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It's been another volatile week in the silver market, although fortunately this time the volatility has been to the upside. As following a multi-week selloff, both gold and silver have climbed, particularly on the back of last Friday's move which saw silver move almost $1 higher. And along with another rally in silver today, the silver price now sits near the $23 mark, bringing silver almost back to even on the year.

Yet one of the trends that we've seen throughout this past year has been a liquidation of metal out of the ETFs. Which Andy Schectman of Miles Franklin talks about in this week's silver report, as we discuss what will have to occur to see that trend change.

The decline in the ETF holdings suggests that there's been a lack of institutional interest in the metals this year, which is in contrast to what's occurred on the retail level. Where thanks to the banking issues in March and April, physical silver sales remain up on the year compared to 2022.

Of course with geopolitical instability around the world increasing over the past few weeks, and the Federal Reserve governors continuing to make comments suggesting that the Fed rate hikes may be coming to an end, there are increasing signs that we've seen the end of the recent selloff. With perhaps the bank positioning in the metals providing the strongest clue of late.

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