Market diagnosis: Silver broke below $60/oz for the first time since April — SI=F settled at $58.72/oz, down 12% in a single week and 52% below the January ATH of $121.58. The sell-off is macro-driven: the Fed's hawkish stance (80% probability of a December rate hike) and a strengthening dollar are overwhelming silver's still-intact structural deficit. The sixth consecutive deficit year (2026F: -46.3 Moz), persistently low COMEX registered stocks (87.4 Moz), and a ~13% Shanghai premium over Western benchmarks have not prevented the correction because the dominant variable is monetary policy, not physical supply-demand. The risk-reward is shifting toward opportunistic buying at these levels — the probability-weighted expected year-end price of $79/oz (JPM: $81, LBMA survey: $79.50) implies 35% upside from $58.72.