Silver

Key insight

Silver has shed roughly 49% from its January 2026 peak of $115.15 but is now attempting to base at multi-month lows near $55–58, with the gold/silver ratio at historically stretched levels that historically presage sharp silver outperformance.

Silver is holding above the psychologically critical $58.00 round number and the 50-day MA near $56.50, with institutional targets from BlackRock and J.P. Morgan pointing to $80+ by year-end despite elevated geopolitical risk premium.

Main risk

Fed rate hike re-pricing on U.S.-Iran war escalation

An extended U.S.-Iran conflict in the Middle East raises the probability of higher-for-longer U.S. rates, directly increasing the opportunity cost of holding non-yielding silver below $58.