If we look at the chart above, we can see that silver (blue line) is not only outperforming the S&P-500 and has begun a new uptrend after a 10-year bear market vs. the S&P-500, but it’s also easily outperforming the GLD. This is although the S&P-500 has enjoyed one of its most impressive runs in history with a 93% return off the March 2020 lows. So, while the S&P-500 has outperformed silver this year, the bigger picture shows that silver has been outperforming recently, and this bullish trend should remain intact as long as silver holds above $24.00/oz. The outperformance vs. gold is also a very positive sign, given that silver underperforms gold massively when we are nearing the tail end of bull markets, with this occurring in late 2011 when gold made a new high above $1,900/oz, but silver did not. The fact that silver is making marginal new highs while gold is consolidating is a bullish setup, suggesting that it’s still massively leading the metal.