WSB/potentIal PM sQuEEze, page-416

the svl pricing is because of the market cap.

its the sector leader and heavyweight - so it runs first and hardest - but at a point the technical momentum runs into the fundamental valuation constraint

pre cashflow stocks dont get bid up on their implied DCF* - but there is a point where the technical momo slows because the implied valuation is getting too far above what current spot price range supports

but all svl is doing right now is taking a deep knee lunge breather before it launches higher

but because of its leadership scale its unlikely it will ever lead by valuation per ounce. unless saying silver goes to $us1000

then likely nothing keeps up with SVL because number of silver ounces is all that matters at that kind of extreme

*qualifier - pre cashflow stocks can get bid up on their DCF value if either they attract a JV purchase on that basis - or they attract high conviction funds who relentlessly bid stock higher once set. basically pretty rare