Gold and Silver Near-Term Support Amid Bond Market Volatility and Rate Hike Expectations – News and Statistics

May 22, 2026

Gold and silver are holding near-term support levels heading into the weekend, as precious metals trade in neutral territory, according to a report from Kitco News. Analysts point to recent volatility in bond markets as a possible sign of shifting market fears.

Long-term bonds are expected to end the week lower than their recent highs but remain at critically elevated levels. The yield on 30-year U.S. Treasuries is above 5%, while the 10-year note yield is ending the week above 4.5%.

In the short term, higher bond yields create headwinds for gold and silver. Rising yields could push the Federal Reserve to raise interest rates by the end of the year, increasing the opportunity cost of holding non-yielding assets such as gold and silver. Analysts note a fine line between higher yields driven by inflation and a potential bond crisis that would support precious metals as a store of wealth.

Naeem Aslam, Chief Investment Officer at Zaye Capital Markets, stated that the risk of a bond crisis is increasing but has not yet materialized. He noted that if 10-year and 30-year yields rise in a disorderly manner, markets may question whether government bonds still offer safe-haven protection. Aslam added that if long yields rise but gold stops falling, it would indicate investors view higher yields as a reason to own gold rather than avoid it, potentially reviving demand for wealth preservation.

John Murillo, Chief Business Officer at B2BROKER Group, is also watching for a potential bond crisis but said the environment for gold investors will likely worsen before improving. He highlighted headwinds from fixed-income narratives focused on a more hawkish stance by current Fed Chair Kevin Warsh compared to his predecessors. Murillo noted that gold faces a short-term correction due to geopolitical tensions and slowing central bank purchases, though ongoing shifts of central bank reserves from sovereign bonds to precious metals provide a floor against significant bearish speculation. He sees a near-term risk of gold dropping to $4,000 per ounce, with long-term potential to reach $10,000, based on concerns about sticky inflation from the Middle East conflict and weakening momentum in the U.S. dollar.

Not all analysts agree that a bond crisis is imminent. Fixed-income strategists at TD Securities said the rise in long-term yields aligns with rising inflation expectations. They stated that repricing of Fed expectations has been the primary driver of higher rates, with inflation expectations and solid growth also contributing. They do not believe the move is driven by renewed worries about U.S. deficits or a lack of foreign demand, and while the Fed likely does not want to hike, markets could continue pricing in more hikes, risking further upward drift in near-term Treasury yields. Commodity analysts at TD Securities see a risk of gold testing support around $4,350 per ounce.

David Morrison, Senior Market Analyst at Trade Nation, expects gold to struggle as markets aggressively price in rate hikes. He cited data from the CME’s FedWatch Tool showing a 42% probability of a 25-basis-point rate hike before year-end, compared to a 30% probability of rates being kept on hold. The likelihood of 50 basis points in hikes this year has risen to 22% from zero a month ago, which Morrison said could put downward pressure on gold prices.

With a relatively light week of economic data, markets will focus on headline risks surrounding the war in Iran. Holidays in Europe, the U.K., and the U.S. will result in extremely light trading activity at the start of the week. Following disappointing finalized University of Michigan Consumer Sentiment numbers, which fell to a record low of 44.8 with one-year inflation expectations rising to 4.8%, investors will watch the U.S. Conference Board Consumer Confidence Survey. Later in the week, markets will receive the second print of first-quarter GDP data, though analysts expect more attention on April inflation data from the monthly Personal Consumption Expenditures Index. Gold prices could be sensitive to a further rise in inflation pressures.

Interactive table based on the Store Companies dataset for this report.

