Kenneth_2003 said:
You mention watching the miners....
But Silver is typically an associated product of other mined metals. Would it be prudent to expect miners to move when demand for lead, zinc, and other associated metals have not move? They can't increase silver production without increasing output of other products. Most often those products are the majority produced product.
I don't really have a reliable place to see Zinc other than India's MCX futures exchange. But looking at that, zinc has been up since April 2025 and building under its 2022 high. Breakout is entirely possible.

No idea where to find lead.
But if you look at XME ( The S&P Metals & Mining Select Industry Index (the "Index") represents the metals and mining segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The metals & mining segment of the S&P TMI comprises the following sub-industries: Aluminum, Coal & Consumable Fuels, Copper, Diversified Metals & Mining, Gold, Precious Metals & Minerals, Silver, and Steel. The Index is modified equal weighted), You will see that while gold and silver made new highs since October, it merely put in a lower high. Potential exists for one more move higher that could align with the gold and silver seeking higher tops.
And if you look at the GDX/GOLD ratio, it too looks like a pending potential breakout.

And if you look at the largest miner in GDX, NEM, you will see in 70's and 80's how Gold topped first before NEM put in a top. NEM even ran higher into the late 80's on a massive spike while Gold remained below its high. This is likely because NEM's profit margin being increased above their cost of extraction.