Wealthion Macro Bites 2-11

Wealthion Team
Feb 11, 2026

The Silver Institute released its 2026 outlook. Global demand to remain roughly unchanged in ’26, as strong gains in retail investment offset losses in jewelry, silverware and industrial demand. Industrial fabrication to decline 2% to 4-year low of 650Moz as thrifting and outright substitution reduce silver content in the (still expanding) solar sector. Jewelry demand to fall 9% to 178Moz (lowest since ’20) and silverware demand to fall 17% (mostly India). Physical investment to rise 20% to a 3-year high of 227Moz. Total global silver supply to increase 1.5% to 10-yr high of 1.05Boz. (mine production +1% to 820Moz and recycling +7% to 200Moz.). All told, the silver market is expected to remain in deficit for 6^th consecutive year (-67Moz).

The U.S. Energy Information Administration (EIA) forecast in its Short-Term Energy Outlook report that total U.S. power consumption will rise to its third and fourth consecutive annual records in 2026 (4,268BkWh) and 2027 (4,372BkWh), from 4,195BkWh in 2025. EIA forecasts power generation from natural gas will hold at 40% in ’25 and ’26 before sliding to 39% in ’27. Coal’s share will fall from 17% in ’25 to 16% in ’26 to 15% in ’27. Renewable generation will rise form 24% in ’25 to 25% in ’26 to 27% in '27, while nuclear power’s share will remain flat at 18%.

Today’s U.S. Employment Report (est. +65k payrolls & 4.4% unemployment) will contain annual benchmark payroll revisions for the April-December ’25 period using comprehensive Quarterly Census of Employment and Wages (QCEW) data (est. negative 750k-900k revision vs. -911k in ’25) and a methodological update to the BLS birth/death model (est. negative 500k-700k revision).

Euro Stoxx 50 -0.15%, S&P futures +0.1% and Nasdaq futures +0.1%. DXY dollar index -0.07%, spot gold +0.8% and spot silver +5.5% (7:45 am ET).

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