Silver Leaving Even SOX Behind

Nobody Owns Enough Silver

Silver continues behaving exactly like a market where upside convexity was massively underpriced. What initially looked like a quiet breakout has now started turning into a much more aggressive squeeze, with price, momentum, and volatility all accelerating at the same time.

The interesting part is that positioning still does not look remotely euphoric. Money managers remain relatively underexposed, CTA positioning still has room to expand aggressively, and upside option demand is starting to accelerate again as momentum keeps building.