Gold, silver advance as dollar weakens, Fed rate expectations face inflation test Spot #gold# and #silverprices# were sharply higher in late U.S. trading Monday, supported by a weaker U.S. dollar and a steep decline in crude oil prices as investors responded to renewed hopes for a diplomatic resolution to the U.S.-Iran conflict. The retreat in energy prices eased some inflation concerns ahead of Tuesday's U.S. consumer price index report, although Friday's stronger-than-expected employment figures continued to support expectations for another Federal Reserve interest rate increase in December. A broad recovery in North American and European equity markets also reflected improving investor sentiment following last week's technology-led selloff. Spot gold was trading near $4,140.40 an ounce, up $69.40, or 1.70%, while spot #silver# was trading near $53.320, up $1.350, or 2.60%.

Gold, silver rise as Iran diplomacy pressures crude, dollar weakens Spot #gold# and #silverprices# were higher in early U.S. trading Monday, supported by a softer dollar, easing crude oil prices and renewed hopes for a diplomatic resolution to the U.S.-Iran conflict. Lower energy prices reduced some inflation concerns ahead of Tuesday's U.S. consumer price index report, although Friday's stronger-than-expected employment figures reinforced expectations that the Federal Reserve could raise interest rates again in December. Spot gold was trading near $4,124.74 an ounce, up $54.15, or 1.33%, while spot #silver# was trading near $52.759, up $0.815, or 1.57%.

Silver miners are sitting on a record cash pile: Net cash balance across the top 10 silver mining companies surged to a record ~$4.2 billion in Q2 2026. This figure has more than doubled since Q3 2025. This marks a sharp reversal from the 2014-2024 period, when debt exceeded cash levels for most quarters. To put this into perspective, during the 2010-2011 rally, combined net cash balance among these companies never exceeded $2.0 billion. Cash accumulation has accelerated sharply alongside the silver rally, as higher silver prices have boosted margins and free cash flow across the group. Silver miners have never been this liquid.

Silver’s outperformance of gold is gaining momentum: The gold-to-silver ratio is down to 54, the 2nd-lowest since February 2023. This ratio has fallen -9 points over the last 6 trading days, with silver outperforming gold for 6 consecutive sessions, the longest streak since December 2025. Over this period, silver prices have surged +20%, to $87 per ounce, the highest since March 11th, while gold prices have increased just +3%, to $4,690 per ounce. The ratio is now down -51 points, or -49%, since the April 2025 peak of 105 points. By comparison, the ratio briefly touched 43 points, the lowest level in 15 years, in January 2026, after silver prices surpassed $120 per ounce for the first time in history. Keep watching precious metals.