Silver Less Than $1 Away From Erasing Past Year’s Gains

The striking part is how quickly the narrative has flipped: a metal that spent the past year as a momentum trade is now one dollar from a flat 12-month return, which matters more for positioning psychology than for any single price level. This affects holders who treated silver's run as durable rather than cyclical, and it sits awkwardly against the broader hard-asset bid that has supported the crypto-RWA conversation. Whether the remaining cushion holds or breaks is the open question, and how the metal behaves around that threshold is worth watching as a read on conviction in the wider hard-asset trade.