Gold and Silver Weather a Perfect Storm as Demand Holds Firm

AI desk brief

Sprott presents October 2026 gold and silver declines of 6.80% to $3,874.62/oz and 18.74% to $49.10/oz, alongside gold ETF holdings of 100.97 million ounces and silver additions of roughly 4.9 million ounces. Crucially, its disclosure says economic scenarios, including those expressed in the present tense, are illustrative rather than predictions; the narrative should not be treated as verified market reporting. Sprott attributes weakness primarily to positioning and liquidity, arguing recovery could follow easing macro pressures, while elevated real yields remain a counterforce. It sees silver catch-up potential only if monetary pressures ease and industrial demand stays firm.