Silver is overbought with the currently rally showing some signs of a bubble, according to Ned Davis Research. The metal surged more than 10% on Tuesday to close at an all-time high of $77.92, bouncing back from its worst day in four years on Monday. Silver has gained more than 140% this year and is on pace for its best annual performance since 1979. The metal pulled back more than 7% on Wednesday to $71.98 by 9:28 a.m. ET. @SI.1 YTD mountain Silver year to date “By nearly every metric, silver appears overbought,” commodity strategist Matt Bauer told clients in a Wednesday note. “Its sharp December rally pushed trend and momentum indicators to levels rarely seen historically.” The white metal has gone 833 days without a 20% correction, Bauer said. This run is approaching a 45-year record, the strategist said. Three-week flows into the ProShares Ultra Silver ETF (AGQ) have surged, which signals heightened speculation and retail participation, Bauer said. But the metal’s year-end rally has not yet “pushed meaningfully into excessive optimism,” the strategist said. “This is an aging silver bull market when measured by return and duration,” Bauer said. “However, with positioning and sentiment below prior extremes, a minor correction may clear a path for additional upside.”
Friday, February 13
The market bubble heading into 2026 may not be AI. It could be this metal
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