Chart of the Day - Monday, September 22, 2025

• The Silver ETF ($SLV) closed above $40 for the first time since September 2011 today as the metal continues to push toward all-time highs.
   
• More importantly, Silver also broke out on a relative basis ($SLV/$SPY). The ratio gapped above a three-year resistance level, marking a breakaway gap—the most bullish type of breakout.
   
• Silver is already outpacing equities by a wide margin this year, and today’s move sets the stage for further dominance in the months ahead. $SLV is up +57% YTD versus +14% for $SPY. It's even outshining Gold ($GLD), which is on track for its best year since inception, up +42%. 
   

The Takeaway: Silver broke out to multi-year highs on both an absolute and relative basis today. The ratio ($SLV/$SPY) kicked off the week with a breakaway gap, punching through a well-defined resistance level and signaling continued leadership in the months ahead.