Silver Futures

Morgan Stanley has raised its gold outlook, now seeing a path above $5,000 an ounce in 2027 after gold reached its prior fourth-quarter target of $4,450 faster than expected. Analyst Amy Gower wrote that the bank expects the Federal Reserve to hold rates steady through the remainder of 2026, with falling rate expectations, dollar weakness, and central-bank demand supporting the rally. Gold futures closed above $4,500 on Thursday, with August Comex gold rising 0.6% to $4,516.30 an ounce, while August silver futures climbed 3.5% to $68.026. Morgan Stanley said improving macro conditions are pulling more money into gold ETFs, and gold's resilience despite elevated long-term Treasury yields suggests investors are increasingly hedging against fiscal risks, heavy government debt, and potential currency devaluation. The bank cautioned that the path to $5,000 is unlikely to be straight, with a renewed inflation shock or stronger dollar posing risks.

Treasury Secretary Scott Bessent doubled the maximum size of liquidity-support buyback operations in the 10- to 20-year and 20- to 30-year sectors from $2 billion to at least $4 billion per operation, effective September 9 through November 4. The 30-year Treasury yield fell 8 to 10 basis points, gold rose as much as 4.3% to $4,525 an ounce, and silver climbed between 5% and 6.4% to near $68. Silver outpaced gold because industrial demand from solar panels and green tech gives it higher sensitivity when yields fall and risk-on conditions emerge. The additional buybacks through November amount to low-to-mid tens of billions of dollars, a rounding error against a Treasury market north of $28 trillion, and the rally is a narrative response to fiscal concern rather than monetary easing.

Silver price (XAG/USD) posts a fresh two-month high at $67.33 in the Asian trading session on Thursday. The move comes as the US doubles its bond buyback plan, boosting demand for the precious metal. Investors are watching whether the rally can extend further amid shifting monetary policy expectations.

Gold prices edged higher on Friday as concerns of an immediate U.S. interest rate hike eased following soft economic data, even as the U.S.-Iran standoff over the Strait of Hormuz fueled oil-linked inflation worries. Front Month Comex Gold for September delivery rose $22.20, or 0.51%, to $4,393.60 per troy ounce, while Front Month Comex Silver for September delivery inched up $0.132, or 0.20%, to $65.125 per troy ounce. The Middle East crisis continues with no rapprochement between the U.S. and Iran, and the Strait of Hormuz remains closed, virtually halting shipping traffic in the region. Two tankers owned by Abu Dhabi National Oil Company of the United Arab Emirates came under drone attack by Iran while transiting the strait, pushing oil prices higher and rattling global economies. Recent U.S. data showed non-farm payrolls fell by 23,000 in July versus expectations of an 80,000 increase, and retail sales fell 0.60% month-on-month in July, sharply missing forecasts for a 0.10% rise. According to the CME Group's FedWatch Tool, traders now see only a 32.60% chance of a 25-basis-point rate hike by the Federal Reserve at its September 15-16 meeting, down from above 50% last week.

CME Group will expand 24/7 trading to its 100-ounce silver futures contract starting September 11, 2026, pending regulatory review. The move follows the strong debut of round-the-clock trading for its 1-ounce gold futures, which saw over 53,000 contracts traded during the newly expanded weekend session since July 24, representing roughly $219 million in notional value. The 100-ounce silver futures, which began trading in February 2026, averaged 17,800 contracts daily in the first half of the year and are financially settled against the COMEX 5,000-ounce silver futures benchmark. CME Group also reported a record amount of silver futures traded in the first half, with a $50 billion average notional amount each day.

Gold prices edged higher on Monday, extending Friday's surge, as expectations of softer Federal Reserve policy following the latest nonfarm payrolls data provided support. Front Month Comex Gold for September delivery rose $17.50, or 0.40%, to $4,369.00 per troy ounce, while Front Month Comex Silver for September delivery soared $1.761, or 2.77%, to $65.260 per troy ounce. The U.S. economy unexpectedly lost 23,000 jobs in July, compared to forecasts of an 80,000 increase, and revisions showed employment was 103,000 lower than previously reported for May and June. Traders are now focused on the upcoming Consumer Price Index to gauge the likelihood of U.S. interest-rate hikes. Meanwhile, the U.S.-Iran conflict continues to impact crude oil prices as the Strait of Hormuz remains shut, with Iran insisting the U.S. must lift sanctions and end military attacks before any reopening.

