Silver Slumps to March Lows as Hawkish Fed Bets Override Tightest Supply in Years
07.06.2026 - 12:43:34 | boerse-global.de
A devastating weekly sell-off in silver leaves the metal clinging to the $68 support zone, its worst performance in months. The price cratered by 8.3% on Friday alone to settle at $67.96 per ounce, capping a weekly rout exceeding 10% and dragging it to levels not seen since late March. The trigger? A red-hot US jobs report that has effectively rewired the interest-rate landscape.
Payrolls for May blew past every forecast, extinguishing hopes that the Federal Reserve, now under chair Kevin Warsh, would soon loosen the monetary reins. Markets are swiftly repricing toward a "higher for longer" scenario. That dynamic is poisonous for silver: as a non-yielding asset, it suffers when real yields climb, while a strengthening dollar makes the bullion more expensive for overseas buyers. The metal now trades 44% below the all-time high of $121.78 reached in January 2026.
Macro headwinds drown out a supply narrative
The irony is that the fundamental backdrop remains exceptionally tight. The Silver Institute projects the sixth consecutive annual supply deficit in 2026, with the shortfall estimated at roughly 46 million ounces. Global mine supply is edging lower. Yet these bullish underpinnings are being completely overshadowed by macroeconomic stress.
Geopolitical tensions in the Middle East — most notably the US-imposed maritime blockade of Iranian ports — are fanning energy costs and stoking inflation expectations, further narrowing the Fed's room to pivot. The result is a market caught between a structural deficit and a punishing monetary regime.
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On the demand side, a clear transition is underway. The solar industry's appetite for silver is cooling: manufacturers such as Longi Green Energy are substituting copper for the white metal, and photovoltaic-related demand is expected to ease to around 151 million ounces. That retreat is being more than offset by the AI boom, however. Data centers and artificial intelligence infrastructure are guzzling increasing volumes of silver, with demand in that segment expanding at an annual clip of up to 25%.
A data-packed week ahead
The immediate direction hinges on a series of critical releases. Wednesday, June 10, brings the US consumer price index for May — a reading above expectations would pile further pressure on silver. The producer price index and weekly jobless claims follow on June 11, the same day the European Central Bank meets. Analysts expect fresh projections from Frankfurt that could influence the euro and, by extension, the dollar.
The Fed's own decision is set for June 16 and 17, though the jobs data has already hardened expectations for a hold at the current policy band of 3.50% to 3.75%. Each piece of information will be parsed for any hint of a softer stance.
Silber Preis at a turning point? This analysis reveals what investors need to know now.
Chart levels to watch
Technically, silver has already brushed against its next support zone in the $67 to $68 range. A decisive break below that floor could open the door to deeper corrections, with the next notable bids believed to lie between $50 and $60. For a recovery to gain traction, the metal would need to recapture $72; a sustained move above that level would signal a potential bounce toward the $80 area, a target shared by several bank forecasts.
Wall Street remains split on the outlook. J.P. Morgan pencils in an average price of $81 for the current year, while UBS has trimmed its year-end target to $80. Goldman Sachs stands at the bullish end of the spectrum, projecting a range of $85 to $100, pointing to the structural bid from industrial demand. The next few sessions will determine whether that thesis — or the macro storm — prevails.
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