The calendar is loaded. PCE inflation data Wednesday, Warsh at Jackson Hole Friday, and fresh sanctions details from Bessent today all have the potential to move the dollar and yields, which is what silver is really trading right now.
At 15:23 GMT, Spot Silver (XAGUSD) was trading at $69.02, up $0.05, or 0.07%. The market traded as high as $69.92 and as low as $68.42.
Silver’s Bid Is Borrowed From the Dollar and the Long Bond
Silver is riding the macro trade Monday. The metal is not generating its own story. CNBC reported that Treasury could tap its General Account, which holds roughly $950 billion, to help fund expanded purchases of longer-dated government bonds. Treasury already said it would at least double purchases of older long-term debt from $2 billion to $4 billion per operation. Bessent said the amount could be larger.
The first buyback announcement pushed yields lower for a session. Then the market pushed back. The 30-year yield moved above 5.30% last week and reached levels not seen since 2007. Monday’s General Account report gives Treasury more ammunition. The 10-year yield was near 4.70% Monday after falling more than 3 basis points. The 30-year was near 5.24%, down about 4 basis points. The dollar is hovering near multi-month lows after last week’s slide.