Silver's 3.1% Advance and the Supply Through-Line Across Metals
Silver did the week's loudest work in metals, and it was not a speculative pop. December silver futures climbed 3.1% from Monday's $64.14 close to a $66.10 settle on Thursday, while gold shook off the Federal Reserve's first rate hike since 2023 to hold near $4,400, and copper held near record-adjacent levels on tariff-fuelled flows. Strip away the individual storylines and one thread runs through all three: this is a supply story, not a demand story. Central banks keep absorbing gold, silver output is capped by its byproduct economics, and copper supply is shrinking even as tariff trades distort physical flows. The Fed moved against those metals on September 16, yet the price action says th…
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