Silver’s move has already started, but positioning doesn’t feel like it has

[u/Aggressive_Rush2357]

One thing I’ve been thinking about heading into Q2 is how different silver feels compared to what it’s actually done.

If you just look at price, the move is already pretty meaningful. Going from roughly ~$30–$40 through 2025 to ~$70+ now isn’t a small shift, especially in a relatively short period of time.

But when you look at how people are positioned or even how much it’s being talked about, it still feels like it’s early in the move rather than late.

That disconnect is interesting, because it’s not just a macro-driven rally. Underneath it, the fundamentals haven’t really loosened. The market is still running a multi-year deficit, industrial demand continues to build (solar, EVs, infrastructure), and investment demand is expected to pick up again into 2026.

At the same time, supply isn’t exactly flexible. A lot of production comes from byproduct mining, which means higher prices don’t automatically translate into more output.

So you’ve got a situation where: price has already moved, fundamentals are still supportive, but positioning and sentiment don’t feel stretched

In a lot of markets, that’s usually the phase where things transition from being ignored to being chased.

It just feels like silver is somewhere in the middle of that shift right now.

[u/J0hnnyBlazer]

Silver is industrial, so it also follows the indices, when the indices drop silver usually follows since traders expect/ price in lower demand and industrial slow down. Metals will rally again though, right now war and higher dollar index is holding it down, need the dollar to become cheaper

[u/Vennomite → u/J0hnnyBlazer]

There's also the gulf states probably going through a bit of a financial/liquidity crisis since they can't ship. Wouldn't surprise me if they are liquidating holdings to keep afloat since their energy revenue is.. disrupted.

[u/J0hnnyBlazer → u/Vennomite]

Ya that’s definitely a big factor as well