Alpha Report
Silver | July 2026

1. Executive Summary

SI Macro Review for July 2026

Silver came under pressure throughout July 2026, with the benchmark declining approximately 2.73% on a rebased basis as the Federal Reserve signaled a continued on-hold stance, dampening expectations for near-term rate cuts and limiting the appeal of non-yielding metals. Persistent geopolitical uncertainty, including renewed tensions in key emerging-market commodity corridors, weighed on industrial demand sentiment for silver, and a late-month risk-off move into month-end accelerated selling across the metals complex. Against this backdrop, the strategy underperformed, returning -5.31% for the month, as the combination of directional exposure and timing around the month-end sell-off amplified losses relative to the benchmark.

Signal Performance Overview for July 2026

Trailing 12-month Sharpe 1.113 and return 19.714% (through the period in Table 3 below). During the report month, the Silver benchmark (rebased series, see Figure 1) declined approximately 2.73%; the strategy returned -5.31% over the same window.

Signal Coverage — Silver

2. Trading Strategy

In order to produce the metrics below we use the signal in combination with the trading strategy below:

• Leverage: No leverage is applied for this strategy and metrics
• Positions:
  • Entry positions: Every 5 minutes (between 09:45 and 15:30 ET) we decide to take a long, short or no position using 1/69 of our starting portfolio for the day (there are 69 possible openings per day). Each long/short position is then split into 5 parts and executed on each minute for the next 5 minutes following the decision. There is no sizing adjustment.
  • Exit positions: We exit all positions at the end of the day. The exits are split over five minutes (15:55–16:00 ET).
• Costs: 3.0 bp round-turn assumption. Extra exchange/clearing fees not included.
• Contract series & roll: Front-month continuous. Switch at the open T–5 trading days before expiration; stop trading the expiring contract and start trading the next.

For detailed examples, flowcharts, and a full walkthrough of the trading strategy, see Benchmark Trading Strategy.

3. Model Training Data and Timeframe

4. Performance Metrics

Table 1: Monthly Return and Win Rate Metrics (Last 12 Months)

Table 2: Year over Year Performance Comparison

Table 3: 12-Months Ending Performance

Figure 1: Cumulative equity curve showing the trading strategy net long/short performance compared with the SI price (100 = July 01, 2026)

5. Next Steps

Download historical predictions for this month using the Client API and confirm performance in your own test harness.

• Sign-up: Start Free Trial
• API Documentation: https://quantumsignals.ai/documentation

6. Contact

Please reach out with any questions or comments at: info[at]quantumsignals.ai