Silver futures rally as supply deficit balances weak industrial demand. - CME Group
Silver futures rally as supply deficit balances weak industrial demand. - CME Group
Source: CME Group
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DW NOTE
Silver has a supply deficit story and a demand collapse story running simultaneously. The deficit is structural — mine output cannot cover industrial and investment demand. But industrial offtake is falling because manufacturing activity is contracting under Fed tightening. The rally reflects which variable traders believe dominates. If they are wrong, silver is 49.6% below its 2026 high for a reason.