Silver: near-term wobble, but the multi-year bull case is getting louder.
Early in the week, research flagged silver as under short-term pressure alongside gold, blaming ETF selling, firmer rates, and liquidation by fast-money traders rather than any real demand crack. The same work framed this as a consolidation phase, not a trend break.
The strategic pitch stayed decisively bullish. Analysts argued the "debasement trade" — driven by chronic fiscal deficits and monetary expansion — is still in early innings, potentially running for years. One projection floated a move toward $150–$200 over the next cycle, treating the pullback from $120 into the $60s as a buying window and calling silver miners particularly cheap. A separate note emphasized that roughly half of silver demand is investment-led, with the rest tied to electronics and critical-minerals uses, reinforcing a structural demand story.
By late week, the tone turned more constructive on the tape itself: softer US jobs data, cooler inflation expectations, and Fed commentary hinting at less urgency to tighten were cited as near-term tailwinds.