economy
February 5, 2026
Silver resumes its slide, plunging about 13%, after short-lived rebound
Silver prices slid as much as 16% on Thursday, snapping a two-day rebound as investors continued to unwind positions.
TL;DR
- Silver prices fell nearly 16% on Thursday, with spot prices around $76.74 per ounce and futures at $76 per ounce.
- Spot gold declined about 2% to around $4,868 per ounce, while futures were down 1.3% at $4,886.4.
- Silver had gained about 146% in 2025 before crashing almost 30% last Friday.
- Analysts point to speculative flows, leveraged positioning, and options-driven trading as the primary drivers of recent price swings.
- The CME Group has raised margin requirements, which is expected to curb speculation.
- Goldman Sachs noted that dealer hedging shifted from buying to selling as prices fell, triggering stop-outs and cascading losses.
- Silver's correction was amplified by tighter liquidity conditions in the London market.
- Goldman Sachs suggests Western flows, not Chinese speculation, are behind the volatility, as major moves occurred when Chinese markets were closed.
- The silver price volatility has drawn comparisons to meme stocks like GameStop.
- Market watchers had warned that silver prices were detached from sustainable levels, likening the trade to meme-like behavior.
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