Silver Prices Ease as Dollar Strength Caps Gains

Even so, the selloff looks more like a pause than a break in the secular trend. Silver’s local price remains far above the levels of just a few years ago, and the 30-day average of 103.45 pounds a gram sits close to the current 102.09-pound reading. In other words, the market is not collapsing; it is consolidating. That distinction matters for investors because silver often lags gold before catching up when monetary policy loosens or industrial demand strengthens.

The ETF tape shows that tug of war. The iShares Silver Trust closed at $59.63 on Monday, below its 50-day average of $56.93 but still well under its 200-day average of $65.84, while the smaller Sprott Physical Silver Trust finished at $93.76, also below its shorter-term trend measures. RSI readings around the mid-40s on both funds point to a market that is neither washed out nor euphoric, a setup that often precedes a larger directional move once macro pressure shifts.

Gold is sending the same message. GLD hovered near $398.38, with Adalytica’s Gold Fear & Greed Index still elevated at 76 even after easing from 89 a day earlier. That suggests investors are still willing to own precious metals, but the trade is being capped by the dollar’s strength and the market’s reluctance to price in a rapid fall in rates.

For investors, the key point is that silver’s weakness today does not erase the upside case. If the dollar loses momentum or yields roll over, silver could rebound sharply because it carries both monetary and industrial demand. That makes the current softness an opportunity to watch rather than a reason to abandon the trade. The better expression remains selective exposure to silver miners and ETFs on dips, not chasing strength after the move has already happened.