On the evening of October 26, Beijing time, the US trading session is about to kick off. For precious metals investors, silver is becoming one of the most closely watched assets this fourth quarter. Compared with gold, silver combines monetary and industrial attributes, offering greater elasticity and sharper volatility—and the US session is precisely the trading window where silver's pricing power is most concentrated: changes in COMEX silver futures volume and open interest often dictate the direction of global silver prices for the day. This article will lay out a complete framework for observing silver during the US session from four dimensions: session characteristics, driving logic, supply-demand dynamics, and on-chart signals.
The US Session: Silver Pricing's "Main Battleground"
Silver trading around the globe spans the Asian, European, and American sessions, but the center of pricing gravity clearly leans toward the US session. There are three reasons: First, COMEX silver futures are the world's most heavily traded silver derivatives, and the interplay among speculative capital, industrial hedging positions, and index funds takes place mainly during New York trading hours. Second, US economic data and statements from Federal Reserve officials are mostly released in the evening Beijing time, so marginal shifts in monetary policy expectations are reflected on the charts immediately. Third, silver's correlation with industrial commodities such as copper and crude oil is stronger during the US session, and rotation in commodity capital flows can significantly amplify silver's intraday volatility.
For Asian investors, the US session also adds a cross-market mapping effect: ADRs of Asian precious metals miners listed in the US are guided by London spot gold and silver while being influenced by US equity risk appetite. They often make their directional choice within half an hour to an hour after the US market opens, serving as a leading indicator of capital sentiment.
Dual-Attribute Resonance: The Core Drivers of the Current Silver Cycle
Unlike past silver rallies driven purely by safe-haven sentiment or inflation trades, the current silver cycle shows a rare dual-engine pattern, with industrial demand expansion and loose monetary conditions working in tandem.
Industrial- Gold-Silver Ratio Trend: The gold-silver ratio is an intuitive gauge for assessing silver's relative strength. A sustained decline in the ratio from elevated levels usually signals the start of a
