What drives the silver price?
What drives the silver price? Part precious metal, part industrial commodity — silver moves on everything from solar demand to rate decisions. Each row traces a chain of real events that pushed silver higher or lower, month by month.
✉️ Track chains of events as they happen. Free.
MAR 1 – MAR 31, 2026
🇸🇦 oil production decline
→🌍 oil price rise
→🌍 inflation rise
→🇺🇸 dollar appreciation
🇺🇸 economic growth decline
🕌 military conflict
🇮🇷 geopolitical turmoil rise
→🌍 oil price rise
→🌍 inflation concern rise
→🇺🇸 rate cut expectation decline
🇺🇸 strike action
→🇺🇸 job decline
🕌 war escalation
→🌍 energy price rise
→🇺🇸 rate cut delay
→🇺🇸 dollar appreciation
🇺🇸 interest rate expectation rise
🇮🇷 geopolitical conflict
🇺🇸 dollar decline
🕌 military conflict
🇮🇷 geopolitical turmoil rise
→🌍 oil price rise
→🇺🇸 dollar appreciation
🇺🇸 treasury yield rise
🕌 conflict escalation
→🌍 energy price rise
→🇺🇸 inflation rise
→🇺🇸 bond yield rise
🕌 war outbreak
→🌍 stock decline
🇺🇸 energy price surge
→🇺🇸 rate cut probability decline
→🇺🇸 dollar rise
🇺🇸 stock rise
→🌍 risk appetite rise
🕌 conflict escalation
✉️ Track chains of events as they happen. Free.
FEB 1 – FEB 28, 2026
🇮🇱 geopolitical risk rise
🇨🇳 liquidation
🇺🇸 tariff rise
🇺🇸 dollar decline
🇺🇸 tariff decline
🇺🇸 geopolitical turmoil rise
🇮🇷 geopolitical turmoil rise
🌍 geopolitical turmoil rise
🇨🇳 trading volume decline
🇺🇸 us inflation decline
→🇺🇸 rate cut expectation
🇺🇸 rate cut expectation decline
→🇺🇸 dollar appreciation
🌍 position unwinding
🇺🇸 manufacturing rise
→🇺🇸 inflation decline
🇺🇸 job rise
🌍 liquidation rise
🇺🇸 winter storm
→🇺🇸 jobless claim rise
→🇺🇸 yield decline
🇺🇸 inflation decline forecast
🌍 margin requirement rise
🇺🇸 rate cut expectation
🌍 supply deficit
🌍 sentiment improvement
🇺🇸 fed chair nomination
🇨🇳 fund inflow rise
🇺🇸 rate hike expectation rise
🌍 profit taking
JAN 1 – JAN 31, 2026
🇺🇸 job cut decline
→🇺🇸 dollar appreciation
🇺🇸 tariff rise
→🇺🇸 dollar depreciation
🌍 tight physical market
🇨🇳 demand rise
🇺🇸 tariff fear
→🇺🇸 policy uncertainty
→🇺🇸 dollar decline
🇺🇸 price stability
→🇺🇸 rate cut expectation
→🌍 safe-haven demand rise
🇺🇸 price stability
→🇺🇸 rate cut expectation
→🇺🇸 dollar decline
🇻🇪 geopolitical turmoil rise
→🌍 safe-haven demand rise
🌍 geopolitical risk decline
🇯🇵 bond selloff
🌍 shortage
🌍 tariff fear
🇺🇸 tariff fear
🇺🇸 tariff deferral
🇺🇸 tariff decline
🇺🇸 tariff easing
🌍 industrial demand rise
🌍 investment rise
🌍 supply deficit
🌍 debt rise
🇬🇧 liquidity decline
🇺🇸 price stability
→🇺🇸 rate cut expectation
🇺🇸 inflation drop
🇺🇸 investigation start and geopolitical tensions
🇺🇸 production rise
→🇺🇸 business activity rise
→🇺🇸 job rise
→🇺🇸 interest rate drop expectation
🇺🇸 job opening decline
→🇺🇸 dollar appreciation
🌍 index rebalancing
🌍 profit taking
🇻🇪 geopolitical risk rise
🇨🇳 export restriction
🌍 geopolitical turmoil rise
🇺🇸 tariff rise
🇺🇸 rate cut expectation
🌍 geopolitical uncertainty rise
🇨🇳 speculative buying rise
DEC 1 – DEC 31, 2025
🌍 supply constraint
🌍 central bank buying
🇷🇺 geopolitical turmoil rise
🇺🇸 enforcement action
