In just the last 30 days, retail traders have shoved over $920 million into silver-linked ETFs. That’s the biggest ever. The two big names getting all the action are iShares Silver Trust (SLV) and ProShares Ultra Silver (AGQ). Every single day, more retail cash piles in. SLV has now had 169 straight sessions of inflows. Ashwin Bhakre from VandaTrack, the firm tracking all this madness, called it “unprecedented.”On Wednesday, SLV recorded its second-highest day of net buying ever. Trump backs off tariffs as silver hits all-time high Silver surged by over 20% in four days, hitting another record high of $94 on Wednesday before crashing 7.3% on Thursday as some people took profits. The rally came while everyone waited on President Donald Trump to decide whether to hit critical minerals like silver and platinum with new tariffs. Instead, Trump said no to sweeping tariffs. He’s going for one-on-one talks with countries and might push price floors instead. That announcement came after months of security reviews over mineral imports. Just the fear of tariffs had already locked up supply. Warehouses in the U.S. have been holding more silver, waiting. That started a massive short squeeze last year, and it’s still messing with supply in 2026. Last year, silver crushed gold, jumping nearly 150%. People moved out of gold when it got too pricey and looked at silver instead. At the same time, demand from the solar industry helped push prices even higher. And then traders in China went wild and added more fuel to the fire. Ashwin said silver has more momentum now than gold and crypto combined. He also pointed out that inflows this year are already more than twice the three-month average. “This isn’t just a meme-stock spike. We are witnessing a structural accumulation.” Christopher Wong from Oversea-Chinese Banking Group said the outlook is still strong in the medium term. He pointed to tight supply, steady industrial demand, and people still buying gold. But he did throw in a warning. “The velocity of recent moves warrants some near-term caution.” This week, it wasn’t just silver. A wave of money hit commodities across the board. Tin, copper, and gold all hit record levels . The Trump administration, ramping up pressure on the Federal Reserve, played a part. So did chaos overseas. The U.S. grabbed Venezuela’s leader, talked about seizing Greenland again, and things are heating up around Iran. All that chaos? It’s only pushing more people toward silver. If you're reading this, you’re already ahead. Stay there with our newsletter .