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Key Highlights

- Spot silver fell 2.9% to $51.86 after inflation surprised.

- November COMEX delivery notices represent 7.62 million troy ounces.

- Just 10 December calls remained open at $1,000.

Spot silver fell 2.9% to $51.86 an ounce after U.S. October inflation rose 0.4% versus 0.3% expected. The dollar strengthened and the 10-year Treasury yield approached 4.96%, raising the cost of holding non-yielding silver. Markets priced roughly 15% odds of a 50-basis-point December Fed hike. Brent fell 3.3% to $89.50 as Washington signalled restraint toward Iran, easing near-term energy inflation pressure.

COMEX November delivery notices reached 1,524 contracts, equivalent to 7.62 million ounces, through November 9. That measures metal due for settlement. Rising wholesale premiums and firmer nearby futures spreads would strengthen the case for a physical squeeze. Separately, the $1,000 December calls represented just 0.03% of open calls and recorded zero volume that day, limiting their likely price impact.

U.S. retail sales and industrial production on November 17, Fed minutes on November 18, and PCE inflation on November 25 could determine whether yields stay elevated or silver gets room to recover.

So finally, Silver’s near-term bias stays cautious within $50–$54 while yields remain elevated. A sustained break below $50 exposes $48.42 and $46.80. A sustained move above $54, especially if yields ease, would bring $57.20 and $58.60 into view.

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