First published by Money Metals Exchange here: https://www.moneymetals.com/news/2022/09/19/silver-shows-impressive-relative-strength-002595

Over the past few weeks, we have noted positive divergences in silver futures positioning. The "smart money" commercial traders increased their long positions as silver prices hit new lows for the year to start the month. Since then, the silver market has managed to rally up to as high as $20/oz even as stocks, bonds, and most commodities have drifted lower. We are also seeing relative strength in silver versus gold prices.