Over the past month, the silver market unexpectedly became the focus of retail investors' attention. A large influx of funds poured into silver ETFs, with net inflows reaching $920 million, and single-day inflows hitting a record high since 2021. How fierce is this wave of enthusiasm? The iShares Silver ETF has already gained over 31% this year, while the spot price of silver has surged more than 210%. Related mining stocks have performed even more spectacularly, with gains reaching up to 225%. This heat has completely overshadowed the "meme stock" craze of that year.

But what is truly noteworthy is the structural characteristic of this capital inflow. Institutional analysis shows that this is not just simple retail speculation. The wave of funds exhibits clear "structural" features, even surpassing the silver frenzy of 2021. Silver is quietly transforming—from once a marginal asset to a core component in macro strategies. Even in inverse short funds, retail investor footprints can be seen. The bulls and bears are now engaged in a heated battle in the silver market.

However, institutions like Invesco have begun to issue warning signals. They believe this is a rare technical breakout in 45 years, and silver could surge to $80 within three months—yet such extreme forecasts inherently imply risks. Once market sentiment reverses, a sharp correction may be imminent.

How long can this crazy rally last? The eye of the storm in the silver market is gathering.