Silver Powers Back Above $67 as Tehran Truce Hopes Trump Rate Headwinds and a Persistent Deficit
12.06.2026 - 10:44:41 | boerse-global.de
Silver mounted a dramatic comeback on Friday, surging more than 6% to $67.32 per ounce after a brutal selloff pushed it to a multi-month low. The metal had earlier touched $63.52 — its weakest since December 2025 — before a sudden shift in geopolitical winds reversed the trajectory. The catalyst: news that Washington and Tehran may be on the verge of a breakthrough deal, with President Donald Trump postponing planned military strikes and Iran’s semi-official Fars news agency signaling the Islamic Republic’s readiness to agree even without a finalized text.
The rebound was almost twice as sharp as gold’s, reflecting a dual demand driver. A peace agreement would not only ease safe-haven buying but also unlock industrial consumption that has been throttled by two months of near-blockade at the Strait of Hormuz. That waterway’s closure has sent energy costs soaring, disrupted supply chains and depressed manufacturing activity — and with it, silver’s industrial appetite. A reopening would lift the fog hanging over the fabrication sector and quickly reignite physical offtake.
But the macro backdrop remains hostile to non-yielding assets. The U.S. producer price index jumped 6.5% year-on-year in May, the sharpest increase in nearly four years and well above forecasts. Consumer inflation has also climbed to a three-year peak. Across the Atlantic, the European Central Bank raised interest rates for the first time since 2023 on Thursday and revised its inflation projections higher for 2026 and 2027. Higher borrowing costs make bulking up on zero-yield bullion less attractive, a headwind that capped silver’s rally even as the Iran story unfolded.
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Underpinning the long-term case, however, is a structural supply imbalance that shows no sign of easing. The Silver Institute projects a sixth consecutive annual deficit in 2026, this time of 46.3 million ounces. Mines cannot quickly ramp up output because most silver is extracted as a byproduct of copper, zinc or lead operations. Meanwhile, demand from solar panels, electric vehicles and medical devices — sectors where silver’s conductivity is virtually irreplaceable — continues to expand, largely insensitive to price swings.
The metal’s year-to-date record underscores its wild ride. From a starting point of roughly $47 at the beginning of 2025, silver hit an all-time high of $121.62 on January 29, 2026 — a 279% surge. It has since surrendered more than 23% over the past month, yet still stands about 85% above its year-ago level. With the Federal Reserve’s updated interest-rate outlook due on June 17 and a December rate hike already fully priced in, traders will watch for any hint of a pivot toward easier policy if the Hormuz situation stabilizes. For now, all eyes are on the weekend: whether the announced deal holds will determine if silver can sustain its bounce or once again test the floor.
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