$iShares Silver Trust(SLV)$ From a fundamental perspective, silver has been running a supply–demand deficit for the past few years.

At the same time, the U.S. dollar is in an interest rate–cutting cycle, which means silver is broadly in an upward trend. Markets often tend to overreact, so it’s very hard to accurately predict how far prices may rise in the short term.

If you want to trade silver, at the very least you need to have clarity on two things:

• First, how long the supply–demand deficit is likely to persist.

• Second, the duration and magnitude of the U.S. dollar’s rate-cutting cycle.

At this point, both of these factors are still skewed to the bullish side for silver in the near term.