Silver

Key insight

66.35 consolidates in a tight range after a multi-month advance; break above 68.50 resistance opens 72.00. Gold at 4,363 and equities near all-time highs keep dual-demand intact for silver.

66.35 holds above the 65.00 breakout shelf — gold/silver ratio still favours silver outperformance; industrial demand underpins the floor while gold at 4,363 anchors precious-metal bid.

Main risk

USD rebound / real-yield spike

USD/JPY at 156.9 signals dollar resilience; a real-yield lift above 2.5% on 10yr TIPS would pressure silver back toward 62.00 support.