Silver futures rally as supply deficit balances weak industrial demand.

Silver futures trended higher as the December contract gained 3.67% since the October 14 close, despite pulling back slightly from intraday highs of $58.76. The market continues to monitor Federal Reserve interest rate expectations, with the CME FedWatch Tool showing an 82.8% probability of unchanged rates at the upcoming October 28 meeting. Longer-term support remains anchored by a projected 46.3 million ounce global supply deficit for 2026, though rising inventory levels and softening industrial demand in the solar sector continue to provide near-term headwinds. Bob Iaccino discusses.