I just reviewed what happened with the money this week, and honestly, the movement was quite strong. On Monday, April 13th, the price opened with a significant drop, around $74.20 per ounce, with silver down nearly 2% for the day. The interesting part is that this was not only due to commodity market factors but also played a key role by the geopolitical context.

What happened over the weekend with negotiations between two world powers in Islamabad greatly affected market sentiment. When the failure of those talks was announced, traders' risk appetite dropped noticeably, and many started to worry about a possible escalation of tensions. Although technically the ceasefire agreement remains in place, port blockade measures have generated a lot of uncertainty. Interestingly, silver's decline accompanied gold's fall, even though we would normally expect it to act as a safe haven.

The issue is that central banks are sending increasingly tough signals. The Federal Reserve and other banks maintain high interest rates, and the market practically rules out rate cuts during 2026. This puts significant pressure on non-yielding precious metals like silver. Additionally, if energy prices rise due to geopolitical tensions, that reinforces inflation expectations and forces central banks to be more restrictive. It’s a cycle that ultimately affects the price.

Looking at the numbers, the gold-silver ratio remained around 63 to 1, indicating that defensive sentiment continues to dominate. Gold traded near $4,720 per ounce, down 0.6%, while silver fell a bit more due to its higher sensitivity to volatility changes. In the medium term, industrial demand remains solid, especially in solar energy and electric vehicles, and a significant supply deficit is projected for the coming years. But for now, the political factor is winning over fundamentals.

In summary, although there are structural reasons for silver to recover, the combination of geopolitical tensions and high-rate expectations keeps it under pressure. Traders are watching any news about diplomacy and central bank statements. The range between $70 and $78 per ounce seems to be where it will move in the short term, but any surprise in inflation data could break that structure.