Silver Spot ($US/oz)

Precious metals came off their highs overnight as Iran rebuffed Washingtons initial 15-point peace plan, no great surprise there in our opinion. Gold and silver continue to dance to elevated inflation fears created by oil prices remaining elevated as the Strait of Hormuz remains largely closed. In our opinion, silver is now in a phase where weakness can be bought on bad days, but volatility is likely to remain until a clear runway unfolds to open the Strait.

• We wouldn’t be surprised to see silver make a new low for 2026, but we believe it’s “looking for a low.”