Analysis: The current silver rally may be driven primarily by speculative activity, carrying a high risk of a sharp pullback.

BlockBeats News, January 27th, the strong rally in silver on Monday propelled the iShares Silver Trust's trading volume to nearly $40 billion, on par with the S&P 500 ETF and surpassing Nvidia and Tesla.

Since 2025, the price of silver has more than doubled, with a nearly 60% gain this month, marking the largest monthly increase since 1979. Gold and mining stocks have also risen in sync, but the lack of liquidity indicates that speculative activity is the primary driver of this rally, increasing the risk of a sharp price reversal.