The silver market has recently gone completely nuts. Over the past 30 days, retail investor funds have flooded into silver ETFs, with net inflows exceeding $920 million—how shocking is that? The iShares Silver ETF's single-day inflow has already hit a new high since 2021, with an overall increase of 31.3% this year, and prices soaring by 210.9%, while related mining stocks have surged by 225%. Those meme stocks that were hotly promoted back then can't even compare.

The problem is, not all of this money is from retail investors gambling. Data from institutions show that this wave of funds has clear structural characteristics, even surpassing the volume of that 2021 rally. Silver is transforming from a niche corner into a genuine macro asset. Even short-selling funds are starting to see retail investors, and the battle between bulls and bears has heated up.

But Invesco's warning is worth listening to: this could be a once-in-45-years breakout, with some calling for $80, which is too extreme. Once sentiment reverses, the market could experience a sharp correction at any time.

Can silver sustain this crazy rally? That’s really hard to say.