Precious metals traders just witnessed a significant shift. Money managers have drastically cut their bullish positions on silver—hitting levels not seen since early 2023. What triggered this move? The White House's recent decision to hold off on imposing import tariffs on critical minerals, including silver, reshaped market expectations overnight.

This policy hold comes as a relief to commodity markets that had braced for potential supply chain disruptions. Silver, traditionally viewed as both an industrial metal and inflation hedge, typically responds sharply to tariff announcements and trade policy shifts. The absence of new tariff barriers signals a more trade-friendly stance, at least for now.

For investors tracking macro trends, this represents a pivot point. When money managers unwind bullish bets en masse, it often reflects reassessment of supply risks and near-term price catalysts. The question now: does this mark capitulation before a recovery, or sustained downward pressure? Either way, critical minerals markets are recalibrating to a less protectionist policy environment.