TD Securities Warns Inflation Shock to Cripple Silver's 50% Industrial Demand

TD Securities' latest note warns an inflation shock could devastate silver demand by curbing industrial activity, which comprises over 50% of global consumption in electronics, solar, and autos via higher costs and rates. This builds on their April 29 alert after silver plunged $21/oz (-22%) since the conflict—outpacing gold's $700/oz (-13%) drop while copper stayed flat—flagging eroded deficits and downside toward marginal costs. Markets sold silver futures, targeting support at $28/oz and resistance at $32/oz, with near-term bearish skew but late-2026 rebound potential from supply constraints.