→🌍 geopolitical turmoil rise
🌍 supply deficit
🌍 demand rise
🇺🇸 job data decline
→🇺🇸 interest rate drop expectation
🌍 geopolitical turmoil rise
🇺🇸 inflation drop
🇺🇸 unemployment rise
🇺🇸 jobless claim rise
→🇺🇸 rate cut expectation
🇺🇸 job decline
→🇺🇸 interest rate cut likelihood rise
🇺🇸 labor market decline
→🇺🇸 interest rate decline
🇺🇸 interest rate cut
🌍 supply squeeze
🌍 mine supply decline
🇺🇸 rate cut expectation
🌍 investor demand rise
🌍 physical supply shortage
🌍 industrial demand rise
🌍 inventory decline
🌍 ETF accumulation
🌍 market deficit expectation
🌍 silver inventory decline
🌍 profit taking
NOV 1 – NOV 30, 2025
🇨🇳 supply decline
🇺🇸 us job data decline
→🇺🇸 rate cut expectation
🇺🇸 government shutdown
→🇺🇸 consumer confidence decline
→🇺🇸 interest rate cut likelihood rise
🌍 global economic uncertainty rise
🇺🇸 sanction imposition
→🇷🇺 export disruption
→🌍 supply tightening
🇺🇸 economic data decline
🇺🇸 spending decline
→🇺🇸 sales decline
→🇺🇸 interest rate cut likelihood rise
🇺🇸 interest rate expectation
🇺🇸 government shutdown
→🌍 safe-haven demand rise
🇺🇸 tariff fear
🇮🇳 demand rise
🇺🇸 cost rise
→🇺🇸 job cut rise
→🇺🇸 interest rate cut likelihood rise
🇺🇸 government shutdown end expectation rise
🇺🇸 job market cooling
→🇺🇸 rate cut expectation
🌍 risk asset decline
🇺🇸 interest rate decline
🇺🇸 consumer sentiment decline
OCT 1 – OCT 31, 2025
🇺🇸 interest rate decline
🇺🇸 balance sheet runoff end
🌍 trade talk progress
🇺🇸 data analysis recalibration
→🇺🇸 job decline
→🇺🇸 interest rate cut likelihood rise
→🌍 safe-haven demand rise
🌍 profit-taking
🇺🇸 profit rise
→🌍 risk appetite rise
🌍 supply decline
🇬🇧 liquidity shortage
🇮🇳 demand rise
→🌍 shortage
🇮🇳 demand rise
🇬🇧 liquidity decline
🌍 short squeeze
🇬🇧 silver supply tightening
🌍 political instability
→🌍 safe-haven demand rise
🇺🇸 political uncertainty rise
🇫🇷 political uncertainty rise
🇯🇵 political uncertainty rise
🇬🇧 shortage
🇺🇸 data analysis recalibration
→🇺🇸 job decline
→🇺🇸 rate cut expectation
→🌍 safe-haven demand rise
🌍 demand rise
🇺🇸 interest rate cut
→🇺🇸 yield rise
🌍 profit taking
🇺🇸 government shutdown
→🌍 safe-haven buying rise
🌍 shortage
🇺🇸 job cut rise
→🇺🇸 interest rate drop expectation
🌍 silver supply deficit
🇺🇸 data analysis recalibration
→🇺🇸 job decline
🌍 silver deficit projection
🇺🇸 layoff rise
SEP 1 – SEP 30, 2025
🌍 supply shortage
🇺🇸 fiscal risk
→🌍 safe-haven demand rise
🌍 demand rise
🌍 supply-demand imbalance
🇺🇸 dollar decline
🇺🇸 jobless claim decline
→🇺🇸 dollar appreciation
🇺🇸 inflation moderation
→🇺🇸 rate cut expectation
🌍 shortage
🇺🇦 war escalation
→🌍 supply disruption
🇺🇸 interest rate cut uncertainty
🌍 supply tightness
🌍 consumption rise
🇺🇸 job growth
→🇺🇸 rate cut expectation decline
output decline
→🌍 supply decline
🇺🇸 interest rate decline
🇺🇸 interest rate cut
🇺🇸 inflation subdued
→🇺🇸 rate cut expectation
🇺🇸 tariff uncertainty
→🌍 safe-haven demand rise
🇺🇸 private sector job decline
→🇺🇸 job market cooling
→🇺🇸 rate cut expectation
🌍 industrial demand rise
🇺🇸 jobless claim rise
→🇺🇸 interest rate cut likelihood rise
🇺🇸 dollar depreciation
🌍 yield decline
🇨🇳 industrial demand rise
