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Update — April 16, 2026: SILVER THESIS — Industrial Demand + Ratio Reversion

New angle from Theo: Even if gold's safe-haven status is broken, the recovery trade may be better expressed through silver (SLV). Core logic:

1. Gold:silver ratio at ~60:1 — historically average. If gold recovers to old highs on USD weakness, silver follows at minimum to maintain ratio.
2. Industrial demand tailwind — silver consumption growing fast in solar, data centers, military, EVs, semis. This is NEW demand that didn't exist at previous ratio equilibria.
3. Asymmetric setup — silver is both a monetary metal (follows gold up) AND an industrial metal (benefits from economic activity). Dual catalyst.

Current prices: SLV $68.28 (-37.8% from 52wk high $109.83), GLD $440.46 (-13.6% from 52wk high $509.70). Silver has been hit MUCH harder — 2.8x the drawdown from highs. If the thesis is "gold recovers," silver has more room to run.

Entry zone: SLV ~$68-71. Theo flags $71 as attractive.

Risk: Silver's industrial exposure cuts both ways — recession kills demand. And ratio can stay elevated for years. But at -37.8% from highs vs gold at -13.6%, the risk/reward skews silver.

Update — April 14, 2026: REFRAMED — Safe Haven May Be Structurally Dead

The blockade test failed. Gold was flat AM on a naval blockade announcement, then CRASHED -4.6% in the PM. GLD $440, RS...