Not exactly true... SLV certainly has some influence on the price of silver, as do options on SLV and other equities. The Futures market is the main tail wagging the dog but that is co-dependant on supply and demand as well in the physical market. Then you have the technical aspect being the monthly chart of silver, which is a SCREAMING buy by any metric. The wild card is the global social media impact first triggered by WSBets. The world saw the power of unified but decentralized buying pressure resulting in a stunning redistribution of wealth. The genie is out of the bottle now and won't go back.
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