Nobody Owns Enough Silver

Silver is undergoing a massive price squeeze driven by previously underpriced convexity and rising volatility, while professional positioning remains unexpectedly light.

Key Takeaways

• 1.Silver is experiencing an aggressive squeeze because upside convexity was significantly underpriced by the market.
• 2.Speculative positioning from money managers and CTAs remains surprisingly low despite a 17% price rally since early May.
• 3.Silver is a critical component of the AI boom, and its price performance is starting to catch up with semiconductor indices (SOX).

Table of Contents

• Nobody Owns Enough Silver
• Super silver
• Silver and SOX
• Wake up
• Money managers
• CTAs in silver
• Silver volatility exploding
• In the money

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