Last month’s report was taken with a pinch of salt given the shutdown related issues, but today’s report confirmed the easing seen in the prior month.
Silver continues to benefit from strong tailwinds like geopolitical tensions, Fed rate cuts bets and renewed attacks on the Fed independence. In fact, just yesterday silver jumped to new all-time highs after the news of the US Department of Justice subpoenaing the Federal Reserve in a move seen as a pretext to give Trump a reason to fire Fed Chair Powell “for cause” in case he’s indicted.
On the daily chart above, we can see how yesterday’s breakout opened the door for much higher prices as we got out of a consolidation. It remains a buy-on-dips market given the lack of bearish catalysts.
Tomorrow, we have a potential US Supreme Court decision on Trump’s tariffs and that could pose a risk for the upside in case tariffs are struck down
