Silver experienced a significant uptick, climbing over 4% to surpass $66 per ounce on Wednesday, marking new record highs. This movement reflects investors factoring in the probability of two interest rate reductions anticipated for early 2026. This expectation was bolstered by statements from Federal Reserve Governor Christopher Waller, a prominent candidate for the Fed chair position, who advocated for a reduction in U.S. borrowing costs by up to one percentage point. Waller highlighted the stagnation in job growth near zero, urging cautious rate cuts next year to bolster employment. Earlier this week, U.S. labor statistics indicated a cooling in the job market. The unemployment rate rose to 4.6%, its highest since 2021, with November's payroll increase not fully compensating for October's sharp decline. Silver’s robust performance, registering an approximate 130% increase this year, has been driven by dwindling inventories alongside vigorous retail and industrial demand, notably from the rapidly growing solar energy, electric vehicle, and data center sectors.
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