The dollar tumbled and gold surged after the US July payroll report showed an unexpected decline in nonfarm payrolls and weaker-than-expected wage growth. The dollar index fell to a 7-week low, down 0.34%, as the report cut the probability of a Fed rate hike in September to 44% from 58%. Nonfarm payrolls unexpectedly fell by 23,000, the first decline in five months, while average hourly earnings rose just 0.1% month-over-month, below the 0.3% forecast. Gold rallied to a 7-week high, with October COMEX gold up $98.20, or 2.30%, and silver also surged, supported by the weaker dollar and news that China's central bank added 640,000 ounces to its gold reserves in July, the largest increase in more than two and a half years.

Canadian stocks are poised for a positive open on Friday, buoyed by strong domestic and U.S. employment figures and firm precious metals prices. Statistics Canada reported that employment rose by 75,100 jobs in July, while the unemployment rate edged down to 6.4% from 6.5%. In the U.S., non-farm payrolls unexpectedly fell by 23,000 jobs, but the unemployment rate dipped to 4.1% from 4.2%. Canadian Natural Resources posted second-quarter net income of C$4.503 billion, or C$2.15 per share, up from C$2.459 billion a year earlier, while Lundin Gold reported net income of $219.87 million, or $0.91 per share, compared with $196.73 million in the prior-year quarter. Gold futures surged $73.30 to $4,372.90 an ounce, and silver futures gained $2.749 to $64.355 an ounce, though oil prices slipped amid renewed Middle East tensions after Houthi attacks on Saudi Arabia.

President Trump signed an executive order establishing minimum import prices and a 15% tariff on a range of polysilicon products, including silicon wafers, photovoltaic cells, and solar modules, effective December 4. The measures are designed to support U.S. polysilicon producers against Chinese competition. Separately, Australian AI infrastructure company Firmus raised $2 billion in strategic equity financing from investors including Coatue, Nvidia, Blackstone-managed funds, and Jane Street to expand AI infrastructure across Australia and the Asia-Pacific region. In other news, institutional options activity in SpaceX has turned more constructive, with a shift toward put selling and risk-reversal strategies suggesting some investors see value after the stock's roughly 28% decline since June. Veteran chart analyst Peter Brandt said silver has broken out from a cup-and-handle pattern and could move much higher, though the timing remains uncertain.

Silver (XAG/USD) price surged more than 4% on Wednesday as the Greenback remained on the back foot due to softer-than-expected jobs data, though the fall was capped as business activity in the services sector continued to expand.

Global gold prices surged 2.4% to $4,175.53 per ounce, the highest level in one month, during Wednesday trading, supported by a weaker US dollar and falling oil prices. Spot gold rose for a third consecutive day, while US gold futures gained 2% to $4,235.30 per ounce. Investors are watching US employment data to assess the Federal Reserve's interest rate direction. Meanwhile, softer oil prices helped ease inflation concerns, leading the market to scale back expectations of a Fed rate hike at the September meeting. Other precious metals also advanced, with silver up 3.8% to $61.76 per ounce, platinum up 2.6% to $1,779.25 per ounce, and palladium up 2.6% to $1,389.15 per ounce.

The dollar index edged down 0.03% on Tuesday, pressured by a rally in equities and a more than 5% plunge in crude oil prices to a three-week low. Weaker-than-expected US economic data also weighed on the greenback, with June JOLTS job openings falling 178,000 to 7.359 million and June factory orders unexpectedly declining 0.3% month-over-month. The slide in oil prices lowered inflation expectations, fueling speculation that the Federal Reserve could ease monetary policy. In precious metals, October COMEX gold settled up $61.60, or 1.52%, and September silver surged $2.389, or 4.13%, to a one-week high, supported by lower Treasury yields and the drop in crude. The euro gained 0.19% against the dollar, while the yen weakened 0.39% but found some support from falling energy costs and comments by US Treasury Secretary Scott Bessent signaling continued joint intervention to support the Japanese currency.

