Silver futures are about $1 off all-time highs at the start of a week where the Fed is widely expected to cut rates. Prices have support from tightening inventories, strong industrial demand, and safe-haven flows.

ETF buyers added 3.64 million troy ounces of silver, the sixth straight day of growth, with last week seeing a massive 18.9 million ounce increase, creating structural support.

US equity markets are resilient due to continuous buying from 401ks and pension funds in Mag 7 names, regardless of price action.

China's central bank increased gold reserves for the 13th consecutive month. Central banks are diversifying away from concentrated FX positions, a trend accelerated by the Russia-Ukraine conflict and sanctions.

S&P futures are up 0.1% and NASDAQ up 0.2%. Most investors are looking ahead to 2026 with a risk-on sentiment, driven by easier comps, the Fed cutting cycle, and moving past tariff talks.

The CME FedWatch shows an 87.4% likelihood of a 25 bps rate cut. The Fed is in a blackout period.

The dollar index has been sliding lower. The Euro is sideways to slightly higher after a hawkish inflation print caused the ECB to pause cuts.

The 10-year Treasury yield is at 4.155%, teetering on a small breakout. The yield curve is steepening as the short end is anchored and the long end extends higher.

Expect volatility to pick up significantly around the Fed meeting, especially with a potential 'hawkish cut' where they cut but signal unease about continuing.

European stocks were little changed as investors wait for the Fed. Asian stocks edged higher for a fifth straight day.