Silver had a rough week, with the published research tilting more bearish as the days went on.
Early in the week, bullish voices dominated: analysts pointed to multi-year physical deficits, roughly 60% industrial demand (electronics, solar, AI build-out), India permitting ~6,500 tons of imports for festive season, and long-term store-of-value appeal. Some argued $50 should now act as support after the parabolic run from $30 to $125, with calls for an eventual return to prior highs.
By late week, the tone shifted. Multiple research threads flagged that both the monetary and liquidity cycles have turned into headwinds, with silver breaking to 11-month lows near $54 and the gold-silver ratio climbing above 74. Technical commentary pointed to $50 as the next psychological level and $45 below that. Sticky inflation keeping central banks on hold, plus margin-call selling from the tech drawdown, were cited as added pressure. At least one allocator trimmed silver and miners while keeping core gold, waiting for a better re-entry.