Core Viewpoint - Silver prices have retreated from historical highs due to profit-taking by investors and the absence of new import tariffs on key minerals by the U.S. government [1][3]. Group 1: Price Movements - On Thursday, silver prices dropped by 7.3% but recovered most of the losses later [1][3]. - Silver prices had previously surged over 20% in the four trading days leading up to the drop, reaching a record high of $93.75 per ounce [1][3]. Group 2: U.S. Government Actions - President Trump decided against imposing comprehensive tariffs on key minerals, including silver and platinum, opting instead for bilateral negotiations and the idea of setting price floors [1][3]. - This decision followed months of investigation into whether imports posed a national security threat to the U.S. [1][3]. Group 3: Market Implications - Concerns over potential tariffs had previously led to a situation where some metal supplies, including silver, remained in U.S. warehouses, contributing to a global short squeeze last year and supporting prices into 2026 [1][3]. - Daniel Ghali, a senior commodity strategist at TD Securities, noted that the U.S. government's approach indicates a more targeted decision-making process in the future, alleviating fears of broad actions that could impact physical metal prices [1][3]. Group 4: Current Market Conditions - The New York Commodity Exchange currently holds approximately 434 million ounces of silver, an increase of about 100 million ounces compared to a year ago [4]. - Christopher Wong, a strategist at OCBC, expressed a positive mid-term outlook for silver, citing factors such as supply gaps, industrial consumption, and spillover demand from gold, while also advising caution due to the rapid recent price movements [4].