The downside marker remains $60.80, with a pivot at $60.52 acting as the point where sellers could finally get traction if they ever show up.
At 13:00 GMT, XAGUSD is trading $63.97, up $2.06 or +3.32%.
Industrial Demand Still Driving the Bus
The tone today feels almost inevitable given the fundamentals. Industrial pull is still the heartbeat of this rally. Solar alone keeps tightening the market, and with installations running hot into year-end, silver’s conductivity advantage keeps it irreplaceable.
Add in electronics and EV builds, and the market doesn’t need much speculative froth — real demand is doing the heavy lifting. Supply hasn’t caught up. Mines are lagging, grades are slipping, and with silver mostly produced as a byproduct, production can’t simply be dialed higher. That imbalance is pushing traders to stay long even after big runs.
Monetary Tailwinds Haven’t Let Up
The softer-dollar, softer-yield backdrop hasn’t hurt either, boosted in part by gold’s steady grind higher in recent sessions. Gold isn’t the story today — but its momentum reinforces the broader bid for precious metals, keeping silver buyers confident. The dollar sitting near multi-month lows and Treasury yields easing again are giving non-yielding assets plenty of room to run.
Investment appetite is still firm, with ETF interest and physical demand staying sticky. The gold-silver ratio argument is back in traders’ heads too — silver still looks cheap relative to gold, and that value angle is feeding today’s chase.
