronic disease treatments, an area dominated by biotech innovators.

Song also sees validation ahead for platform technologies.

A dual-track recovery for biotech

While macro analysts see a broad cyclical recovery in 2026, Song predicts that the market will be defined by a dual-track recovery: a diagnostics-led initial public offering (IPO) surge, and a biopharma M&A environment focused on companies with the clinical validation required to alter the current standard of care.

Renaissance Capital predicts a faster pace for biotech IPOs, with a strong pipeline of companies such as Aktis Oncology, a radiopharma diagnostics firm targeting solid tumors, ready to list for US$100 million.

Additionally, AlphaSense forecasts steady M&A flow as companies rebuild their pipelines in the new year, a trend that Song sees as a structural necessity rather than a simple trend. “It’s an important pillar where Big Pharma needs to replenish their pipelines, and they can’t all do it internally,” he explained.

Consequently, he believes the primary “hunting ground” for these deals is mid-cap territory, where acquiring one or two proven drugs can effectively move the needle for a large pharmaceutical giant.

AI in the biotech sector

Song maintained that AI has not reached full valuation in the sector, and its role is expected to grow, with significant future productivity gains predicted in biopharma, drug discovery, clinical development and healthcare delivery.

“We’ve done some preliminary work that that that suggests there could be … productivity gains in areas like biopharmaceuticals and drug discovery and clinical development,” Song explained, adding that these are long-term projections. He sees a more immediate economic impact in how care is managed.

“Since healthcare is a large part of the US and global economy, and growing quickly in terms of healthcare costs, there are also opportunities for efficiency gains, which could lead to margin and consumer gains,” he noted. This revolution in delivery is already a key focus for his firm’s Tema Oncology ETF (NASDAQ:CANC).

However, life science market analyst Anastasia Bystritskaya warned that valuation and productivity are not synonymous, as high-performing models do not automatically become revenue-producing products. For investors, the real inflection point is operational integration rather than operating as a standalone prototype.

Drive for efficiency is expected to take a practical form in 2026 through what Sergey Jakimov, managing partner at longevity and biotech venture capital firm LongeVC, described as the “doctor in your hand.”

This AI companion manages routine, low-complexity tasks between clinic visits.

LongeVC anticipates that this shift to a regulated digital workflow will allow AI to identify meaningful clinical signals continuously without overburdening primary care teams.

This democratization of discovery creates a new competitive landscape for the hunting ground Song described; if AI-enabled teams can dissect complex pathways without a billion-dollar balance sheet, the traditional R&D model of Big Pharma faces a permanent disruption. In this new era, the innovation gap could be filled by agile players who use technology to act with the scale of a giant, but the speed of a startup.

Investor takeaway

Despite sector momentum, headwinds remain, particularly regarding the stability of clinical research funding.

A November report in JAMA Internal Medicine reveals that 383 clinical trials recently had their grants terminated, disrupting progress for over 74,000 participants. Dr. Gary K. Zammit, founder of Clinilabs, warned these reductions in National Institutes of Health funding risk slowing future commercial development of innovative therapies.

Macroeconomic headwinds, including rising tariffs and early labor market weakness, also present a material challenge.

Ultimately, the 2026 biotech outlook balances promising catalysts with the need for strategic capital deployment and a focus on clinically validated platform technologies, ensuring a durable expansion for the sector.