Silver prices have risen sharply since mid-2025, with the advance turning parabolic this year. Based on this chart, the current price is now sitting two standard deviations above its long-term trend since 1970.

This does not mean silver prices must fall immediately--it is in a major bull market because silver is benefiting from gold-like monetary demand, copper-like industrial demand and speculative demand from rising ETF inflowsa rare and potent combination.

However, history suggests that a two-sigma overshoot typically heralds a sharp shakeout soon. Caution is warranted, in my view.