Key insights
- The article suggests silver prices have already seen a meaningful increase, but market positioning and sentiment don't reflect this move, indicating potential for further gains. Strong fundamentals, including a supply deficit and rising industrial demand from solar, EVs, and infrastructure, support this outlook. The author believes silver is transitioning from being ignored to being actively chased by investors.
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.