Silver is consolidating near $75 an ounce, around 35% below its January record of $121.64, after a powerful rally gave way to a spring correction.
Correction as setup
Analysts note the pullback has reset positioning after silver's record-setting surge. Despite the lower price, the market is running a sixth consecutive annual supply deficit, a structural tailwind for the metal.
Dual demand
Silver benefits from both investment demand as a hedge and industrial use in electronics and solar. With supply tight and structural drivers intact, many analysts see the correction as a base rather than a top.
Sources: GoldSilver, Kavout.