Silver’s slide to the $58 area is being read as the end of the 2026 precious-metals story — and that reading gets the causality backwards. The metal fell more than 2% on July 8 after the US–Iran interim peace framework collapsed, extending a retreat from December’s record above $83, yet the physical market underneath has tightened rather than loosened: Shanghai Futures Exchange warehouse inventories have collapsed 86% from their 2020 peak to 715 tonnes, the lowest since July 2016 (EBC Financial Group, July 2026). Wall Street’s targets frame the argument: Commerzbank sees $90 by year-end and Bank of America concedes a ... (full story)