Silver is the new hot trade among retail investors. Individual investors have made the metal the most-crowded commodity trade in the market, according to market data firm VandaTrack. Inflows into the precious metal have hit a record, the firm's data shows. Over the last 30 days, small traders have poured more than $920 million on a net basis into silver-related ETFs including the iShares Silver Trust (SLV) and ProShares Ultra Silver (AGQ) — the highest amount in history. The SLV fund has seen 169 straight sessions of positive inflows, which Vanda's Ashwin Bhakre described as "unprecedented." The fund on Wednesday saw its second-highest net buying day on record. "Retail is no longer just 'dipping in,'" Bhakre wrote in a note. "They are fundamentally re-allocating." Retail's buy-in comes as silver has extended its monster surge to record highs with investors increasing exposure to precious metals. But retail traders have shown a willingness to stay with trades into downturns, meaning there could be buying support even in a decline. @SI.1 1Y mountain Silver, 1-year Silver has seen more than two-times its three-month average inflows, Bhakre said. The metal has surpassed what was seen during the 2021 "silver surge," when retail investors flooded the trade. Plus, he said it's seeing stronger momentum and flow acceleration than gold and crypto. "This isn't just a meme-stock spike," Bhakre said. "We are witnessing a structural accumulation."
