I most recently covered Silver North Resources Ltd. (SNAG:TSX.V; TARSF:OTCQB) on November 18, when the stock traded at CA$0.25. Considering those drilling outcomes from that time, a meteoric ascent in the silver price, and further remarkable drilling results just announced, the stock finished at CA$0.34 on December 10, a 27% increase in under a month.

Silver North’s flagship project, the Haldane Silver Property, is situated in the Yukon, nestled in the heart of the Keno Hill Silver District. On December 10, 2025, SNAG unveiled assay results from an additional two drill holes completed as part of the 2025 1780-meter eight-hole drilling campaign, with two holes still pending.

Hole HLD25-35 encountered 231 g/t Ag and 0.24 g/t Au with 0.54% lead and 0.39% zinc over 14.40 meters. I entered these outcomes into a program to calculate the in-situ metal value depicted here. This hole also contained a 1.25-meter interval grading 1,261 g/t Silver and 0.74% Au with 0.35% lead and 0.41% zinc, illustrated here.

There are scarce primary silver deposits worldwide, so a doubling in the silver price seldom creates circumstances for increased silver production. In most instances, the silver price is not as significant as that of lead and zinc because silver is not the dominant metal in the mix. However, in the case of these holes, silver represents 80% of the economic value, suggesting that Haldane could indeed develop into a primary silver mine.

On December 11, the company issued another press release, revealing overlimit assays from grab samples collected from their Veronica property, with galena (lead) grades as high as 76.8% in addition to 2,860 g/t silver.

The United States, and likely the rest of the globe, are in the throes of a gradual train wreck, unnoticed by most observers. On October 31, the U.S. Repo market surged in a manner akin to how it behaved in September of 2019, just six months prior to the March 2020 crash. Moreover, the Yen Carry Trade is unraveling as bond yields in Japan skyrocket. The JCB faced a dilemma between protecting the Yen and safeguarding the global economy, and appears to have opted for defending the Yen for the welfare of Japanese citizens. I observe data suggesting that the Yen Carry Trade encompassed $12 trillion in high-yield assets, which are currently being liquidated.

This is a Big Deal, not a 2008 or 1929. It’s a whole lot larger and riskier. In premarket trading on December 10, Oracle shares tumbled by 11%, signaling to the world that the AI nonsense has risen to the surface of the cesspool. Now everyone can detect the stench. AI stocks have driven all of the gains in the S&P this year. The system is coming apart at the seams.

But not silver. I crunched some figures to illustrate where we stand in the silver bull market. My loyal readers know that I am a contrarian. The only alternative is to be a victim. I elected not to be a victim. You can choose what you want.

https://sprott.com/investment-strategies/exchange-listed-products/physical-bullion-funds/silver/

On April 19, 2011, at the peak, the premium on PSLV was roughly 25.23%.

On March 12, 2020, at the nadir, the discount to PSLV was -10.34%.

On October 27, 2025, right before the meteoric rise, the discount to PSLV was -5%. Silver traded at US$46.81 an ounce.

On December 10, 2025, the discount to PSLV was -3.34%, and silver reached US$62.46, a US$15.65 increase in six weeks. We are headed higher. Possibly much higher.