Silver has become the better-performing precious metal, with futures up 23% over the past 55 days versus a 10% gain for gold, as easier liquidity conditions and a sharp move lower in real-rate pressure have pulled investors back into hard assets.
Silver Outperforms Gold as Liquidity Eases
That outperformance matters because it suggests the market is no longer treating precious metals as a single trade. Gold is still acting as the core monetary hedge, but silver is increasingly trading like a leveraged version of the same macro bet — one that also carries industrial demand exposure. In periods when investors expect more abundant liquidity and a friendlier rate backdrop, silver often reacts more violently than gold, amplifying gains and losses.
Sentiment IndicatorsⓘProprietary · adalytica.com · September 12, 2026
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Gold futures climbed to $4,346 an ounce in the latest move, while silver rose 2.34% to $64.27. The rally has come alongside a firmer tone in U.S. Treasury markets, with the 10-year yield at 4.95% and the 2-year at 4.56%, levels that still imply restrictive policy but also reflect a market that is trying to price the next phase of easing and slower growth. For bullion, the key variable is not nominal yields alone but the cost of holding non-yielding assets after inflation and policy expectations are taken into account.
The latest price action has also been reinforced by technical momentum. The iShares Silver Trust, SLV, closed at 58.12 on Sept. 11, well above its 50-day moving average of 56.46, while the gold ETF, GLD, closed at 398.77, only modestly above its 50-day average of 391.22. Silver’s relative strength has been more pronounced across the mining complex too: the Global X Silver Miners ETF, SIL, ended at 96.36, and the VanEck Gold Miners ETF, GDX, at 97.10, underscoring broad participation across precious-metals equities.
Adalytica’s Gold Fear & Greed Index shows gold sentiment deep in fear territory at 23, with awareness reading “Extreme Fear,” a sign that positioning has not yet become euphoric even after the run-up. That leaves room for further upside if liquidity conditions continue to improve. But it also highlights the main risk: if Treasury yields resume climbing or the dollar strengthens, silver’s faster gains could unwind just as quickly.
For investors, the key question is whether silver’s leadership reflects a durable shift in macro expectations or simply a tactical squeeze in a crowded market. The bull case is that easier liquidity, lower real rates and persistent central-bank demand for stores of value keep both metals bid, with silver benefiting most from convexity. The bear case is that silver is overextended relative to gold and more vulnerable if the market reverts to tighter financial conditions or if industrial demand fails to justify the move.
Either way, the message from the market is clear: precious metals are still in favor, but silver has emerged as the higher-beta trade, and that makes it both the bigger opportunity and the bigger source of volatility.
| Entity | Gains | Losses |
|---|---|---|
| Silver bulls | ▲Higher-beta upside | ▼Greater volatility |
| Gold holders | ▲Continued safe-haven demand | ▼Relative underperformance |
| Mining ETFs | ▲Stronger asset prices | ▼Margin pressure if metals reverse |
| Dollar and bond bears | ▲Easier liquidity narrative | ▼Higher carrying costs if yields rise |
