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no investment thesis: author poses an open question without stating a directional position or rationale of their own
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Silver just delivered one of its worst weeks in recent memory. The iShares Silver Trust (NYSE:SLV) dropped 22% today, wiping out months of gains in just five trading days. Year-to-date, silver has erased all of its earlier gains, now trading roughly 50% below its all-time high.
Despite the paper market collapse, physical silver tells a different story. Futures remain in backwardation, meaning immediate delivery prices are higher than contracts further out. That suggests real scarcity in the metal even as ETFs hemorrhage value. Retirees and long-term investors are asking if this represents a rare buying opportunity or a signal to stay clear of commodities in retirement portfolios. Technical traders are watching $21–$22 support, while any reclaim above $24 could spark a short-term bounce.
Where do you see silver heading in the next few weeks bottoming here or is this just the start of a deeper correction?