Silver Ends COMEX Session at $63.43 as Hawkish Fed Overrides a 46.3-Million-Ounce Supply Gap
Published on 09/17/2026 at 14:41 | Editorial boerse-global.de
Silver bulls and bears spent Wednesday locked in a familiar tug-of-war, and by the closing bell the bears had the upper hand — at least on the screen. The metal settled at $63.43 an ounce on the New York COMEX, a daily decline of 1.2%, as traders digested the Federal Reserve's latest policy move and a firmer dollar that together raised the opportunity cost of holding assets that pay no interest.
Warsh Delivers a Quarter-Point Hike
The catalyst for the latest repositioning came from yesterday's Fed decision. Under Chairman Kevin Warsh, policymakers lifted the benchmark rate by 25 basis points to as high as 4.00%, citing stubborn price pressure across key sectors of the economy. Central bank projections offered little comfort to dovish observers: a return to the inflation target is not expected for several years, implying an extended stretch of tight monetary conditions. Rate futures now price in additional tightening, a structural headwind for precious metals relative to fixed-income alternatives.
Not everyone reads the bond market the same way. Goldman Sachs, according to Reuters, expects another US rate increase in October. Christopher Wong of OCBC Bank, by contrast, called the sharp surge in bond yields an overreaction. Should yields cool, precious metals would likely find fresh support.
A Month of Sharp Swings
Wednesday's retreat is only the latest chapter in a volatile stretch. Early in the month, the quote came under pressure when silver fell 2.9% on September 2 to $64.57 an ounce, weighed down by rising yields and a stronger dollar. Market participants treated that pullback as an interim correction in the precious metals complex, adjusting positions to revised rate expectations. Higher bond yields typically lift the opportunity cost of holding non-yielding metal, and geopolitical tensions in the Middle East kept investors oscillating between safety demand and macro signals.
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A countermove followed yesterday, with Fed signals driving silver even as traders waited on the next policy steps. Attention now turns to the Federal Open Market Committee's rate decision, due September 17 — a date market participants treat as the key near-term driver of bullion demand.
Price Sits Just Above Its 50-Day Line
Tuesday's futures close came in at $64.19 an ounce, roughly 0.6% above the 50-day average of $63.77. Wednesday's slide leaves the metal hovering near its medium-term averages, with investors cautious after the rate hike and reluctant to build major new positions on the futures market while the direction of monetary policy dominates sentiment.
The Physical Market Tells a Different Story
Fed signals may be steering the tape, but they are masking the underlying reality of the physical market. Industry forecasts project a global deficit of 46.3 million ounces this year. Last year, industrial and private demand already outstripped mine output by 40.3 million ounces. That structural imbalance works against rate-driven anxiety: while monetary policy pulls speculative capital out, the genuine shortage of physical material provides a dependable demand base from the manufacturing sector.
Silber Preis at a turning point? This analysis reveals what investors need to know now.
No fresh supply-side catalysts have emerged to change the calculus. Neither mining companies nor official inventory reports have flagged meaningful shifts in output or production, leaving price formation tied for now to rate developments and the geopolitical backdrop.
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