The latest European inflation data and the ECB’s rate decision are reshaping the macro landscape in a subtle but important way. Headline inflation has moved closer to target, policy remains restrictive but stable, and markets are beginning to price a transition rather than a shock. In this environment, commodities are no longer responding uniformly to inflation prints. Instead, they are differentiating based on structural demand, monetary sensitivity and real economy exposure. Silver sits at the center of this transition. Unlike energy commodities, which respond primarily to growth expectations and physical balances, ... (full story)