Silver's performance over the past year has been nothing short of spectacular. Between early September and early November 2025, the metal vaulted to a rally of almost 50%, a surge that eclipsed the gains of virtually every other asset. This meteoric rise was powered by a multi-layered confluence of market conditions. From its deep-rooted correlation with gold to a supply-demand imbalance driven by the global imperative for electrification, AI and crypto mining, multiple forces kicked in simultaneously. Understanding this precise moment of convergence requires a deeper look into both positioning and underlying market ... (full story)