Upside panic hits silver market

Wednesday 10 December 2025

Stuck

SPX remains stuck inside the range that has been in place since September. Bull flag and a break out, or a double top? We aren’t getting excited until we break out of the range. Until then, treat this as a mean-reverting market.

Stability…

…at these levels, but dealers turn short gamma on both up/down 2-3%.

That was quick

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.