As of 05:10 a.m. ET, spot silver traded around $48.52/oz; COMEX front‑month settled Friday at $48.017. [1]
Snapshot: today’s silver price and the latest close
- Live spot price (XAG/USD): ~$48.52/oz this morning (05:10 a.m. ET). [2]
- Futures reference: Front‑month COMEX silver finished the week at $48.017, up ~0.05% week‑over‑week. [3]
- Deliveries and settlement: CME’s daily notices for Nov. 7 show November COMEX 5,000‑oz silver settled at $48.017 with 13 issues/stops scheduled for Nov. 11 delivery. [4]
What’s moving silver right now
- Rates & the dollar: On Friday, the U.S. dollar firmed after weak China trade data, but rate‑cut odds for December remained elevated (roughly two‑thirds probability), a backdrop that typically supports precious metals. [5]
- Gold’s tone: Gold edged higher Friday as cut expectations grew; spot silver traded near $48.7/oz alongside gold’s rise, keeping silver tethered to the broader precious‑metals bid. [6]
- Yields: The U.S. 10‑year Treasury yield hovered near ~4.11% late last week—lower yields reduce the opportunity cost of holding metal. [7]
- Data blackout risk: The U.S. government shutdown halted the jobs report for a second straight month, muddying the macro picture metals traders watch. [8]
Physical market pulse: London tightness eased, vaults swelled
- LBMA vaults:Silver held in London vaults rose 6.8% in October to 26,255 tonnes (≈875,000 large bars), a notable jump that follows autumn tightness in spot liquidity. [9]
- Squeeze relief: Late‑October air shipments of metal from the U.S. and China eased a London spot‑market squeeze that had driven premiums over COMEX futures. [10]
Context: 2025’s surge and where we are in the cycle
- From records to range‑trade: Silver set all‑time highs in October before pulling back into the high‑$40s; the market remains volatile but well bid versus earlier in the year. [11]
- Structural backdrop: The Silver Institute projects another sizeable global deficit in 2025, with industrial demand still underpinning the market after four straight record years through 2024. [12]
Technical picture and key levels (XAG/USD)
- Range: Recent price action has been sideways between roughly $45.85 and $49.35, with dip‑buyers appearing on tests of the lower band. [13]
- Cross‑check vs. gold: Using Friday’s quoted levels (gold near $4,005/oz, silver ~$48.7/oz), the gold–silver ratio sits near ~82, historically elevated but off 2024 highs. [14]
Futures & ETF corner
- COMEX: Weekly settle $48.017; modest gain into the weekend underscores consolidation after October’s spike. [15]
- SLV (iShares Silver Trust): The largest silver‑backed ETF last traded around $43.92 as of Sunday, reflecting the pullback from October peaks. [16]
What to watch this week
- Policy expectations: Markets continue to handicap a December Fed rate cut, with swings in odds driving the dollar and yields—two primary inputs for silver. [17]
- Macro calendar & data risks: With official U.S. releases disrupted by the shutdown, traders will lean more on private‑sector indicators and guidance from Fed officials—keeping volatility in play. [18]
- Physical flows & inventories: After October’s 6.8% rise in London silver stocks, any fresh LBMA updates or reported shipments could move spot premiums and futures spreads. [19]
Bottom line
Silver begins Sunday, November 9 steady near $48.50/oz, anchored by firm rate‑cut expectations and easing (but still watch‑worthy) tightness in the London physical market. The $46–49 area remains the key near‑term range; a decisive break above $49–50 would re‑open October’s highs, while a soft dollar and sub‑4.2% 10‑year yields would add fuel to the bid. Keep an eye on policy‑probability headlines and any fresh LBMA or COMEX delivery signals as catalysts for the next leg. [20]
Disclosure: Market data changes frequently and the figures above reflect the sources and timestamps cited. This article is for informational purposes only and not investment advice.
References
1. www.jmbullion.com, 2. www.jmbullion.com, 3. www.morningstar.com, 4. www.cmegroup.com, 5. www.reuters.com, 6. www.reuters.com, 7. fred.stlouisfed.org, 8. www.reuters.com, 9. www.lbma.org.uk, 10. www.reuters.com, 11. www.reuters.com, 12. silverinstitute.org, 13. www.fxstreet.com, 14. www.reuters.com, 15. www.morningstar.com, 16. www.reuters.com, 17. www.reuters.com, 18. www.reuters.com, 19. www.lbma.org.uk, 20. www.jmbullion.com
