Precious Metal Divide: Silver Draws Institutional Capital While Gold Sheds Over $1 Billion in a Week
Veröffentlicht: 07.07.2026 um 13:26 Uhr, Redaktion boerse-global.de
Silver slipped more than 1% in recent trading, pressured by a firmer dollar, yet the world’s largest silver-backed exchange-traded fund recorded net inflows of $14.14 million as bullion holdings edged up by 4.22 metric tons to 14,922.22 tons. The contrast with gold could hardly be starker: the SPDR Gold Shares (GLD) saw an exodus of $1.03 billion over the past week, with inventories falling to 1,005.36 tons. That divergence signals that some institutional players are selectively adding exposure to silver even as broader risk appetite for gold wanes.
The current pullback in silver, which took the spot price below $62 an ounce, is linked to dollar strength that makes the metal more expensive for non-U.S. buyers. Yet losses have been contained by a string of disappointing U.S. labor market data. Figures released last week showed a marked slowdown in job growth for June, while April and May readings were revised lower. That has tempered expectations for a rate hike from the Federal Reserve, a development that typically supports non-yielding assets like silver.
Markets are now looking to the release of the Fed’s meeting minutes on Wednesday. Pricing currently implies a better-than-50% probability of a September rate increase, but the tone of the minutes could shift those odds. Fed Chairman Kevin Warsh recently noted that inflation expectations are softening while reaffirming the central bank’s commitment to price stability. A softer dollar—on track for its biggest weekly decline since April—has provided additional tailwinds for precious metals.
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The oil market also indirectly influences the silver trade. Crude prices eased as energy flows through the Strait of Hormuz recovered and as the prospect of higher OPEC+ supply fueled oversupply fears. Lower oil prices reduce headline inflation pressure, which in turn lessens the urgency for aggressive Fed tightening and eases a headwind for gold and silver.
A notable shift has occurred in the positioning of large speculators. Managed money accounts increased their net long silver positions by 2,403 contracts in recent weeks, rebuilding exposure even before the latest price bounce. This institutional accumulation underscores a tactical bet on silver’s safe-haven appeal amid geopolitical uncertainty surrounding U.S.-Iran tensions and shaky employment data.
Technically, the market found support after silver futures reclaimed the Weekly VC PMI Mean Price at $60.71 per ounce, a level that had acted as resistance for weeks during the correction from January’s highs. That foothold has helped stabilize the metal and keep the door open for further gains.
For the near term, the $62 mark is critical. If silver can hold above that level, the recent uptrend remains intact. A decisive break lower would likely accelerate the consolidation phase that has characterized trade over the past week. Wednesday’s Fed minutes will be the next major catalyst, with the dollar’s reaction and the staying power of institutional buying set to determine whether silver can sustain its selective appeal—or join gold in the outflow column.
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