Silver Insights Daily Update — August 13, 2026
The story today: Silver gave back ground Wednesday, slipping to $64.40 after a brief run above $65, while the Shanghai premium continues to signal something worth watching on the demand side.
Price Action: A Modest Pullback in Context
COMEX silver settled at $64.40, down $0.92 (-1.41%) from Tuesday's $65.32. That's a normal intraday retreat after a recent push higher — nothing that changes the broader picture on its own. Gold held comparatively firm at $4,351.34, which nudged the gold/silver ratio slightly higher to 67.57.
To put that ratio in context: silver has outperformed gold meaningfully over the past year, so a brief ratio expansion on a down day isn't unusual. It does suggest silver is doing the heavier lifting when metals move, and getting hit harder on corrections — typical behavior for the more volatile metal.
Key Data at a Glance
| Metric | Value | Notes |
|---|---|---|
| Silver Spot | $64.40 | -1.41% on the day |
| Gold Spot | $4,351.34 | Held relatively firm |
| Gold/Silver Ratio | 67.57 | Slight expansion |
| Shanghai Silver | $72.81 | ~13% premium to spot |
| DXY | 100.008 | Neutral territory |
| CFTC Commercial Net | -40,422 contracts | Within typical range |
The Shanghai Premium Deserves Attention
Shanghai Gold Exchange pricing puts silver at $72.81 — roughly 13% above the COMEX spot price. That sits in elevated territory. A 0–5% premium is considered normal; 5–10% is elevated; what we're seeing now is at the high end of the elevated range, though not yet at extreme levels seen during supply squeezes.
Persistent premiums of this magnitude suggest Chinese physical demand is absorbing metal at prices well above Western spot. It doesn't guarantee a near-term price spike, but it does indicate the arbitrage pressure that often precedes tighter global supply. Worth monitoring if this persists through the week.
COT Positioning: No Red Flags
The latest CFTC COT report (dated August 4) shows commercial net short positioning at -40,422 contracts — comfortably within the typical -30K to -50K range. This isn't a crowded short, nor is it a particularly bullish setup. It's a neutral read that leaves room for positioning to move in either direction.
What This Means for Stackers
Today's pullback keeps physical silver premiums relevant. Dealer spreads are running:
| Product | Premium Over Spot |
|---|---|
| American Eagles | 14.7% |
| Generic Rounds | 7.9% |
| Junk Silver | 5.2% |
Eagles remain expensive relative to the alternatives. Junk silver at 5.2% continues to offer the most metal per dollar for buyers prioritizing cost efficiency.
What to Consider
With spot pulling back to $64.40, junk silver at a 5.2% premium offers the most favorable entry point among common retail products today. If you've been watching for a modest dip to add fractional silver exposure, this is a more reasonable level than where we were 48 hours ago. That said, consider sizing positions accordingly — the Shanghai premium suggests underlying demand is firm, but a continued DXY drift could test spot further in the short term.
Bottom Line
A routine 1.4% pullback on above-average volume is not a trend reversal — it's the market catching its breath. The elevated Shanghai premium remains the most interesting signal in today's data, pointing to sustained physical demand out of China even as Western futures prices ease. COT positioning is benign, the dollar is neutral, and junk silver continues to offer the best value at the retail level.
References - LBMA Silver Price: https://www.lbma.org.uk/prices-and-data/precious-metal-prices - COMEX Silver: https://www.cmegroup.com/markets/metals/precious/silver.html - CFTC COT Report: https://www.cftc.gov/dea/futures/deacmxsf.htm
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