Silver: published research is leaning firmly bullish, on both a near-term and multi-year view.
On the cyclical side, analysts point to record physical deliveries and withdrawals from COMEX, historic buying out of China, and a normalisation after a stretch of extreme stress in the plumbing of the market — surging margin requirements and physical supply disruptions. The research consensus is that retail selling has largely dried up while large players keep accumulating, setting up conditions where even a modest pickup in investment demand could drive outsized price moves. Some recently published notes flag the coming months as the key window for a catalyst.
Strategically, one camp of researchers argues silver is structurally supported: steady industrial demand, its reclassification in some jurisdictions as a critical mineral, record Chinese imports, and quiet accumulation by central banks and state actors. A further thread suggests that as systemic risks build and public awareness rises, investment flows into silver could accelerate quickly.