Silver's impressive six-month run tells an interesting story when you dig into the flows. The ETF inflows have been the main fuel driving this rally higher—pretty straightforward cause and effect. But here's where it gets tricky: those inflows have been drying up lately, and that's exactly what we're seeing play out in the price action today. The pullback makes sense now. What caught my attention though is that even sitting near all-time highs, the silver ETF picture is starting to look thinner on demand. When the money stops flowing in, even strength needs to take a breather.