Silver macro outlook · updated 12 November 2026
Is silver bullish or bearish?
As of 12 November 2026, silver scores 45 out of 100 on the WatchTower Terminal macro composite, a neutral read. Silver carries a neutral macro bias, with a composite score of 45/100. A broadly tightening central-bank stance keeps the dollar supported and real rates elevated, which weighs on investment demand for the metal. Speculative positioning is net long but light, near the bottom of its range, so the market is not stretched and a policy repricing could shift sentiment.
Composite score
45
Neutral
56+ bullish · 45 to 55 neutral · under 45 bearish
Reading of 12 Nov, 09:30 London
What is behind the number.
- Institutional positioning
- Net long · at a crowded short extreme
Current drivers
- Broadly tightening central-bank stance supports the dollar
- Elevated real rates keep investment demand subdued
- Light net long speculative positioning, near bottom of range
- Disinflation signals could prompt a policy repricing
How this score is built
Published weights, not a black box.
Gold and silver are scored on the weights shown here, on the same 0 to 100 scale as every other market, so a 56 here means what a 56 means anywhere else.
- Central bank30%
- COT level25%
- Bank research20%
- COT flow15%
- Seasonality10%
The rest of the board
Ranked strongest to weakest on the same scale.
About Silver
Is Silver bullish or bearish right now?
As of 12 November 2026, Silver carries a neutral macro read, scoring 45 out of 100 on the composite. 56 and above reads bullish, below 45 reads bearish, and the band between is neutral.
What is driving Silver?
Current drivers include: Broadly tightening central-bank stance supports the dollar; Elevated real rates keep investment demand subdued; Light net long speculative positioning, near bottom of range; Disinflation signals could prompt a policy repricing.
How is the Silver macro score calculated?
Silver runs on the monetary metal weights: central bank 30%, cot level 25%, bank research 20%, cot flow 15%, seasonality 10%. The central bank input is the developed-market policy stance, inverted, and the score is re-weighted over the inputs silver actually has. 56 and above reads bullish, below 45 reads bearish.
Where can I track Silver in real time?
This page reads it live with no account. In WatchTower Terminal, Asset scores carries the live Silver score and every driver behind it, alongside every G10 currency, metals and global indices, and Asset in full and Score history add the written read and the full history. The terminal is $10 for your first month, then $49 a month, or $490 a year with 2 months free. Cancel from Billing at any time.
Track it live
This is 1 number. The terminal shows the working.
Every component and the weight it carries, in Asset scores, with the history of how the score has moved, the positioning behind it and the research it came from. The terminal is $10 for your first month, then $49 a month. Cancel from Billing at any time.