#	Company	Headquarters	Focus	Scale	Note
1	Hecla Mining Company	Coeur d’Alene, Idaho	Primary silver and gold mining	Major US primary silver producer	Largest US silver producer with multiple mines
2	Coeur Mining, Inc.	Chicago, Illinois	Precious metals mining (silver, gold)	Large-scale producer	Significant silver production from US and Americas assets
3	Newmont Corporation	Denver, Colorado	Gold mining with significant silver byproduct	World’s largest gold miner	Major silver byproduct from US and global operations
4	SSR Mining Inc.	Denver, Colorado	Precious metals producer	Mid-tier producer	Silver production from US and international mines
5	Kinross Gold Corporation	Toronto, Canada / Denver, CO	Gold mining with silver byproduct	Major gold producer	US operations (e.g., Round Mountain) yield silver
6	Rio Tinto Kennecott	South Jordan, Utah	Copper mining with silver/gold byproduct	Large integrated operation	Significant silver recovered from copper ore
7	Freeport-McMoRan Inc.	Phoenix, Arizona	Copper, gold, molybdenum, silver	Global mining giant	Silver byproduct from US copper mines
8	ASARCO (Grupo México)	Tucson, Arizona	Copper, silver, other metals	Major smelter/refiner	Silver produced from US copper operations
9	KGHM International	Denver, Colorado	Copper, silver, gold mining	US subsidiary of global miner	Silver from Robinson Mine in Nevada
10	Royal Gold, Inc.	Denver, Colorado	Precious metals streaming & royalties	Major streaming company	Significant silver stream interests globally
11	Wheaton Precious Metals Corp.	Vancouver, Canada / Denver, CO	Precious metals streaming	World’s largest streaming company	US office; silver streams from global mines
12	Maverix Metals Inc.	Vancouver, Canada / Denver, CO	Precious metals royalties	Growing royalty company	US presence; portfolio includes silver assets
13	Americas Gold and Silver Corporation	Toronto, Canada / Osburn, ID	Precious metals mining	Small to mid-tier producer	US operations include silver production
14	Comstock Inc.	Virginia City, Nevada	Silver and gold resource development	Exploration and development	Historic Comstock Lode district focus
15	First Majestic Silver Corp.	Vancouver, Canada / Denver, CO	Primary silver mining	Mid-tier primary silver producer	US office; primary silver focus globally
16	Endeavour Silver Corp.	Vancouver, Canada / Denver, CO	Silver-gold mining	Mid-tier producer	US office; operates mines in Americas
17	Fortuna Silver Mines Inc.	Vancouver, Canada / Lima, Peru	Silver and gold mining	Mid-tier producer	US operational presence; silver production
18	McEwen Mining Inc.	Toronto, Canada / Loveland, CO	Gold and silver mining	Mid-tier producer	US operations include silver production
19	Hycroft Mining Holding Corporation	Denver, Colorado	Gold and silver development	Large-scale resource	Developing large silver-gold deposit in Nevada
20	i-80 Gold Corp.	Reno, Nevada	Gold and silver mining	Development and production	Nevada focus includes silver byproduct
21	Contact Gold Corp.	Vancouver, Canada / Elko, NV	Gold exploration	Exploration stage	US operations; silver potential in Nevada
22	Silver One Resources Inc.	Vancouver, Canada / Phoenix, AZ	Silver exploration and development	Exploration and development	US projects in silver-rich districts
23	Silver Dollar Resources Inc.	Vancouver, Canada / Dallas, TX	Silver exploration	Exploration stage	US-based exploration projects
24	Gold Royalty Corp.	New York, New York	Precious metals royalties	Growing royalty company	Portfolio includes silver-focused royalties
25	U.S. Gold Corp.	Elko, Nevada	Gold and silver exploration	Exploration and development	US projects with silver potential
26	Silver Hammer Mining Corp.	Vancouver, Canada / Spokane, WA	Silver exploration	Exploration stage	US-focused silver exploration
27	Silver Tiger Metals Inc.	Toronto, Canada / Phoenix, AZ	Silver exploration and development	Exploration and development	Primary silver project in Mexico
28	Dolly Varden Silver Corporation	Vancouver, Canada / Boise, ID	Silver exploration	Exploration stage	US-focused silver exploration projects
29	Silver Spike Acquisition Corp.	New York, New York	Investment in silver/assets	Special purpose acquisition	Focused on silver and precious metals sector
30	Silver Crest Metals Inc.	Vancouver, Canada / Phoenix, AZ	Silver-gold exploration	Development stage	US office; developing silver project

This report provides a comprehensive view of the silver industry in the United States, tracking demand, supply, and trade flows across the national value chain. It explains how demand across key channels and end-use segments shapes consumption patterns, while also mapping the role of input availability, production efficiency, and regulatory standards on supply.

Beyond headline metrics, the study benchmarks prices, margins, and trade routes so you can see where value is created and how it moves between domestic suppliers and international partners. The analysis is designed to support strategic planning, market entry, portfolio prioritization, and risk management in the silver landscape in the United States.

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Key findings

Domestic demand is shaped by both household and industrial usage, with trade flows linking local supply to imports and exports.
Pricing dynamics reflect unit values, freight costs, exchange rates, and regulatory shifts that affect sourcing decisions.
Supply depends on input availability and production efficiency, creating a distinct national cost curve.
Market concentration varies by segment, creating different competitive landscapes and entry barriers.
The 2035 outlook highlights where capacity investment and demand growth are most aligned within the country.

Report scope

The report combines market sizing with trade intelligence and price analytics for the United States. It covers both historical performance and the forward outlook to 2035, allowing you to compare cycles, structural shifts, and policy impacts.

Market size and growth in value and volume terms
Consumption structure by end-use segments
Production capacity, output, and cost dynamics
Trade flows, exporters, importers, and balances
Price benchmarks, unit values, and margin signals
Competitive context and market entry conditions

Product coverage

Prodcom 24411030 – Silver, unwrought or in powder form (including plated with gold or platinum)
Prodcom 24411050 – Silver, in semi-manufactured forms (including plated with gold or platinum) (excluding unwrought or in powder form)

Country coverage

Country profile and benchmarks

This report provides a consistent view of market size, trade balance, prices, and per-capita indicators for the United States. The profile highlights demand structure and trade position, enabling benchmarking against regional and global peers.

