With silver hitting decade-highs since 2012: ◼ Short-term: Position squaring by longs has intensified bull-bear battles, raising correction risks ◼ Medium-term: Structural support remains from:Tight physical supply (global inventory drawdowns)  and  ustained industrial demand (8%+ annual PV sector growth)

Since the beginning of this year, silver prices have surged by over 30%, outperforming gold, as investors have sought to expand their exposure to safe-haven assets amid the backdrop of the global trade war.