Silver is undergoing a revaluation as a critical mineral for clean energy, electronics, and defense, with industrial demand outpacing mine supply since 2022. Three miners stand out for investors: First Majestic Silver, Hecla Mining, and Pan American Silver. First Majestic, a pure-play silver producer, reported second-quarter revenue of $415.5 million, up 57% year over year, and earnings per share of $0.22, double the prior year. Hecla Mining, the largest primary silver producer in the U.S. and Canada, posted first-quarter revenue of $411 million, up 100% year over year, and earnings per share of $0.25, up from $0.04. Pan American Silver, which doubled its scale after acquiring Yamana Gold's Latin American assets, reported first-quarter revenue of $1.2 billion, up 49.3% year over year, and earnings per share of $1.09, a 160% increase. All three companies maintain strong balance sheets with low debt-to-EBITDA ratios and offer dividend policies tied to silver prices or revenue, though their shares have fallen between 9% and 25% this year, presenting a potential value opportunity.

Endeavour Silver Corp. reported second-quarter 2026 sales of US$212.1 million and net income of US$66.5 million, swinging from a loss a year earlier and contributing to six-month revenue of US$421.8 million and net income of US$131.4 million. Record production from the Terronera and Kolpa mines, along with higher metal prices, boosted cash flow even as royalties, mining taxes, labor and supply costs, and a stronger Mexican peso pushed operating expenses higher. The results ease near-term liquidity concerns but highlight that rising costs and currency pressures remain key risks as the company executes at new and legacy mines. The core growth story now rests on Terronera and Kolpa sustaining higher production and cash generation, with Pitarrilla as a longer-dated option.

Texas Precious Metals remains bullish on gold and silver despite recent price weakness, viewing the current pullback as an opportunity for investors to accumulate positions. Chief Executive Tarek Saab told Investing.com that strong central bank buying and growing retail demand continue to underpin the market, with the long-term uptrend expected to remain intact over the next two to three years. Saab linked the surge in official-sector demand to geopolitical shifts following Russia's removal from the SWIFT system in 2022, which prompted broad-based central bank reserve diversification beyond China. On the retail side, he noted that precious metals ownership in the United States is only about 0.5% to 1% of the population, leaving significant room for adoption compared with markets like India and China. The company is also expanding its ETF business with a focus on U.S.-domiciled physical metal storage, as roughly 85% of metal backing ETFs is currently held overseas, primarily in London, and additional products are planned.

Buenaventura Mining reported second-quarter revenue rose 43% year over year to $529 million, while net income surged 165% to $261 million. Gold production increased 12% to 30,500 ounces, silver production rose 2% to 3.6 million ounces, and copper production grew 2% to 13,500 tons, supported by favorable metal prices and improved operations. The San Gabriel project produced its first 2,800 ounces of gold and began commercial sales, though tailings-filtration issues and low recoveries may require $20 million to $25 million in additional investment, with management targeting stable operations by mid-2027. Yumpag received approval to increase throughput to 1,200 tons per day, which could lift production by about 10% and reduce operating costs by 15% to 17% by year-end. The company also expects $350 million to $380 million in 2026 dividends from its Cerro Verde investment.

The dollar index tumbled to a six-week low, finishing down 0.99 percent, as the yen surged on signs of suspected intervention by Japanese authorities to prop up the currency. US economic data added to dollar weakness, with second-quarter GDP rising 1.5 percent annualized, below the 2.0 percent forecast, and the core PCE price index easing to 3.3 percent year-over-year in June, matching expectations. The euro rallied to a six-week high, supported by Eurozone GDP growth of 0.4 percent quarter-on-quarter and a five-month high in the economic confidence indicator. The yen soared 2.57 percent to a two-and-a-half-month high against the dollar, also boosted by a stronger-than-expected consumer confidence index and position squaring ahead of the Bank of Japan meeting. Gold and silver prices settled sharply higher, with August COMEX gold up 63.80 dollars and September silver up 0.928 dollars, as the weaker dollar and Middle East tensions lifted safe-haven demand.

Silver prices advanced for a second straight day, hitting a three-day high above $59.00 amid growing speculation of foreign exchange market intervention aimed at boosting the Yen and weakening the Greenback. The rebound has put the $60.00 level in focus as a potential near-term target.

Silver prices have moved back above the $58.00 level during early European trading on Wednesday, showing a moderate bullish tone after a two-day reversal. The advance comes as the US Dollar weakens, supporting the precious metal. The XAG/USD pair is currently trading above the $58.00 line.

