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Silver is reaching levels not seen since 2013. What is driving the price?

Spicy Silver

SLV breaks to decade-highs on a weekly basis. Call skew is exploding, and call spreads are being bought en masse. Demand from AI, catch-up to gold, and a gamma impulse — this could get wild.


The Breakout

SLV (Silver ETF) closed at its highest level since 2013 during yesterday’s squeeze. The long-term trend channel remains intact.

SLV chart

Zoom-In

SLV is sitting just above a “magic” resistance level. A close even slightly higher could trigger a very dynamic move upward.

SLV resistance breakout

Catch-Up Trade?

Even a partial narrowing of the gap with gold could turn into a powerful catch-up trade for silver.

Silver vs Gold chart

A Touch of AI

Silver is essential for running AI hardware. The chart shows SLV and NVDA moving in close correlation.

SLV-NVDA correlation

Chasing Highs

Upside skew on SLV is heavily bid — trading far above the 90/10% cone.
Will we see a gamma-triggered squeeze leading to a massive breakout?

SLV skew

Express It with Options

The high skew makes SLV call spreads highly attractive. Below: a July 33/38 call spread chart with potential for around 7x max return.

SLV call spread 33/38 for July

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