Welcome back to GoldBank Insider, the UK news-led precious metals podcast. Today we are unpacking a sharp move in silver: a big rally, a sudden pullback, and why volatility is now the main story.

What happened

Silver surged to fresh records, briefly trading above $117 an ounce, then dropped hard in the next session, finishing around $105.52, down roughly 8% on the day. The backdrop is still bullish on paper: silver has been up strongly since the start of January and has massively outperformed gold over the last 12 months. But the speed of the rally has brought a familiar problem: silver can move fast both ways.

Why this is happening

Safe-haven demand is still driving flows

Geopolitics and macro uncertainty have kept precious metals in focus, with gold and silver elevated around record territory.

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