High global demand and the Federal Reserve cutting interest rates ensures the outlook for Silver has never been brighter, according to TD Securities. 

Their Advanced CTA Position Tracker suggests the timing for a bull market may be delayed, however. 

If prices can rally north of $27.50 Silver could be made

“Silver could just be the most exciting trade of the energy transition that no one is talking about. The current pace of demand growth is set to completely deplete our estimates of the LBMA's 'free floating' inventories over the next two years, with a Fed cutting cycle potentially shrinking this timespan to less than twelve months.” 

“This creates a significant liquidity risk that could dramatically fatten silver's right tail. This thesis has little to do with recent price action, and in fact our advanced positioning analytics suggest the timing for silver upsides isn't great. We expect CTA selling activity to weigh on silver markets unless prices can rally north of $27.50/oz in active silver.”