July 2, 2026 | John Butler: The Gold/Silver Correction Is Over

John Butler’s Amphora Report just answered the question that we’re all asking these days, which is: When Will Gold And Silver Stop Falling!??

You’ll like his answer. Here’s an excerpt:

Is the metals correction over? RAM suggests so

Jun 29, 2026

Back in January, I presented some evidence of dangerously high speculative interest in metals, in particular silver. Sure enough, a large correction began shortly thereafter and has continued, if in less spectacular fashion, in recent weeks.

My strongest evidence was my proprietary measure of “risk-adjusted margin” or RAM. Here is a brief explanation from my January post as to why RAM is such a useful metric for estimating the level of purely speculative, rather than commercial activity:

There is another way, however, to try and estimate the degree to which certain commodity price increases are being driven by speculation rather than commercial supply and demand. This is to look at the “cost” of speculating, as measured by the amount of margin (or collateral) that the speculator must put up on the exchange in order to open a position in a given commodity futures contract. The less it costs to speculate, so the thinking goes, the more potential for speculation.

RAM goes one step further than simply look at exchange margin requirements, however, as it adjusts the margin for the implied volatility of the commodity in question, as observed in the options markets.

Here is a table of a selection of major commodities contracts, their values and margin requirements at present:

Read the rest here

Subscribe to the Amphora Report here

John Rubino July 2nd, 2026

Posted In: John Rubino Substack

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