At the same time, the inflation threat continues to grow, which means real rates will remain in low to negative territory.
Reason: It has the luxury of acting like a safe-haven asset on some occasions, and acting like a risk-off industrial metal on other occasions, with nobody able to predict which personality the metal will exhibit at any given time.
It will take a price move in nearby silver futures back above major psychological resistance at $25.00 to get the bulls charged up, from a longer-term technical basis.
Importantly, however, there is one major fundamental element that has come into play and will likely continue to be in place for at least the next year: continued rising and even problematic price inflation around the globe.