The trading friction on silver positions has been climbing lately, making entries more expensive than before. Yet some analysts aren't backing down on their bullish thesis—$100 per ounce could still be in play. The mechanics behind this move are worth examining. Rising premiums and spreads mean retail traders are eating more slippage on entry and exit. Still, the fundamental case for silver—industrial demand, inflation hedging, monetary shifts—remains intact. So here's the real question: are higher trading costs enough to derail the rally, or is this just noise in a bigger uptrend? The market's action over the next few weeks should tell us plenty.