Keith Neumeyer dropped an interesting take on why the current silver rally feels fundamentally different from past cycles.

Here's the contrast: Back in 2011, the move was largely paper-driven — think short covering and speculative positioning in futures markets. The dynamics were heavily influenced by leverage and derivatives rather than actual physical demand.

What makes this one stand out? The underlying forces seem to be shifting. We're seeing different market mechanics at play, possibly tied to industrial demand shifts, supply constraints, or evolving monetary conditions that weren't as prominent over a decade ago.

For anyone tracking precious metals as part of their broader portfolio strategy, understanding these structural differences matters. The '11 playbook might not map cleanly onto what's unfolding now.