Silver futures opened at $61.85 per ounce on August 7, up 0.4% from the previous close, then surged to $65.05 by mid-morning trading as investors reacted to a disappointing US jobs report. The Bureau of Labor Statistics reported the economy lost 23,000 jobs in July, far below the 80,000 gain economists had forecast, while the unemployment rate ticked down to 4.1%. The weak labor data raised expectations that the Federal Reserve will hold interest rates steady at its next meeting rather than raise them to fight inflation, a dynamic that has historically supported precious metals prices.
Silver has climbed 4.5% over the past week and is up more than 60% compared to a year ago, extending a rally that has pushed the metal above levels last seen in June. Industry analysts point to persistent supply tightness, alongside rising industrial demand from solar panel manufacturing, electric vehicle production, and data center buildout, as structural forces behind the gains. The Silver Institute projects a global deficit of more than 46 million ounces for 2026, marking a sixth consecutive year the market has consumed more silver than mines and recyclers have supplied.
Investors weighing silver purchases also face a distinct tax treatment. The IRS classifies physical silver bars, rounds and coins as collectibles rather than standard capital assets, capping long-term gains at a 28% rate rather than the lower rates that apply to most stock sales.
Source: Yahoo Finance - https://finance.yahoo.com/personal-finance/investing/article/silver-prices-today-friday-august-7-2026-silver-surge-continues-as-jobs-report-disappoints-124342659.html