Silver's big bull predictions are being questioned as the metal falls back from its highs, which is bad news for retail buyers who piled in late.

• Michael Oliver has called for silver at $300–$500 and gold near $8,500, but silver has already dropped sharply from its peak near $120.
• Small investors drove the run-up with borrowed excitement and paper trades, and many who went all-in have been badly hurt.
• The money available to chase metals is shrinking — stocks are at record highs but ordinary people are running short on cash.
• BlackRock is telling clients to move out of stocks and into treasuries, its first such call in six years.
• If stocks start dropping, gold, silver and crypto will likely get dragged down with them for a while.

Outlook: Expect more weakness in metals if stocks turn, with cash on the sidelines being the stronger position near term.