The silver price in US dollars (XAG/USD) traded at 77.501360, up 1.07%, stabilising after a steep correction that saw the metal fall nearly 9% on May 15.

Silver has endured extreme volatility this month, sliding from recent highs above 87 even though the broader 12-month trend remains strongly positive.

RBC’s market review showed silver fell 5.4% to $75.99/oz in the week to May 15, while physical silver ETFs still recorded inflows of 4 million ounces.

That combination points to a market where speculative momentum has cooled, but investor demand has not disappeared.

RBC analysts also noted that net long silver positioning increased by 3,000 contracts to 27,000, suggesting parts of the market were still adding exposure despite the price fall.

The wider macro backdrop remains difficult for precious metals.

US Treasury yields rose sharply, the Dollar strengthened, and inflation expectations moved higher after stronger US price data.

These forces tend to hurt silver because the metal carries no yield and is highly sensitive to shifts in real rates.

The correction also follows an exceptional rally.

The price of silver remains up more than 130% over one year, far outpacing the price of gold.

That leaves the market vulnerable to sharp position unwinds when the US Dollar rises or bond yields jump.

For now, silver’s outlook remains split between strong structural performance and fragile short-term momentum.

A sustained break back above 80 would suggest buyers are returning, while failure to recover that level could keep the focus on deeper consolidation after the recent speculative surge.