Silver price (XAG/USD) trades 1.14% higher to near $57.80 during the Asian trading session on Wednesday. The white metal gains even as oil prices rebound strongly due to renewed conflicts between the United States and Iran.

Silver prices surged over 2% to near $60.00 during Asian trading on Monday. The rally came as a pause in military aggression between the United States and Iran sent oil prices sharply lower, boosting the white metal.

The dollar index edged down 0.04% on Wednesday as the euro and yen recovered. The euro firmed ahead of Thursday's ECB meeting, where rates are expected to stay unchanged, while the yen bounced slightly from a 39-year low on prospects of faster BOJ rate hikes. Dollar losses were capped by a 2% jump in WTI crude to a six-week high, which lifted inflation expectations, and by higher Treasury yields that widened rate differentials. Safe-haven demand also supported the dollar after Iran-backed Houthi rebels prepared attacks on Red Sea shipping and vowed a blockade on Saudi Arabia. Gold and silver rallied to two-week highs, with August COMEX gold up 1.85% and September silver up 2.01%, buoyed by the weaker dollar and Middle East tensions.

A new Silver Institute report finds the gold-to-silver ratio remains relevant in modern precious metals markets, with a long-run equilibrium of just under 60 to 1 based on data from January 1970 through May 2026. The study, produced by Precious Metals Insights, shows the price correlation between the two metals has strengthened over the past two decades as markets have become more financialized. The primary driver of the ratio is the ratio of above-ground bullion stocks, which works together with investment demand, and very high central bank gold purchases in recent years have likely pushed the ratio above its long-run equilibrium. Periods of extreme market disequilibrium serve as signals of major over- or undervaluation rather than a permanent structural break.

Silver prices advanced for a fourth straight session, trading around $59.70 per troy ounce during Asian hours on Wednesday. The rally persisted even as rising rate-hike expectations typically pressure non-yielding assets, with powerful market forces overriding the drag of higher interest rates.

The dollar index rose 0.06% as escalating US-Iran hostilities pushed crude oil prices higher, fueling inflation expectations that could prompt the Federal Reserve to tighten policy. The US and Iran exchanged strikes for a tenth consecutive day, with the US targeting military command centers, launch sites, and air defenses in Iran, while Iran attacked US military sites in Kuwait and Jordan. Higher Treasury yields also widened the dollar’s interest rate advantage, though a stock market rally limited gains by reducing liquidity demand. Swaps markets priced an 18% chance of a 25-basis-point rate hike at the July 28–29 FOMC meeting. The euro slipped 0.01% as the rise in crude to a five-week high weighed on the energy-importing Eurozone, but losses were capped after Germany’s ZEW economic expectations index jumped 15.8 points to a five-month high of 26.3, beating the 15.3 forecast. The yen tumbled to a fresh 39-year low against the dollar, pressured by higher crude prices, rising Treasury yields, and a 3% surge in the Nikkei that sapped safe-haven demand; intervention risk remains elevated with the yen firmly above 160 per dollar. Gold and silver rallied sharply, with August COMEX gold up $55.10 to a 1.37% gain and September silver up $2.228 to a 3.90% gain, as the US-Iran conflict and Houthi threats of a maritime blockade on Saudi Arabia boosted safe-haven buying, while silver also drew support from copper’s rise to a one-month high after Shanghai inventories fell to a 10.5-month low.

Gold prices advanced on Tuesday, remaining comfortably above the key $4,000-an-ounce threshold as markets evaluated renewed diplomatic efforts between the United States and Iran and their potential impact on energy prices, inflation and Federal Reserve policy. Spot gold climbed 1% to $4,049.47 an ounce, while gold futures also rose 1% to $4,054.35. Silver gained 2.6% to $57.87 an ounce and platinum added nearly 1% to $1,611.09. Investors are now looking ahead to next week's Federal Reserve meeting, where policymakers are widely expected to leave interest rates unchanged, with markets currently assigning a 64% probability to a September interest rate increase. Afdhal Rahman, Executive Director of Wealth Advisory at OCBC, noted that renewed tensions in the Gulf could keep oil prices, inflation expectations and the U.S. dollar volatile in the near term, leaving gold under pressure until expectations for tighter monetary policy begin to ease, although sustained central bank buying should continue to provide longer-term support.