Silver Is Up 1.5% Today. Oil Is Up 3%. Those Two Moves Shouldn’t Coexist. Here’s Why They Do.

Silver rose 1.55% today even as crude oil surged 3% on fresh U.S.-Iran airstrikes — the inverse of what the standard oil-inflation-hike chain predicts. The reason: the July 29 FOMC hold is already priced above 85%, neutralizing today’s oil move as a rate catalyst. Here is the exact mechanism behind the broken correlation.
