Silver Steadies Near November Lows as Cheaper Crude Eases the Pressure
Published on 10/26/2026 at 12:31 | Editorial boerse-global.de
Silver is finding its footing after last week's heavy selling, with a pullback in crude oil offering the metal some breathing room. The relief comes as the COMEX front-month contract, which settled at 53.96 USD per troy ounce on Friday — the lowest close since November 2025, according to Dow Jones — hovers near that level. Reuters attributes part of the support for precious metals to the retreat in energy prices, though it stops well short of signalling any real thaw in inflation or rate worries.
Oil Cuts Both Ways
Friday's slump had a clear catalyst: rising oil prices sharpened fears of persistent inflation and a longer stretch of elevated US borrowing costs, and silver bore the brunt of the resulting selling. Thursday's media reports pointing to Houthi attacks in Saudi Arabia, along with potential risks to supply, had fed that anxiety. Whether Monday's softer crude proves durable is now the question traders are weighing — if energy prices resume their climb, the inflation-and-rate narrative that hurt silver last week could return to the fore.
The Fed and the Data That Follows
Monetary policy remains the dominant near-term variable. The Federal Open Market Committee meets on 27–28 October, with the rate decision expected on 28 October. Beyond the verdict itself, the market will parse every hint about the future policy path. And the week doesn't end there: PCE inflation data land on 29 October, giving investors a second major input for rate expectations — and, by extension, for silver.
Speculators Trim Their Bets
Positioning data point to a more cautious mood. Friday's COT report showed managed money holding a net long of 3,505 silver contracts, down from 5,619 the prior week. Gross short positions, meanwhile, climbed to 12,675 contracts, according to one analysis. So the bullish overhang shrank even as bearish bets grew — a combination that fits the nervous tone ahead of the Fed, though it hardly amounts to a reliable forecast of the next price move.
Should investors sell immediately? Or is it worth buying Silber Preis?
A Quiet Chinese Spot Market
Buyers and sellers at China's silver spot market are holding back ahead of the US rate decision, with media reports citing higher oil prices and rising rate expectations as a drag on business. Demand for safe havens also faded following remarks by US President Donald Trump, according to those reports. The rebound Reuters flagged at the start of the week thus runs into a difficult backdrop rather than a cleared path.
UBS Sticks With Its Bull Case
Against that cautious short-term picture, UBS Global Wealth Management is looking further out. The bank points to demand from AI infrastructure and structural supply bottlenecks as grounds for a recovery, even after the market's recent battering. Media reports on Saturday said UBS expects silver at 70 USD per ounce by December 2026, rising to 75 USD by mid-2027 and 80 USD by September 2027.
That optimism isn't universal across the demand picture. Expectations for industrial processing are weaker, and the demand arguments don't carry equal weight in every end-use. High prices also encourage substitution and thrifting, particularly in photovoltaics — so additional AI-driven demand shouldn't be mistaken for a uniformly rising industrial base.
Silber Preis at a turning point? This analysis reveals what investors need to know now.
For now, the stabilisation rests on fading pressure from the oil market. A more durable recovery would need rate expectations and demand prospects to cooperate as well. The gap between long-term growth areas and savings in established applications is precisely what limits how much weight the bullish price targets can bear.
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