Silver

Key insight

$66.50 reclaims key Aug swing low zone — hold above $65.00 (50-day MA) confirms dip-buy; next test is $68.63 Aug 26 high. Rate-hike risk from Fed Chair Warsh's Jackson Hole signal is the ceiling.

Bounces +1.79% to $66.50 from Tuesday's $65.37 low as gold surges +2.2% to $4,485; gold/silver ratio compression and USD/JPY -1.9% lift metals across the board.

Main risk

Fed rate hike — Sep FOMC

Warsh flagged more 'work to do' at Jackson Hole; Sep hike would spike real yields and crush non-yielding silver below $63.00 support.