Money managers cut their bullish bets on silver to a 22‑month low, signaling a shift in market sentiment. The move follows a pause by the White House from imposing import tariffs on critical minerals, including the white metal. Investors now weigh supply‑chain risks, price volatility, and potential near‑term swings today.

Silver has long served as a hedge against inflation and a key input for electronics and renewable energy. With the U.S. government weighing tariffs to protect domestic production, the sector faces uncertainty. The sharp retreat by hedge funds reflects growing caution amid rising interest rates and geopolitical tensions in 2024.

Analysts will monitor the Treasury’s next policy moves and the Treasury Department’s stance on mineral tariffs. If tariffs materialize, silver prices could rally, prompting a rebound in hedge fund positions. Meanwhile, global supply disruptions and currency swings will keep volatility high for the foreseeable future in the next few weeks.