Silver has recently become highly volatile, presenting a fascinating case study for retail traders. After an unprecedented surge from June 2025 through late January 2026, where the metal gained over 200% and reached an all-time high of $120 per ounce, the narrative abruptly shifted. In this market commentary, Jim Iuorio of TJM Institutional Services breaks down the fundamental forces driving silver's massive price swings and what traders should be watching next.