Silver prices have declined sharply to around $48.60 per ounce as of November 14, 2026, testing multi-month lows after peaking above $120 in January amid elevated U.S. real yields near 2.78% on the 10-year Treasury, a firmer dollar, and expectations for persistent Fed policy rates. This has weighed on non-yielding assets despite a narrowing annual supply deficit of roughly 35 million ounces projected for 2026. Weakening industrial demand, particularly in solar, combined with ETF outflows of 45 million ounces year-to-date, has reinforced downside pressure, while the gold-silver ratio near 80:1 highlights relative valuation. Traders are monitoring upcoming inflation releases and FOMC communications for shifts in rate path expectations that could influence near-term volatility.