Silver prices have surged 25% over the past 10 days, driven by increased market volatility and China's impending export license system set to begin in 2026. The Shanghai physical premium over COMEX has reached record highs, while the London forward curve remains in deep backwardation. In response to these market dynamics, the CME has raised margin requirements for silver futures, highlighting near-term risks such as tax selling and a strong dollar. Despite these challenges, long-term support for silver remains robust, bolstered by tight supply, growing solar demand, and expanding Asian premiums. The market's fear and greed index reflects mixed signals as traders navigate short-term pressures against a backdrop of structural bullish trends.