Methodology

The analysis is built on a multi-source framework that combines official statistics, trade records, company disclosures, and expert validation. Data are standardized, reconciled, and cross-checked to ensure consistency across time series.

International trade data (exports, imports, and mirror statistics)
National production and consumption statistics
Company-level information from financial filings and public releases
Price series and unit value benchmarks
Analyst review, outlier checks, and time-series validation

All data are normalized to a common product definition and mapped to a consistent set of codes. This ensures that comparisons across time are aligned and actionable.

Forecasts to 2035

The forecast horizon extends to 2035 and is based on a structured model that links silver demand and supply to macroeconomic indicators, trade patterns, and sector-specific drivers. The model captures both cyclical and structural factors and reflects known policy and technology shifts in the United States.

Historical baseline: 2012-2025
Forecast horizon: 2026-2035
Scenario-based sensitivity to income growth, substitution, and regulation
Capacity and investment outlook for major producing companies

Each projection is built from national historical patterns and the broader regional context, allowing the report to show where growth is concentrated and where risks are elevated.

Price analysis and trade dynamics

Prices are analyzed in detail, including export and import unit values, regional spreads, and changes in trade costs. The report highlights how seasonality, freight rates, exchange rates, and supply disruptions influence pricing and margins.

Price benchmarks by country and sub-region
Export and import unit value trends
Seasonality and calendar effects in trade flows
Price outlook to 2035 under baseline assumptions

Profiles of market participants

Key producers, exporters, and distributors are profiled with a focus on their operational scale, geographic footprint, product mix, and market positioning. This helps identify competitive pressure points, partnership opportunities, and routes to differentiation.

Business focus and production capabilities
Geographic reach and distribution networks
Cost structure and pricing strategy indicators
Compliance, certification, and sustainability context

How to use this report

Quantify domestic demand and identify the most attractive segments
Evaluate export opportunities and prioritize target destinations
Track price dynamics and protect margins
Benchmark performance against leading competitors
Build evidence-based forecasts for investment decisions

This report is designed for manufacturers, distributors, importers, wholesalers, investors, and advisors who need a clear, data-driven picture of silver dynamics in the United States.

FAQ

What is included in the silver market in the United States?

The market size aggregates consumption and trade data, presented in both value and volume terms.

How are the forecasts to 2035 built?

The projections combine historical trends with macroeconomic indicators, trade dynamics, and sector-specific drivers.

Does the report cover prices and margins?

Yes, it includes export and import unit values, regional spreads, and a pricing outlook to 2035.

Which benchmarks are included?

The report benchmarks market size, trade balance, prices, and per-capita indicators for the United States.

Can this report support market entry decisions?

Yes, it highlights demand hotspots, trade routes, pricing trends, and competitive context.

1. INTRODUCTION

Report Scope and Analytical Framing
1. Report Description
2. Research Methodology and the Analytical Framework
3. Data-Driven Decisions for Your Business
4. Glossary and Product-Specific Terms
2. EXECUTIVE SUMMARY

Concise View of Market Direction
1. Key Findings
2. Market Trends
3. Strategic Implications
4. Key Risks and Watchpoints
3. DOMESTIC MARKET SIZE AND DEVELOPMENT PATH

Market Size, Growth and Scenario Framing
1. Market Size: Historical Data (2012-2025) and Forecast (2026-2035)
2. Growth Outlook and Market Development Path to 2035
3. Growth Driver Decomposition
4. Scenario Framework and Sensitivities
4. CATEGORY SCOPE, DEFINITIONS AND BOUNDARIES

Commercial and Technical Scope
1. What Is Included and How the Market Is Defined
2. Market Inclusion Criteria
3. Product / Category Definition
4. Exclusions and Boundaries
5. Distinction From Adjacent Products and Substitute Categories
5. CATEGORY STRUCTURE, SEGMENTATION AND PRODUCT MATRIX

How the Market Splits Into Decision-Relevant Buckets
1. By Product Type / Configuration
2. By Application / End Use
3. By Customer / Buyer Type
4. By Channel / Business Model / Technology Platform
5. Segment Attractiveness Matrix
6. Product Matrix and Segment Growth Logic
6. DOMESTIC DEMAND, CUSTOMER AND BUYER ARCHITECTURE

