Silver recorded its largest single-day gain since February on Monday. Hedge funds and trend-following investors drove the surge past key technical price levels. Analysts now speculate the metal could reach $90 per ounce.
Options market data from May 12 shows a significant spike in demand for iShares Silver Trust (SLV) call options. Traders are positioning for further price increases amid strengthening market fundamentals. The silver market faces a projected supply deficit through 2026. This would mark the sixth consecutive year of supply shortages for the metal.