This is a truly historic rally for silver.

Here's why...

Silver is currently trading +135% above its 200-day SMA.

This is silver's percent distance above its 200-day SMA at every major local peak in silver's price action:

• April 2004: +45% above 200 SMA (then fell -36%)

• April 2006: +69% above 200 SMA (then fell -38%)

• March 2008: +46% above 200 SMA (then fell -61%)

• April 2011: +75% above 200 SMA (then fell -73%)

• August 2020: +66% above 200 SMA (then fell -42%)

Quite literally, we've never seen anything like this.

At current prices, silver futures would need to fall -57.5% to retest their 200-day SMA.

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