Where Demand Comes From and How It Behaves
1. Consumption / Demand: Historical Data (2012-2025) and Forecast (2026-2035)
2. Demand by End-Use and Buyer Group
3. Demand by Customer / Consumer Segment
4. Purchase Criteria, Switching Logic and Adoption Barriers
5. Replacement, Replenishment and Installed-Base Dynamics
6. Future Demand Outlook
7. DOMESTIC PRODUCTION, SUPPLY AND VALUE CHAIN

Supply Footprint and Value Capture
1. Production in the Country
2. Domestic Manufacturing Footprint
3. Capacity, Bottlenecks and Supply Risks
4. Value Chain Logic and Margin Pools
5. Distribution and Route-to-Market Structure
8. IMPORTS, EXPORTS AND SOURCING STRUCTURE

Trade Flows and External Dependence
1. Exports
2. Imports
3. Trade Balance
4. Import Dependence
5. Sourcing Risks and Resilience
9. PRICING, PROMOTION AND COMMERCIAL MODEL

Price Formation and Revenue Logic
1. Domestic Price Levels and Corridors
2. Pricing by Segment / Specification / Channel
3. Cost Drivers and Margin Logic
4. Promotion, Discounting and Procurement Patterns
5. Revenue Quality and Commercial Levers
10. COMPETITIVE LANDSCAPE AND PORTFOLIO POWER

Who Wins and Why
1. Market Structure and Concentration
2. Competitive Archetypes
3. Segment-by-Segment Competitive Intensity
4. Portfolio Breadth and Product Positioning
5. Capability Matrix
6. Strategic Moves, Partnerships and Expansion Signals
11. DOMESTIC MARKET STRUCTURE AND CHANNEL LOGIC

How the Domestic Market Works
1. Core Demand Centers
2. Local Production and Distribution Roles
3. Channel Structure
4. Buyer and Procurement Architecture
5. Regional Imbalances Within the Country
12. GROWTH PLAYBOOK AND MARKET ENTRY

Commercial Entry and Scaling Priorities
1. Where to Play
2. How to Win
3. Distributor / Partner / Direct Entry Options
4. Capability Thresholds
5. Entry Risks and Mitigation
13. WHERE TO PLAY NEXT: MOST ATTRACTIVE GROWTH OPPORTUNITIES

Where the Best Expansion Logic Sits
1. Most Attractive Product Niches
2. Most Attractive Customer Segments
3. White Spaces and Unsaturated Opportunities
4. High-Margin and Underpenetrated Pockets
5. Most Promising Product Adjacencies
14. PROFILES OF MAJOR COMPANIES

Leading Players and Strategic Archetypes
1. Leading Manufacturers and Suppliers
2. Production Footprint and Capacities
3. Product Portfolio and Segment Focus
4. Pricing Positioning and Indicative Price Logic
5. Channel / Distribution Strength
6. Strategic Archetypes
15. METHODOLOGY, SOURCES AND DISCLAIMER

How the Report Was Built
1. Modeling Logic
2. Source Register
3. Publications, Regulatory and Industry References
4. Analytical Notes
5. Disclaimer

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Hecla Mining Company

Largest US silver producer with multiple mines

Coeur Mining, Inc.

Significant silver production from US and Americas assets

Newmont Corporation

Major silver byproduct from US and global operations

SSR Mining Inc.

Silver production from US and international mines

Kinross Gold Corporation

US operations (e.g., Round Mountain) yield silver

Rio Tinto Kennecott

Significant silver recovered from copper ore

Freeport-McMoRan Inc.

Silver byproduct from US copper mines

ASARCO (Grupo México)

Silver produced from US copper operations

KGHM International

Silver from Robinson Mine in Nevada

Royal Gold, Inc.

Significant silver stream interests globally

Wheaton Precious Metals Corp.

US office; silver streams from global mines

Maverix Metals Inc.

US presence; portfolio includes silver assets

Americas Gold and Silver Corporation

US operations include silver production

Comstock Inc.

Historic Comstock Lode district focus

First Majestic Silver Corp.

US office; primary silver focus globally

Endeavour Silver Corp.

US office; operates mines in Americas

Fortuna Silver Mines Inc.

US operational presence; silver production

McEwen Mining Inc.

US operations include silver production

Hycroft Mining Holding Corporation

Developing large silver-gold deposit in Nevada

i-80 Gold Corp.

Nevada focus includes silver byproduct

Contact Gold Corp.

US operations; silver potential in Nevada

Silver One Resources Inc.

US projects in silver-rich districts

Silver Dollar Resources Inc.

US-based exploration projects

Gold Royalty Corp.

Portfolio includes silver-focused royalties

U.S. Gold Corp.

US projects with silver potential

Silver Hammer Mining Corp.

US-focused silver exploration

Silver Tiger Metals Inc.

Primary silver project in Mexico

Dolly Varden Silver Corporation

US-focused silver exploration projects

Silver Spike Acquisition Corp.

Focused on silver and precious metals sector

Silver Crest Metals Inc.

US office; developing silver project

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