🌍 supply constraint
🌍 profit taking
🇺🇸 tariff anxiety rise
→🌍 safe-haven demand rise
🇺🇸 demand decline
→🇺🇸 job decline
→🇺🇸 interest rate cut likelihood rise
🇺🇸 manufacturing rise
→🇺🇸 job rise
🇺🇸 demand decline
→🇺🇸 job decline
→🇺🇸 rate cut expectation
AUG 1 – AUG 31, 2025
🇺🇸 central bank official removal
🇺🇸 jobless claim rise
→🇺🇸 job market cooling
→🇺🇸 rate cut expectation
🇺🇸 interest rate outlook
🇺🇸 meeting anticipation
🇧🇷 house arrest
→🇺🇸 tariff rise
→🇺🇸 import cost rise
→🇺🇸 producer cost rise
🇺🇸 inflation data release
→🇺🇸 interest rate cut likelihood rise
🇨🇳 industrial demand rise
🌍 profit taking
🇺🇸 margin decline
→🇺🇸 producer price decline
→🇺🇸 rate cut expectation
🇧🇷 house arrest
→🇺🇸 tariff rise
🇺🇸 economic slowdown
→🇺🇸 interest rate cut likelihood rise
🇺🇸 margin decline
→🇺🇸 producer price decline
→🇺🇸 interest rate cut likelihood rise
🇺🇸 political uncertainty rise
🇺🇸 treasury yield decline
🇺🇸 tariff rise
JUL 1 – JUL 31, 2025
🇺🇸 interest rate steady
🇺🇸 import cost rise
→🇺🇸 inflation rise
→🇺🇸 rate cut expectation decline
→🇺🇸 currency appreciation
🇺🇸 dollar depreciation
🇺🇸 treasury yield decline
🇺🇸 tariff rise
→🇺🇸 import cost rise
→🇺🇸 inflation rise
🇺🇸 tariff fear
→🇺🇸 tariff rise
🇺🇸 tariff fear
→🇺🇸 tariff rise
→🌍 trade tension rise
🇺🇸 labor market data
→🇺🇸 rate cut expectation
🇺🇸 hiring rise
→🇺🇸 yield rise
🇺🇸 dollar appreciation
JUN 1 – JUN 30, 2025
🕌 geopolitical risk decline
→🇺🇸 dollar decline
🌍 supply constraint
🇺🇸 interest rate cut expectations
🌍 military tension decline
🇺🇸 interest rate cut expectations rise
🇺🇸 tariff anxiety rise
→🇺🇸 service activity decline
→🌍 safe-haven demand rise
→🇺🇸 dollar appreciation
🌍 profit taking
🕌 geopolitical turmoil rise
🌍 geopolitical turmoil rise
→🌍 safe-haven buying rise
🌍 geopolitical uncertainty rise
🇨🇳 tariff decline
→🌍 trade tension decline
→🌍 safe-haven demand decline
🇺🇸 tariff anxiety rise
→🇺🇸 service activity decline
→🌍 safe-haven demand rise
🌍 gold price underperformance
🌍 industrial demand rise
🌍 shortage
🌍 investor demand rise
🇺🇸 economic data decline
🇺🇸 consumer confidence decline
→🇺🇸 interest rate cut likelihood rise
🇺🇸 tariff rise
MAY 1 – MAY 31, 2025
🇺🇸 rating downgrade
→🇺🇸 deficit rise
→🌍 safe-haven demand rise
🇺🇸 rating downgrade
→🇺🇸 deficit rise
🇺🇸 weak treasury bond auction
🇨🇳 tariff decline
→🇺🇸 tariff decline
🇺🇸 tariff decline
→🇨🇳 tariff decline
→🇺🇸 tariff decline
→🇨🇳 tariff decline
🇺🇸 tariff decline
→🇨🇳 tariff decline
→🇺🇸 tariff decline
🇺🇸 tariff decline
→🇨🇳 tariff decline
→🇺🇸 tariff decline
→🇨🇳 tariff decline
🇺🇸 trade tension decline
🇨🇳 trade tension decline
🇺🇸 job growth decline
→🌍 safe-haven demand rise
🌍 trade optimism
🇺🇸 dollar decline
🌍 trade tension decline
APR 1 – APR 30, 2025
🇺🇸 trade war de-escalation
→🇺🇸 dollar appreciation
🇺🇸 trade tension decline
🇨🇳 trade tension decline
🇺🇸 tariff cut consideration
🇺🇸 tariff instability
→🇺🇸 dollar decline
🌍 profit taking
🇺🇸 tariff rise
→🇨🇳 tariff rise
→🇺🇸 dollar decline
🇺🇸 tariff rise
→🇨🇳 tariff rise
→🇺🇸 tariff rise
→🇨🇳 tariff rise
🇺🇸 tariff rise
✉️ Track chains of events as they happen. Free.
