Silver's Nearly 3% Rebound Faded After a Sharp Selloff: Can Prices Recover Above $53?

Educational content only, not investment advice. Mining stocks are high risk.

By Ben McGregor

Friday, November 13, 2026

Silver prices today sit below the peak of the nearly 3% bounce in the headline. Spot silver was $49.81 bid at 3:47 a.m. ET on November 13, down 0.28% on the day, Kitco's live prices showed. That change runs from Kitco's 5:00 p.m. ET close on November 12.

The nearly 3% move came early on Wednesday, November 11. Reuters reported spot silver up 3% at $53.03 at 6:22 a.m. ET. By late that afternoon, Kitco put the day's gain at only 0.29%, and on November 12 spot silver fell 3.13%.

A silver price recovery above $53 would need spot silver to gain about 6.4% from the early November 13 price, by CMR's calculation. This article walks the week in order and sets out what that move would have to undo.

Where do silver prices today stand after the week's swings?

The figures below use Kitco's late-session spot silver readings, one publisher at about the same time each day, so the days line up.

On Monday, November 9, spot silver was near $53.320, up 2.60%, Kitco reported. On Tuesday, November 10, it was near $51.410, down $1.894 or 3.55%. That drop followed the October consumer price index (CPI) report.

Consumer prices rose 0.4% in October against a 0.3% forecast, Kitco reported. Core prices rose 0.3% against a 0.2% forecast. The Bureau of Labor Statistics published no 12-month October rate, Kitco said, because October 2025 data were missing after the government shutdown.

How big was the November 11 bounce, and how fast did it fade?

Early on November 11, three readings caught the bounce. Reuters wrote that "Spot silver climbed 3% to $53.03 per ounce" in a report timed to 6:22 a.m. ET. Kitco's live prices had shown spot silver at $52.83 bid, up 2.75%, at 5:50 a.m. ET.

Kitco's AM Report, published at 8:33 a.m. ET, put spot silver near $52.690, up $1.270 or 2.47%. It cited "bargain hunting and short covering." Short covering means traders who bet on a fall buy back to close those bets.

By CMR's calculation, that silver price rebound, spot silver's $1.270 gain by 8:33 a.m. ET, won back about two-thirds of the November 10 drop. By late afternoon, the gain had shrunk to $0.149, or 0.29%, Kitco reported. That was about 8% of the November 10 drop, by the same calculation.

CMR's November 11 post on gold and silver after the CPI report reported the morning bounce as it happened. Its live readings are now out of date, because the bounce faded later that day. The cash Treasury market was closed for Veterans Day on November 11, so the bounce came before the first full bond session after CPI.

On Thursday, November 12, spot silver fell to near $49.930, down $1.610 or 3.13%, Kitco reported. Its session low was $49.590. In its report on the precious metals market, Kitco said silver "suffered heavier percentage losses amid renewed concerns about industrial demand and equity-market volatility."

Did spot silver fall more than spot gold this week?

Day to day, silver swung harder, which is the silver market volatility readers saw this week. Over the three sessions of the silver selloff, the two ended up close. By CMR's calculation from Kitco's late readings, spot silver fell about 6.4%, from $53.320 late on November 9 to $49.930 late on November 12.

Spot gold, on Kitco's late readings for the same days, fell from $4,140.40 to $3,876.40. That is also about 6.4%, by CMR's calculation. This is one week's result, and CMR draws no pattern from it.

The gold/silver ratio shows the same thing. It is the number of ounces of silver one ounce of gold buys. By CMR's calculation from Kitco, it was 77.7 late on November 9 and 77.6 late on November 12. At the early November 13 prices, with spot gold at $3,893.80 bid, it was 78.2.

For longer context, the Silver Institute said the ratio fell to 43 in January, its lowest since 2011. BMO Capital Markets expects it to trade around 85 over the next four years, up from about 76, Kitco News reported.

Why do readers see different silver futures prices?

Futures contracts trade on COMEX, and each has its own price. COMEX front-month silver, the nearest contract, settled at $52.564 on November 9 and at $51.101 on November 10, Dow Jones Market Data showed. The November 10 settlement was down 2.78% and sat 55.60% below the record settlement of $115.08 on January 26, 2026.

