Silver Hasn't Looked This Bad Since Covid. It Could Get Worse.
Silver: The great washout
Silver is getting crushed. The metal is trading at its deepest discount to the 200-day moving average since the Covid liquidation, speculative longs have disappeared, and technical support is coming into focus. But this isn't just another positioning unwind. A stronger dollar and weakening industrial demand are adding to the pressure. The technical dislocation is extraordinary, but extreme oversold conditions alone won't fix a deteriorating fundamental backdrop.