Core Viewpoint - U.S. tariffs are distorting commodity prices, including silver, leading to declining inventories and a bullish trend driven by investment and speculative demand, which exacerbates the supply-demand imbalance [1][2]. Investment and Speculative Demand - Investment and speculative demand are critical for silver price movements, with a bullish trend since 2020 and a record high expected in October 2025, likely increasing the deficit in 2025 [2]. - The Silver Institute CEO indicated that a structural deficit in silver is likely to extend into 2026, with production down by approximately 800 million ounces compared to global demand [3]. Price Movements and Trends - Silver futures experienced a correction of 15.4% to $45.51 on October 28, 2025, but rebounded to a new high of $54.415 on November 13, indicating a long-term bullish trend despite volatility [4]. - Silver set new nominal record highs in October and November 2025, with corrections suggesting a potential rally into 2026 [5]. Historical Price Context - The 1980 high for silver, adjusted for inflation, is over $200 per ounce, indicating significant upside potential for silver prices, with projections suggesting prices could exceed $60 or $70 [6]. - The silver-gold ratio has historically fluctuated, and a return to the average would place silver at $52.24, with potential for much higher prices if the ratio returns to its 2011 low [8]. Investment Strategies - Buying silver during price corrections has proven to be an optimal strategy, with significant pullbacks observed since 2020 [11]. - The most direct investment route in silver is through physical silver, but COMEX silver futures offer a viable alternative for market participants [12]. Silver ETFs and Market Products - The iShares Silver Trust (SLV) is highlighted as the most liquid silver ETF, with substantial assets under management and high trading volume [13]. - Other silver-related ETFs and mining shares provide additional exposure to silver price movements, with diversified products available for investors [13]. Future Expectations - The expectation is for silver prices to rise significantly above the October 2025 record high, although the path may be volatile [14].