COMEX December silver, the most-traded contract, settled at $50.065 on November 12, down 3.72%, The Edge reported. CMR found no verified front-month settlement for November 11 or 12. Spot prices are a separate series, so this article keeps futures out of its spot calculations.

What would a move back above $53 have to undo?

$53 matters for three reasons in this week's data. It is about where spot silver stood late on November 9, before the CPI report. It is near the November 11 peak. Kitco's November 12 report also listed $53.430 as one of its chart objectives, a technical reference point.

Here is where the readings that moved silver down stood at their latest values in this article's sources.

• The 10-year Treasury yield. It closed at 5.10% on November 12, against 4.88% on November 9, US Treasury data show. That is 22 basis points higher, by CMR's calculation. A basis point is 0.01 percentage point.
• The 2-year Treasury yield. It closed at 4.86% on November 12, against 4.56% on November 9.
• Fed hike odds. Late on November 9, Kitco put the odds of a quarter-point December hike at about 82.2%. After CPI, Kitco put them at about 88% for a quarter point and 12% for a half point. Late on November 12, the split was about 85% and 15%.
• The US Dollar Index. Kitco put it near 101.88 late on November 9. FXStreet said it traded "near 103.10 after hitting its highest level since April 2025" on November 12.

Reuters said traders raised the odds of a December hike to 100% from 84% before the data, citing CME FedWatch. So a hike of some size is fully priced, and the half-point share rose. The quarter-point share fell as half-point bets rose.

The two dollar readings come from different publishers at different times, so CMR computes no change between them. A stronger dollar makes silver dearer for buyers using other currencies.

The Fed's target range is 3.75% to 4.00%, and its next decision is December 9, after a December 8 to 9 meeting. CMR's November 13 look at gold prices today covers the rate side of the week in detail.

As of November 12, none of these readings had turned back toward its November 9 level in this article's sources.

Can silver prices recover above $53?

From $49.81 at 3:47 a.m. ET on November 13, spot silver would need to rise about 6.4% to reach $53, by CMR's calculation. It would need about 7.0% to regain its late November 9 reading of $53.320.

Spot silver traded above $53 as recently as November 9, and briefly on November 11. Since then, the CPI report, higher yields, rising hike odds and a firmer dollar have pushed it down, Kitco and Reuters reported.

A move back above $53 would mean some of those forces reversing. Yields, the half-point share of hike bets and the dollar would be the readings to check. No source in this article forecasts a date for $53, and CMR makes no forecast.

What supports silver, and what weighs on it?

On one side sit buyers and light positioning. Kitco cited bargain hunting and short covering in its November 11 AM Report. J.P. Morgan's metals team wrote in a November 9 briefing that "investor positioning in gold and silver has turned light," exchangerates.org.uk reported.

US futures data showed non-commercial traders net long 21,251 COMEX silver contracts on November 3, up 1,548 in a week, the same report said. Non-commercial traders are mostly funds and speculators; producers and users count as commercial traders.

The Silver Institute's interim figures, released at 7:30 p.m. ET on November 12 with Metals Focus, forecast a 35 million ounce deficit in 2026. It would be the sixth in a row. Industrial demand outside solar is forecast to rise 4.5% to 492 million ounces.

On the other side sit rates, the dollar and softer demand. Total industrial demand is forecast to fall 3% to 640 million ounces. Solar silver demand is set to fall 21%, Bloomberg reported.

Exchange-traded products, funds that hold physical silver, are forecast to see net outflows of 45 million ounces this year. Global holdings were 1.25 billion ounces on November 3. Counting that selling, the Silver Institute's "market balance less ETPs" shows a 10 million ounce surplus.

How I read it. The November 11 bounce showed how quickly silver can jump when positioning is light. The next day showed how quickly it can give that back when yields and the dollar rise together. $53 marks where silver stood before the CPI report, and it carries no forecast. Getting back there would mean undoing what the CPI report did to yields, hike odds and the dollar, and none of that had reversed by November 12. For a stacker, silver's daily swings and its ratio to gold are separate questions from whether to own it at all.

Will silver prices rise in November 2026?

