Silver Precious Metals The three historical surges in silver prices were all followed by multi-year corrections. Seeing CME raise silver margin requirements for the second time in two weeks brings back memories of when CME intervened twice in history to crush silver bulls. Historically, silver has had two major rallies. The last peak was in 2011, and the one before that was in 1980. Both times, CME stepped in to intervene at the price peaks. Of course, silver demand is now stronger than before, with more applications in A1 chips, electric vehicles, and photovoltaics. Physical demand is robust, and China has restricted exports. The disconnect between paper silver (futures) and the physical silver market is also a reason for the price surge. However, the actions of the Chicago Mercantile Exchange should not be ignored. It’s important not to exaggerate too much. The more silver becomes a "strategic asset," the less likely governments will sit idly by as prices surge and industrial costs rise. Don’t get caught up in the FOMO at the peak. Slow down, observe more, and only enter the market when there’s structure and logic.