Silver

Key insight

64.31 trades in open air above all prior cycle peaks — next structural reference is 70.00 round number. Gold/silver ratio near 67x still favours silver catch-up; USD/JPY -1.0% today signals dollar softness that historically lifts XAG.

64.31 extends a multi-month breakout above the 2011 all-time high at ~$49, with gold at 4,290 keeping the gold/silver ratio compressed and industrial demand adding a second engine.

Main risk

USD/JPY reversal — yen carry unwind

USD/JPY -1.0% today accelerates yen carry unwind; a sharp reversal above 160 could trigger XAG liquidation toward 60.00 support.