Silver could fall further vs. gold as physical market weakens, Metals Focus says - TradingView

AI desk brief

Metals Focus says silver could face further downside versus gold as weakening investment demand and improved physical liquidity remove a key support, while gold remains anchored by central bank buying and macro/geopolitical hedging demand. The gold-silver ratio has risen above 76 for the first time since December, with silver vault inventories in London climbing to 932M oz at end-September and available stocks ex-ETF metal nearly doubling from the October 2025 lows to 267M oz.

The report also ties the latest selloff to a stronger-than-expected U.S. GDP print, which is reinforcing expectations for higher U.S. rates and keeping yields supported. Front-month Comex gold for November fell 0.5% to $4,017.70/oz, while November silver dropped 2.4% to $52.191/oz, its lowest settlement since Nov. 25, 2025.