Define "rise in November" plainly: spot silver ending November above where it ended October. On Kitco's late readings, spot silver was near $49.015 on October 30, the last trading day of October.

Late on November 12, at $49.930, it was about 1.9% above that, by CMR's calculation. At the early November 13 price of $49.81, it was about 1.6% above. That margin can vanish in one session, since spot silver fell 6.06% on October 30 alone.

From November 13 to November 30, 11 weekday sessions remain once Thanksgiving on November 26 is excluded, by CMR's count. Friday, November 27 is usually a shortened US session. The dated releases below are what each of those sessions will react to.

What is the silver price forecast for 2026?

Bank of America, J.P. Morgan and BMO Capital Markets sell research and financial services. The Silver Institute is an industry association funded by silver producers. Each silver price prediction below is the named institution's own estimate of the silver market outlook.

BofA's Michael Widmer, who leads metals research at BofA Global Research, expects a $55 quarterly average for the fourth quarter of 2026, according to Benzinga's report of the bank's note. He then sees a $75 quarterly average for the second and third quarters of 2027. CMR's post on the BofA silver price outlook covers those figures and the Silver Institute's balance in depth.

BofA's $55 covers the whole fourth quarter, which already includes October and most of November, so it describes an average across many days. By CMR's calculation, $55 is about 10.4% above the early November 13 spot price.

J.P. Morgan, on August 13, forecast a $63.0 quarterly average for the fourth quarter of 2026 and a $70.6 yearly average for 2026. The World Bank's 2026 yearly average is $70, from its October 28 outlook with data to October 14. A Reuters poll of 30 analysts and traders returned a median 2026 yearly average of $70.30.

A 2026 yearly average includes the very high prices of early 2026. So a $70 figure can sit far above today's price without implying a rise from here. Every forecast here was published before the November 10 CPI report, so none reflects this week.

What to watch: which dates test a move back above $53?

• Friday, November 13, 2026, 8:30 a.m. ET: the US producer price index for October. A softer reading would be one of the things a move toward $53 would need.
• Monday, November 16, 2026: the delayed CFTC Commitments of Traders report, covering positions at the November 10 close, exchangerates.org.uk reported.
• Wednesday, November 25, 2026, 8:30 a.m. ET: Personal Income and Outlays for October, including the PCE price index.
• Monday, November 30, 2026: the last trading day of November, which settles the November question against the October 30 reading.
• Tuesday, December 8 and Wednesday, December 9, 2026: the Federal Reserve meeting, with the rate decision on December 9. A half-point move would be larger than the quarter point most traders priced late on November 12.

FAQ

Can silver prices recover above $53?

From $49.81 at 3:47 a.m. ET on November 13, spot silver would need to rise about 6.4% to reach $53, by CMR's calculation. It traded above $53 on November 9 and briefly on November 11. No source cited here forecasts a date for $53.

Will silver prices rise in November 2026?

Measured as spot silver ending November above its late October 30 reading of $49.015, it was up about 1.9% late on November 12, by CMR's calculation from Kitco. That can change in one session, and 11 weekday sessions remain in November.

What is the silver price forecast for 2026?

Each figure is the institution's estimate. BofA expects a $55 quarterly average for the fourth quarter of 2026. J.P. Morgan forecast a $70.6 yearly average for 2026, and the World Bank a $70 yearly average. All came before the November 10 CPI report.

Sources

1. Live gold and silver prices, Kitco, November 13, 2026, 3:47 a.m. ET (page clock 08:47 AM UTC). https://www.kitco.com/price
2. Gold gains after steep drop; hawkish central bank signals weigh, Reuters via Kitco Off The Wire, November 11, 2026, posted 7:58 a.m. ET (report timed 6:22 a.m. ET). https://www.kitco.com/news/off-the-wire/2026-11-11/gold-gains-after-steep-drop-hawkish-central-bank-signals-weigh
3. Gold, silver advance as dollar weakens, Fed rate expectations face inflation test, Kitco PM Report, Kitco NewsWire, November 9, 2026, 5:03 p.m. ET. https://www.kitco.com/news/article/2026-11-09/gold-silver-advance-dollar-weakens-fed-rate-expectations-face-inflation
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