Questions whether silver is about to peak, noting financial news calls it a crowded trade but open interest/ETF flows are below record highs.

Emphasizes the need for unbiased, objective strategies that work in both directions, using examples of equity market turns (March 2025 bearish, May bullish) and government shutdown patterns.

States the current signal for silver and many metals remains bullish, but notes consolidation after recent highs and specific support/resistance levels.

Highlights regulatory and fundamental headwinds for silver: CME margin increases (scaling with price), Shanghai exchange cutting intraday position limits (3 lots from ~7,000), China clamping down on mining stock HFT.

Notes industrial demand pressure: soaring silver prices squeeze solar panel makers (silver now 29% of panel cost vs. 3.4% in 2023), accelerating substitution to copper, likely reducing silver consumption ~17%.

Describes trend-following framework: bullish ? neutral ? recalculate ? bullish or bearish. For gold, neutral level is $4418; for silver, trend support is $80.36.

Reports precious metals flows: buying gold/palladium, selling silver/platinum. Silver ETF holdings down 0.3%, cutting 2M ounces in last session, down 1.3% YTD.

Updates on broader markets: S&P 500 earnings strong (89% beat), $12B equity inflows (largest since tariff tantrum), dollar weaker, 10-year yield 4.17%, VIX 16.40, Bitcoin consolidating at $95k, European/Asian stocks at record highs.