FEB 1 – FEB 28, 2025
🇺🇸 demand decline
🌍 profit taking
🇺🇸 supply rise
🇲🇽 tariff rise
→🇺🇸 tariff rise
→🇨🇳 tariff rise
→🇺🇸 tariff rise
🌍 geopolitical turmoil rise
🇨🇳 industrial demand rise
🇺🇸 unemployment decline
→🇺🇸 interest rate cut delay
🇺🇸 rate cut expectation
🇺🇸 tariff delay
→🌍 trade war concern decline
→🇺🇸 dollar decline
🌍 expected market deficit
🇺🇸 interest rate decline
🇺🇸 industrial sector rebound
🌍 industrial demand rise
→🌍 market deficit
🇲🇽 tariff rise
→🇺🇸 tariff rise
→🇺🇸 dollar appreciation
JAN 1 – JAN 31, 2025
🇺🇸 hiring rise
→🇺🇸 dollar appreciation
🇺🇸 tariff fear
→🇺🇸 dollar strength
🇺🇸 producer price decline
→🇺🇸 monetary policy ease expectation
🇺🇸 job growth decline
→🇺🇸 rate cut expectation
🇺🇸 job data positive
🇺🇸 inflation drop
🇺🇸 dollar decline
🇨🇳 economic outlook improvement
🇺🇸 manufacturing rise
DEC 1 – DEC 31, 2024
🇨🇳 economic slowdown
→🌍 industrial demand decline
🇺🇸 expectation of fewer rate cuts
🇺🇸 job market improvement
→🇺🇸 interest rate drop expectation
🇨🇳 solar panel overcapacity
→🌍 industrial demand decline expectation
🇺🇸 retail sales rise
→🇺🇸 rate hike expectation rise
🇺🇸 rate cut expectation
🇨🇳 sales decline
🇨🇳 industrial demand uncertainty
🌍 currency depreciation
🇨🇳 gold purchase rise
🌍 safe-haven demand rise
🇨🇳 stimulus expectation rise
🇺🇸 rate cut expectation
🕌 safe-haven demand rise
🇰🇷 safe-haven demand rise
🇺🇸 jobless claim rise
→🇺🇸 interest rate cut likelihood rise
🕌 geopolitical turmoil rise
NOV 1 – NOV 30, 2024
🇷🇺 geopolitical risk rise
🇺🇸 inflation data release
→🇺🇸 treasury yield decline
🕌 geopolitical risk rise
🇺🇸 policy expectation rise
→🇺🇸 rate cut expectation decline
🇺🇸 political uncertainty rise
→🇺🇸 tariff rise
→🇨🇳 economic uncertainty
🇮🇱 military tension decline
🇺🇸 election result
→🌍 safe-haven demand decline
🇺🇦 geopolitical turmoil rise
→🌍 safe-haven demand rise
🌍 geopolitical turmoil rise
🌍 industrial demand decline
🇷🇺 war risk decline
🇺🇸 dollar decline
🇺🇸 election result
→🇺🇸 dollar appreciation
🇨🇳 economic outlook decline
🌍 risk appetite rise
🌍 technical rebound
🇺🇸 election likelihood rise
→🇺🇸 dollar appreciation
🇨🇳 china stimulus absence
🌍 sentiment rise
🇺🇸 fiscal expansion
🇺🇸 interest rate outlook rise
OCT 1 – OCT 31, 2024
🇺🇸 economic data expectation
→🇺🇸 yield rise
🇺🇸 retail sales rise
→🇺🇸 rate cut expectation decline
→🇺🇸 yield rise
→🇺🇸 dollar appreciation
🇺🇸 retail sales rise
→🇺🇸 rate cut expectation decline
→🇺🇸 yield rise
🇺🇸 fiscal expansion
