Silver - Thesis Update The long we flagged earlier during stream, and in the group this morning, is playing out. That said, the metals trend trade is likely cooked for now, expecting these names to shift into range-building mode. Metals remain forgiving technical setups, so I'll keep looking for structured entries as the range develops. Levels to Watch: Looking for Silver to grind toward yearly VWAP and top out somewhere below 100. The 87–95 zone is an air pocket, dead space with little structural support. If we test it and see no immediate inventory, that ground gets covered fast. The Bigger Picture: Lately, momentum buyers have been doing more of the heavy lifting than the fundamental geo/industrial bid. And momentum players are notorious for pricing in the entire future in one move, then putting in tops. Given the historic run we just had (I was calling for this to end with at least a 20% down day), the buyer base up here is simply thinner now. A lot of longs got carried out on stretchers. That changes the supply/demand math at these levels. We cover this in more detail daily in @TradingStable