Silver's Great Implosion

The Silver Crash

Silver has gone from one of the market's hottest momentum trades to one of its fastest unwinds. A stronger US dollar, hawkish Fed repricing and broad liquidation across precious metals have replaced the speculative enthusiasm that drove the rally earlier this year.

The speed of the reversal has been remarkable. Momentum has collapsed, volatility has reversed, and price is rapidly approaching technical levels that looked unreachable only a few months ago. The bigger question is no longer how high silver can go, but whether the market has fully worked through the excesses of the melt-up.