→🇺🇸 inflation worry rise
→🇺🇸 rate cut expectation decline
→🇺🇸 dollar rise
🌍 uncertainty rise
🌍 shortage
🕌 geopolitical turmoil rise
🇺🇸 political uncertainty rise
🇨🇳 stimulus details absence
🇨🇳 stimulus implementation
🇨🇳 housing policy easing
→🇨🇳 demand rise
SEP 1 – SEP 30, 2024
🇨🇳 stimulus rise
🇨🇳 monetary stimulus
🇺🇸 wage rise
→🇺🇸 interest rate cut likelihood rise
🇺🇸 energy cost decline
→🇺🇸 inflation drop
→🇺🇸 rate cut expectation
🇪🇺 wage growth decline
→🇪🇺 rate cut expectation
🇺🇸 interest rate decline
🇺🇸 treasury yield decline
AUG 1 – AUG 31, 2024
🇺🇸 jobless claim decline
→🇺🇸 currency appreciation
🇺🇸 unemployment rise
→🇺🇸 rate cut expectation
🇺🇸 job growth decline
→🌍 growth concern rise
→🌍 stock selloff
JUL 1 – JUL 31, 2024
🌍 industrial outlook decline
🇨🇳 stimulus absence
→🇨🇳 demand decline
🇨🇳 manufacturing contraction
→🇨🇳 demand decline
🌍 manufacturing decline
🇨🇳 stimulus expectation disappointment
🇺🇸 economic data softening
→🇺🇸 rate cut expectation
🇺🇸 soft economic data release
🇨🇳 stimulus expectation rise
🇺🇸 inflation drop
→🇺🇸 rate cut expectation
🇨🇳 stimulus expectation
🇨🇳 manufacturing decline
🇺🇸 inflation drop
JUN 1 – JUN 30, 2024
🌍 industrial demand decline
🇺🇸 interest rate cut uncertainty rise
🇺🇸 order rise
→🇺🇸 business activity rise
→🇺🇸 dollar appreciation
🇺🇸 order rise
→🇺🇸 business activity rise
→🇺🇸 rate hike expectation rise
🇺🇸 inflation data release
🌍 tariff threat rise
→🇨🇳 demand decline
🇨🇳 government support rise
→🇨🇳 overcapacity rise
🌍 demand rise
🇺🇸 economic data release
MAY 1 – MAY 31, 2024
🇩🇪 business confidence decline
→🇪🇺 rate cut expectation
🇨🇳 policy shift
→🇨🇳 rate cut expectation
🌍 central bank demand rise
🇬🇧 rate cut expectation
🇬🇧 interest rate hike
→🇬🇧 inflation drop
→🇬🇧 interest rate cut likelihood rise
🇺🇸 jobless claim rise
→🇺🇸 interest rate cut likelihood rise
🌍 solar demand rise
🇨🇳 interest rate cut likelihood rise
🇪🇺 inflation drop
→🇪🇺 interest rate cut likelihood rise
🇺🇸 job market softening
→🇺🇸 rate cut expectation
🕌 geopolitical turmoil rise
🌍 investor demand rise
🌍 industrial demand rise
🇺🇸 business indicator rise
→🇺🇸 rate hike expectation rise
MAR 1 – MAR 31, 2024
🇺🇸 inflation drop
→🇺🇸 interest rate cut likelihood rise
🇪🇺 inflation drop
→🇪🇺 interest rate cut likelihood rise
FEB 1 – FEB 29, 2024
🇺🇸 inflation drop
→🇺🇸 rate cut expectation
JAN 1 – JAN 31, 2024
🇨🇳 renewable energy rise
🌍 silver shortage
✉️ Track chains of events as they happen. Free.