Silver
Gold's industrial cousin — half safe-haven, half cyclical. The gold/silver ratio is the classic macro tell.
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The 30-second take
Silver is harder to frame than gold because it's both a monetary metal and an industrial input — roughly 50% of demand comes from solar panels, electronics, and EVs. The gold/silver ratio is what to quote: historically 60-80x, above ~85x silver is cheap relative to gold (risk-off regime), below ~60x silver is rich (late-cycle inflation trade). When silver outperforms gold, that's usually a cyclical upswing signal. When it lags, haven demand is driving gold and silver's industrial side is weighing it down.
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