Silver prices are headed for a weekly gain of about 15%, with the metal hitting fresh records earlier this week. The rally comes even after the Trump administration delayed import tariffs on critical minerals. Saxo Bank analysts note the move is driven by intense speculative interest from both buyers and sellers, creating erratic price swings.

The physical market is showing early signs of easing tightness, with silver flowing back from Comex warehouses to Europe. Elevated prices are also weighing on industrial demand, a dynamic that could help rebalance supply and demand. Meanwhile, speculative appetite in China remains strong, with Shanghai prices trading about $10 an ounce above London levels.

Individual investors are piling in, making silver the most crowded commodity trade. Retail buyers have poured $921.8 million into silver-backed ETFs like the iShares Silver Trust over the past 30 days. The firm Vanda Research argues this rally differs from 2021's, calling it a structural accumulation that now surpasses that episode's height.