Silver

Key insight

Silver has shed nearly 50% from its January 2026 all-time high of $115.15 and is now retesting critical multi-month support near $55–56, while oil spiking to $90+ on Red Sea escalation paradoxically pressures silver by raising rate-hike fears rather than boosting safe-haven demand.

Silver has crashed -4.5% today to $57.21, breaking back below the key $58.00 round-number support and the July trading range floor, as surging oil prices fuel higher-for-longer Fed rate expectations ahead of next week's FOMC meeting.

Main risk

Fed Higher-for-Longer Rate Pivot Risk at July 30 FOMC

If the Fed signals rates stay elevated beyond 2026 in response to oil-driven inflation from the Houthi Red Sea attacks, silver — a zero-yield asset — faces additional selling pressure toward the $52–53 support zone.