July Silver futures marked their fourth consecutive session of lower lows as elevated U.S. Treasury yields and a firmer dollar continued to weigh on precious metals following the recent FOMC meeting. Despite a mixed industrial backdrop and weaker solar demand, structural supply issues remain prominent. The Silver Institute projects a 46.3 million ounce shortfall in 2026, marking a 15% year-over-year increase in the global supply deficit. Stabilizing or lower rates could eventually help form a longer-term bottom in the market.