Silver prices have surged notably, with the Silver ETF ($SLV) reaching $37 per ounce for the first time since February 2012. This rally has been accompanied by record call option volumes on $SLV, hitting nearly $2.8 billion in notional value, the largest in history. Last week, $SLV recorded inflows of approximately $460 million, its biggest weekly inflow in over a year. Traders have shown strong interest in August $38 calls, with substantial activity including over 21,000 contracts and a large purchase of 50,000 August $40/$47 call spreads. Silver has rallied 27% year-to-date, making it the top-performing major asset of 2025. Meanwhile, platinum prices have also experienced a sharp increase, reaching their highest levels in more than four years and rising about 30% in recent weeks. The platinum rally is characterized by ongoing strong demand and supply risks, with a suggested long-term price floor of $940 per ounce. Platinum continues to rise, with recent daily gains of 4% to 4.5%. Among top-performing ETFs year-to-date, silver miners ($SIL) have gained 54%, ranking third behind junior gold miners and global defense technology ETFs.