Silver has seen a significant rise in its value in 2024, with prices soaring from $22.55 USD/oz in February to a peak of $29.90 USD/oz on April 12th, reflecting a dynamic shift in market conditions and investor sentiment.
The big problem that the silver market is facing currently is the (too) high number of speculators positioned on the long side. Speculators, aka dumb money, are mostly positioned on the wrong side of the trade. Because of this, it looks like our forecasted silver price target of $34.70 might be delayed with a few months.
You look at this chart, the lower pane, representing the relative number of speculators positioned long in the COMEX silver futures market, and you conclude that speculators are desperate for some quick profit.