Macquarie says profit‑taking last month weighed on silver and, with Fed
rate‑hike expectations rising, macro factors have resumed primary control of
price moves. It expects silver to trade range‑bound through the remainder of the
year, around $70/oz in Q4, then gradually fall to $65/oz by end‑2027. Higher
inflation and rising bond yields would increase downside pressure and cap
upside. Silver’s stronger recent performance versus gold—driven by tighter
supply, low inventories and robust demand that has encouraged bullish
positioning—makes it more vulnerable to rapid pullbacks, historically observed
in past corrections.
