Silver Market Analytics

Currently at 69.3, in the 64th percentile historically. Gold/silver ratio is elevated on a long-term basis, indicating silver is inexpensive relative to gold (bullish for silver)..

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Commercial Positioning

Commercials net short 13,044 contracts. Neutral positioning.

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Technical Analysis

Technical indicators lean bearish (2 bearish, 0 bullish signals).

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Real Interest Rates

Real rates elevated at 2.43%. Creates headwind for non-yielding assets.

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Price Momentum

Multi-timeframe momentum score: 9/100 (Strong Bearish). Based on 1-12 month returns vs historical norms.

Technical Signals - Silver

RSI Neutral

Moving Averages 50-day below 200-day (bearish trend)

Price vs 50 SMA Below (Bearish)

Bollinger Bands Within Bands

51.1

RSI (14)

$63.79

50 SMA

$70.81

200 SMA

Indicators based on daily closing prices · as of 2026-07-24

Momentum Score 9/100

Bearish Neutral Bullish

Multi-horizon time-series momentum based on daily closes · as of 2026-07-24

Gold/Silver Ratio Analysis

69.3 current ratio

Gold/silver ratio is elevated on a long-term basis, indicating silver is inexpensive relative to gold (bullish for silver).

58.3

Mean

60.8

Median

10.7

Min

125.9

Max

COT Positioning Details

Commercials Net -13,044

Managed Money Net 11,282

Neutral positioning · as of 2026-07-21

COMEX Inventory

Registered 96M oz

Eligible 235M oz

Total 331M oz

Levels based on daily COMEX warehouse report (registered/eligible closes) · as of 2026-07-24

ETF Holdings

SLV 484M oz

PSLV 215M oz

SLV & PSLV holdings in millions of ounces (daily published closes) · SLV as of 2026-07-24, PSLV as of 2026-07-24

Macro Environment

10Y Treasury

4.71%

As of 2026-07-23

Real Rate

2.43%

Positive (headwind)

M2 Money Supply

$23.1T

As of 2026-05-01

Silver/M2 Ratio

2.54

Silver priced in M2 terms (latest silver close vs latest M2) · as of 2026-05-01

Silver Price History

Gold/Silver Ratio

Market Insights

Macro Environment

COT Net Positioning - Silver