Silver

Key insight

68.15 holds as a pause, not a reversal — $69.34 Monday high is near-term resistance; break above $70 opens a run toward the Aug swing high at $71.50.

Pullback to $68.15 after 17% monthly gain keeps structural uptrend intact; Treasury bond buyback expansion and tight COMEX inventories remain the primary bid.

Main risk

Gold/Silver ratio compression reversal

Gold dropped 1.0% today to $4,610; if gold accelerates lower, silver's industrial beta amplifies the downside below $65 support.