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Spot silver fell below $50 an ounce on Friday, Oct. 30, for the first time since November 2025. It goes into the week of Nov. 2 down about 8% from the previous Friday's close.
Metal Sentinel's silver price API showed a bid of $49.26 at 9:55 a.m. GMT Friday, down 5.4% on the day, after a session high of $53.13. Silver closed the week of Oct. 19 at $53.80.
Gold fell 2.6% in the same session. The gold/silver ratio, the number of ounces of silver it takes to buy one ounce of gold, rose to about 79 from 74 a week earlier.
Fed and inflation data
The Federal Reserve held rates at 3.75% to 4% on Oct. 28 and left a December hike open. Two officials voted for an increase.
The personal consumption expenditures price index rose 3.6% from a year earlier in September, the Commerce Department said Thursday, and the economy grew at a 3.4% annual rate in the third quarter. CME Group's FedWatch tool showed traders pricing in a better than 75% chance of a December hike.
Silver's market is much smaller than gold's, and it fell more than twice as far on Friday.
Positioning and funds
Speculators added to bets against silver before the drop. Non-commercial short positions in Comex silver futures rose about 26% to 14,780 contracts in the week to Oct. 20, according to Commodity Futures Trading Commission data compiled by Admirals.
Investors have pulled about 60 million ounces out of silver-backed funds since January, according to Metals Focus.
Solar demand is also weaker. Metals Focus expects the solar industry to use about 151 million ounces this year, down 19%, as panel makers use less silver per cell.
The week ahead
Monday, Nov. 2: ISM manufacturing index.
Tuesday, Nov. 3: U.S. midterm elections and September job openings.
Wednesday, Nov. 4: ADP private payrolls and ISM services index.
Friday, Nov. 6: October jobs report, 8:30 a.m. EST.
October consumer prices follow on Nov. 10. Both reports feed into the Fed's December decision.
Levels to watch
Support: Friday's low near $49.25. Below it, silver trades at prices last seen in November 2025.
Resistance: $50, then $51.39 and $52.41, levels that held as support earlier in the week before they broke. The $54.46 to $55.13 zone capped prices in late October.
Metal Sentinel's forecast
Metal Sentinel expects silver to trade between $47 and $52 in the week of Nov. 2. A strong jobs report would likely push it toward the low end of that range, while a weak report or lower oil prices could lift it back above $50.
Sucden Financial expects silver to hold between $50 and $53 until the Fed's December meeting and to recover to $57 to $60 by mid-January, according to Admirals. Analyst Florian Grummes said he expects "a tricky bottoming process" around $50 in the coming weeks.
Silver has lost more than half its value since it set a record of about $121 in January.
Gold faces the same calendar. See the gold price forecast for Nov. 2-6. Metal Sentinel's silver price API publishes spot silver prices in more than 180 currencies.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always perform your own due diligence before investing in precious metals.