ETFs tracking Silver prices retraced by -1,63% yesterday as they registered -$135,78M outflows. This consolidation comes after a rally of +18,60% over the past thirty days which saw inflows of +$847,23M. On top of strong industrial demand from businesses reopening, the silver price surge, like other precious metals, has been driven by the low interest rates environment maintained in the context of the global pandemic. Investors seem not to apprehend this retracement as a trend reversal but rather as a needed consolidation. Silver ETFs saw record inflows of +$5,7Bn this year as their performance skyrocketed to +49,84% YTD after tumbling as low as -34,15% in mid-march. 27 funds tracking 9 indices are part of the segment for a total of $22,79Bn of assets under management.