Silver

Key insight

$66.25 sits above the 50-day MA near $63.80 and key Fib 61.8% at $62.50; a daily close above $67.50 prior swing high opens a run toward $70.00. Ratio compression vs gold is the asymmetric bull case.

Holds $66.25 with gold at $4,428 keeping the gold/silver ratio elevated above 66x — historical mean reversion favours silver outperformance as industrial demand and Fed pivot expectations underpin.

Main risk

USD strength / Treasury yield spike

USD/JPY at 159.8 signals lingering dollar demand; a yield spike through 4.60% on 10yr Treasuries could flush silver below $63.80 support.