New York, January 30, 2026, 10:27 EST — Regular session
- Spot silver slid 13.9% to $99.94/oz after touching a record $121.64 a day earlier
- Dollar firmed after President Donald Trump said he had picked Kevin Warsh to run the Fed, souring rate-cut bets
- Silver ETF SLV and major miners fell sharply; traders eye incoming Fed signals and next inflation prints
Spot silver fell 13.9% to $99.94 an ounce by 9:37 a.m. ET on Friday, extending a steep pullback from Thursday’s record $121.64. The metal had dropped as low as $95.79 earlier in the session. 1
The selling gathered pace after Trump said he had chosen former Federal Reserve Governor Kevin Warsh to lead the U.S. central bank, lifting the dollar and cooling hopes for aggressive rate cuts. “The market thinks Kevin Warsh is rational and that he won’t push aggressively for rate cuts,” Panmure Liberum analyst Tom Price said. 2
Silver’s reversal hit silver-linked stocks in early U.S. trading. iShares Silver Trust (SLV) was down about 15%, while Pan American Silver, First Majestic Silver and Hecla Mining each fell roughly 8%.
CME Clearing has also moved to demand more collateral as prices whipped around. A Jan. 27 advisory showed margins for COMEX 5,000-ounce silver futures rising to 11% from 9% for many accounts, a change that can force leveraged traders to cut positions. (Margin is the cash posted to hold a futures trade.) 3
Warsh’s nomination still needs Senate confirmation, and that process could drag on. Trump said Warsh would take over when Jerome Powell’s leadership term ends in May, a handover markets are now trying to price with little patience for crowded trades. 4
Fresh U.S. inflation data added to the unease. Producer prices rose 0.5% in December, above forecasts for 0.2%, Reuters reported, pointing to firmer price pressures in the months ahead. 5
For metals, the mechanics are blunt: a stronger dollar makes dollar-priced bullion costlier for buyers using other currencies, and higher real yields — bond returns after inflation — tend to sap demand for assets that pay no interest.
But the washout can still turn messy. Silver has been a momentum trade all month, and further liquidation can feed on itself if volatility stays high and margin calls spread.
Traders now look to the next round of Fed messaging for traction, including the minutes from the Jan. 27-28 meeting due Feb. 18, and the next U.S. PCE inflation report on Feb. 20. 6
