Retail investors are piling into the silver market: The largest physical-backed silver ETF's, SLV, holdings are up to 16,390 tonnes, the highest since July 2022. Total silver held by the fund has risen +3,000 tonnes since February. By comparison, the February 2021 peak was 20,819 tonnes, during a period of extreme retail interest in silver ETFs fueled by WallStreetBets. Overall, total known ETF holdings of silver stand at 24,551 tonnes, the highest since June 2022, after rising +4,933 tonnes since February. Retail demand for silver is accelerating.(The Kobeissi Letter)