Beginner's Guide · Read the direction behind the numbers
What Moves Silver
Silver is both a precious metal and an industrial one — about half its demand is industrial. It follows gold, but adds a layer of the economic cycle.
Bullish · Latest move favorableBearish · Latest move unfavorableTwo-way · Depends on context (see card)
Card colour reflects whether the latest move helps or hurts this asset · ↻ Tap a card for its definition & impact · ⓘ Hover for a quick note
Silver is both a precious metal and an industrial one — about half its demand is industrial. It follows gold, but adds a layer of the economic cycle.
Silver = precious metal + industrial metal. Almost everything that moves gold (rates, the dollar, safe-haven flows) applies to silver too, but silver adds a layer of industrial demand and usually swings more sharply than gold.
— Factors Shared with Gold
Real Interest Rate
Current
2.55%
Also weighs on silver
Prev. 2.46% · +0.09pp
As of Sep 10
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Real Interest Rate
Silver is also a non-yielding precious metal; rising real rates raise its holding cost too.
Broad Dollar Index
Current
118.07
Inverse relationship
Prev. 118.13 · −0.05
As of Sep 4
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Broad Dollar Index
Silver is priced in dollars; a stronger dollar likewise dampens silver demand.
Safe-Haven Demand
Current
Risk elevated
Follows goldSample
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Safe-Haven Demand
Silver has some safe-haven appeal, but its industrial side makes it less pure than gold in risk-off episodes.
▲Risk up → bullish
▼Calm → bearish
— Silver-Specific Dimensions
Industrial Demand
Current
≈ 50% of demand
Solar · electronics · EVsSample
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Industrial Demand
In a strong economy industrial demand adds support; in a recession it becomes a drag. This is the key difference from gold.
▲Industrial boom → extra bullish for silver
▼Recession → industrial demand drags
Supply Deficit
Current
Persistent deficit
Industrial use > outputSample
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Supply Deficit
When industrial use persistently exceeds output and recycling, the structural shortage provides long-term support for silver.
▲Widening deficit → bullish
▼Surplus → bearish