Silver edged up to $69.19 an ounce on Thursday, gaining 0.4% as it rides the same precious-metals upswing that’s been building since early August. Both silver and gold have been buoyed this month by a softer US dollar and easing Treasury yields — forces that traders say are likely to keep momentum going into Friday’s high-profile Jackson Hole keynote from Fed Chair Kevin Warsh. Key market moves and drivers - Gold has been leading the charge: Reuters reported spot gold jumped as much as 1.6% on Monday to $4,677.14 (its strongest level since May 14), while US December gold futures rose 1.2% to $4,734.70. Jim Wyckoff of American Gold Exchange summed it up: “The fundamentals and technicals are kind of lining up bullish for the gold market.” - The dollar index is hovering near 98.8, close to a three-month low — a major tailwind for precious metals because a weaker dollar makes bullion cheaper for holders of other currencies. - Treasury yields have come off recent highs after the US Treasury doubled its bond buyback program earlier this month, raising operations to at least $4 billion for 10- to 30-year securities. The 30-year yield had hit 5.34% earlier in August — its highest since 2007 — before easing as buybacks took effect. Lower yields reduce the opportunity cost of holding non-yielding assets like gold and silver. - Central-bank buying has also supported prices: reserve managers have been increasing holdings at the fastest pace in years as they diversify away from the dollar. Analyst views and near-term outlook - Several trading desks are upbeat heading into Jackson Hole. Morgan Stanley has projected gold could top $5,000 an ounce by 2027, and Goldman Sachs has named gold a top commodities pick for the coming months. - Citi and other strategists note the market is moving to price out additional Fed rate hikes — a dynamic that would be supportive of precious metals. - For silver specifically, most forecasters expect the metal to track gold’s path. If the dollar continues to fall and yields remain capped, silver could remain firm around current levels and potentially test $70 an ounce. Conversely, a hawkish surprise from Fed Chair Warsh would likely trigger a rapid pullback in both gold and silver. What crypto traders should watch - The same macro drivers that lift gold and silver — dollar weakness and lower real yields — also influence crypto markets. A dovish Fed tone and weaker dollar can spur risk appetite and liquidity, which can be bullish for Bitcoin and altcoins. At the same time, stronger safe-haven flows into gold and silver could compete with crypto for some investor capital. - Key events to monitor this week: Warsh’s Jackson Hole keynote, moves in the dollar index, and shifts in longer-term Treasury yields — all of which will help determine whether the metals rally extends into September. Bottom line: Silver is trading near $69 and is moving in lockstep with gold as dollar weakness, lower yields and central-bank buying fuel demand. Traders are watching Friday’s Jackson Hole speech closely — a dovish tone could extend the rally (pushing silver toward $70), while a hawkish surprise would likely reverse recent gains. Read more AI-generated news on: undefined/news