COMEX silver settled at $74.76/oz on June 3, down 0.73% from the prior close, extending a period of consolidation after reaching a four-week high of $75.65 on May 28. The gold:silver ratio stands at 60x — near the low end of its 2026 range of 58-65x, signaling that silver is keeping pace with gold rather than lagging. The structural narrative remains intact: a widening supply deficit now estimated at 3,700 tonnes for 2026, driven by solar PV demand consuming an estimated 6,200+ tonnes annually, while mine supply growth remains below 1% per year. The key risk is a global demand shock that would compress industrial offtake more than investment demand.
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