Dear Partners and Prospective Investors,
As we reach the final trading day of 2025, it is an appropriate moment to step back from the daily flow of headlines and assess what the market has actually rewarded this year. Not what was discussed most often. Not what was promoted most loudly. But what price itself confirmed.
2025 was not a year that rewarded prediction. It rewarded discipline. It rewarded adaptability. And most importantly, it rewarded investors who were willing to follow price rather than stories.
That distinction matters more today than at any point in recent memory.
For much of the year, markets appeared calm on the surface. Equity indices hovered near all-time highs, inflation was said to be easing, and optimism around technology and artificial intelligence dominated mainstream narratives. Yet beneath those headlines, conditions told a more complex story. Participation narrowed, volatility became persistent rather than episodic, and confidence grew increasingly fragile.
For everyday investors and households, the disconnect was even more apparent. Since 2020, cumulative inflation has exceeded 20%. Grocery prices, housing costs, insurance premiums, and essential services remain meaningfully higher than they were just a few years ago. At the same time, a weakening U.S. dollar quietly eroded purchasing power further through higher import costs. The result has been confusion—a sense that reported progress does not align with lived reality.
Historically, environments like this are not resolved by reassurance. They are resolved by repricing. And when repricing begins, price moves first.
Silver was one of the clearest examples of that truth in 2025.
By year-end, silver reached new all-time nominal highs above $75 per ounce and finished the year up more than 150%, placing it among the strongest-performing major assets globally. This occurred while much of the media focus remained fixed on artificial intelligence, Nvidia, and a narrow group of large-cap equities. Silver’s move unfolded largely outside the spotlight, yet it reflected deeper forces reshaping global markets.
Silver does not deliver triple-digit annual gains in periods of monetary confidence and stability. Historically, it performs this way when currency pressure, expanding liquidity, constrained supply, and rising demand converge. Those conditions were firmly in place throughout 2025.
The Nehemiah Fund established its initial long position in silver on November 26, 2025, when price-based trend criteria were met. That position was not initiated in response to headlines or forecasts, but as a result of confirmed price strength and structural alignment. The Fund has remained disciplined as the trend developed and volatility increased—an outcome of process, not prediction.
A critical component of silver’s behavior this year has been China.
China plays a central role in the global silver ecosystem—not merely as a consumer, but as a dominant manufacturer, refiner, and strategic allocator of industrial resources. Silver is essential to solar energy, electronics, electric vehicles, advanced manufacturing, and grid infrastructure—all sectors that China continues to prioritize as part of its long-term economic strategy.
Over the course of 2025, China implemented targeted measures to stabilize growth and support domestic manufacturing. Infrastructure spending increased, incentives were directed toward renewable energy and high-efficiency production, and greater emphasis was placed on securing access to critical inputs. These initiatives directly impact silver demand. At the same time, China has increased its focus on strategic resource management, including tighter oversight of metal flows and domestic availability.
Importantly, these demand-side developments occurred while global silver supply remained constrained. New mine production has not expanded meaningfully, and above-ground inventories have remained relatively tight. When structural demand rises against limited supply, markets do not adjust gradually. They adjust through volatility.
That volatility has been visible in silver throughout the latter part of 2025—sharp advances, sudden pullbacks, and aggressive rebounds. Historically, this pattern does not signal instability. It signals repricing as markets search for a new equilibrium.
Silver also occupies a unique position at the intersection of industrial demand and monetary sensitivity. Few assets serve both roles. When industrial usage expands at the same time confidence in fiat currencies softens, price behavior can become powerful and nonlinear. That dynamic has been evident this year.
For many investors, this environment has been disorienting. Traditional portfolios concentrated in the S&P 500, bonds, and cash struggled to deliver clarity. While equities moved sideways and bonds failed to provide meaningful protection, diversified global markets—particularly metals and select currencies—produced some of the most persistent trends of the year.
This highlights one of the most important lessons of 2025: true diversification is not about owning more assets. It is about owning different drivers of return.
The Nehemiah Fund is built on this principle. By operating systematically across diverse global futures markets—metals, currencies, energy, and beyond—the Fund is not dependent on a single asset class, country, or narrative. Opportunity is allowed to emerge wherever price confirms it.
Equally important is how those opportunities are identified.
Most investors are trained to follow stories. Forecasts, headlines, expert opinions, and gut instinct dominate decision-making. These inputs feel informative, but they are interpretations of the market, not the market itself.
Price is different.
Price reflects the collective actions of all participants—institutions, governments, corporations, and individuals—each deploying capital under real constraints. It incorporates known information, unknown information, confidence, fear, liquidity, and stress in real time. It does not explain itself. It simply moves.
A simple analogy captures this distinction clearly. Following headlines is like watching the weather forecast. Following price is like stepping outside and feeling the wind. Forecasts can be wrong. The wind never lies.
In 2025, forecasts emphasized continued equity dominance and technological leadership. Price, meanwhile, signaled currency pressure, volatility expansion, and structural opportunity in metals. Silver moved long before it became widely discussed.
This is the core advantage of the Nehemiah Fund. The strategy does not ask why something should happen. It asks whether it is happening. When price establishes a trend across timeframes, the system engages. When that trend weakens or ends, the system exits. When no trend exists, the system waits.
This process removes emotion, bias, and narrative dependence. It allows the Fund to remain aligned with trends like silver through volatility, while avoiding markets where structure has failed—even when popular stories suggest otherwise.
As we close 2025, markets are once again revealing their character. Liquidity is thinner. Volatility is more visible. And the signals that matter most are emerging away from the loudest narratives. History shows that the most important market shifts are rarely obvious while they are unfolding. They are recognized later, once price has already done its work.
Did You Know?
The coming year, 2026, marks 250 years since 1776, the year of the Declaration of Independence of the United States. It is a reminder that long-term progress—whether in nations or in markets—is rarely linear, often volatile, and ultimately shaped by discipline, resilience, and adaptability.
As we turn the page on 2025, we would like to wish all our readers a healthy, happy, and prosperous 2026. We look forward to navigating the markets ahead with clarity, discipline, and respect for what price continues to teach us.
Warm regards,
The Nehemiah Fund Team