I noticed there was some water outside of our glass shower after we'd use it. I thought it was the caulk causing a leak, so I re-caulked it about a week ago.

Now, however, I'm noticing there are little bubbles forming in the caulk on the exterior side after using the shower. I'm able to pop these bubbles and water comes out.

I'm wondering if the issue could be the seal between the glass and metal frame? Any other thoughts of what could be causing this or how to address it? Pictures here, for more context.