Silver’s $75.83 Tightrope: Sub-100M Ounce Inventories and Iran Deal Disruption Test the Bulls

COMEX silver stocks dip below 100M oz, but prices stuck near $75.83 on collapsed Iran talks, sticky inflation, and rate outlook.

Silver’s,Tightrope
Silver’s $75.83 Tightrope: Sub-100M Ounce Inventories and Iran Deal Disruption Test the Bulls
31.05.2026 – 06:50:53 | boerse-global.de
COMEX silver stocks dip below 100M oz, but prices stuck near $75.83 on collapsed Iran talks, sticky inflation, and rate outlook.

Silver’s $75.83 Tightrope: Sub-100M Ounce Inventories and Iran Deal Disruption Test the Bulls – Photo: via boerse-global.de
Silver’s $75.83 Tightrope: Sub-100M Ounce Inventories and Iran Deal Disruption Test the Bulls – Photo: via boerse-global.de
Silver begins the trading week caught between two powerful forces that rarely align so neatly in opposition. COMEX warehouse stocks have slipped below 100 million ounces for the first time in recent memory, a scarcity milestone that normally would light a fire under prices. Yet the metal is stuck near $75.83 after Friday’s 0.50% decline, stymied by a weekend diplomatic breakdown over Iran that kept the Strait of Hormuz in play — and by stubborn inflation data that bolsters the case for higher-for-longer interest rates.

The proposed 60-day ceasefire extension between the US and Iran collapsed at the final hour when President Donald Trump demanded revisions to the text, particularly over language on Tehran’s nuclear material and the reopening of the Strait of Hormuz. The original plan envisaged a mine-clearing operation within 30 days followed by free, untold shipping through the strategic chokepoint. For silver, the impact cuts both ways. A deal would have eased energy prices and lowered a key component of inflation, reducing the metal’s geopolitical premium. The delay keeps that uncertainty alive, but the market’s muted reaction — spot silver oscillated in a $75–76 band on Friday — suggests traders are pricing in neither a full-blown crisis nor a swift resolution.

Macroeconomic headwinds are adding their own weight. The April PCE price index climbed 0.4% month-on-month and 3.8% year-on-year, while core PCE (excluding food and energy) rose 0.2% monthly and 3.3% annually. Higher inflation can burnish silver’s appeal as a store of value, but it also firms up expectations that the Federal Reserve will keep rates elevated — a direct drag on non-yielding assets. The second estimate of first-quarter GDP came in at 1.6%, below the initial 2.0% forecast, tempering hopes for a robust industrial recovery that would lift silver’s demand as a manufacturing input