I am asking why the next expiry in Silver futures is so much higher than it seems to me than in the past, is it simply because rates are higher?

Eoin Treacy's view

Thank you for this question. You are correct the spread between the 1st and 2nd month contracts is wider than at any point since the 2020 panic of 2007. Interest rates do tend to affect the cost of margin which is reflected in the contango. Volatility and the extent of hedging activity are additional considerations.