Silver Prices Ride Volatility Amid Economic Uncertainty

Silver's recent performance has been marked by volatility, but beneath the surface lies a structural story that remains firmly intact. The metal closed the week at $64.61, down 1.4 percent on the day, yet it masks a more telling picture: a 1.3 percent weekly gain and an 11 percent advance over the past month.

The question now is no longer whether silver can rally, but whether the forces driving it higher can outlast the volatility that keeps interrupting the climb. The metal's swings have become so pronounced due to a combination of scarce physical supply and speculative capital.

Lighthouse Canton projects a silver deficit of 46.3 million ounces for 2026, a shortfall the research house expects to persist through the end of the decade. Citi's outlook is even more bullish on price, seeing silver reaching $75 per ounce within three months and $90 within six to twelve months.

The market has repeatedly posted double-digit daily moves in recent months, triggered by shifting rate expectations and regional supply disruptions. The gold-silver ratio slipped to 67.22 on Friday from 67.50 a day earlier, indicating silver is gaining ground relative to gold.