NEW YORK, Feb 8, 2026, 12:04 PM EST — Market closed.
- Spot silver surged 8.6% to $77.33 per troy ounce Friday, after a short-lived drop under $65, though it wrapped up the week still off by over 8%.
- CME has bumped up margin requirements on major COMEX silver futures once more, making leveraged bets pricier for traders.
- CME is set to roll out its new 100-ounce silver futures contract on Feb. 9. Also on the radar: U.S. jobs and inflation numbers, both due later this week.
Spot silver rebounded hard on Friday, finishing up 8.6% at $77.33 an ounce—after briefly tumbling below $65 during the Asian session. Still, the metal logged a hefty weekly loss of more than 8.7%. “Huge speculation on the long side,” said Jim Wyckoff, senior analyst at Kitco Metals, as the market digested a softer dollar, some bargain hunting, and renewed headlines tied to U.S.-Iran nuclear negotiations. (Reuters)
Silver snapped back after days of wild price action. The metal had surged to a record $121.6 on Jan. 29—only to slide sharply as technical selling and stop-loss triggers took over. “There’s been a massive, massive retail frenzy” in silver, Saxo Bank’s Ole Hansen noted. Market watchers have highlighted the $60-$70 range as a possible support zone if renewed selling pressure arrives, according to some analysts. (Reuters)
CME Group bumped up both initial and maintenance margins on COMEX 5,000-oz silver futures to 18% from 15%, with the change taking effect after Friday’s close—another step as the exchange tries to rein in volatility risks. Margin refers to the collateral traders need to maintain their futures bets; a higher bar can pinch leveraged holders and force faster liquidations when markets swing. (Reuters)
The iShares Silver Trust, which holds the title as the biggest silver-backed ETF, was last quoted at $70.19, gaining roughly 5.3% on Friday, Reuters market data showed. (Reuters)
Ripple effects aren’t just limited to New York. Over in China, the UBS SDIC Silver Futures Fund crashed into its 10% daily down limit for a fifth consecutive session on Feb. 6. That came even after an early trading suspension—meant to cool things off in a fund still priced far above its NAV, or the actual value of what it owns. The fund manager put out a stark warning: “Investors could suffer severe losses” if they keep buying at a hefty premium. One adviser in Shanghai called it “a perfect storm” combining product design flaws, investor sentiment, and the quirks of trading rules. (Reuters)
Another shake-up for the futures market lands Monday. CME Group is rolling out a 100-ounce silver futures contract on Feb. 9, assuming it clears regulatory hurdles. The pitch: offer traders a smaller, more accessible contract. “Silver is increasingly appealing to retail traders,” said Jin Hennig, who heads metals at CME. From Robinhood, JB Mackenzie added that the new product “makes it easier to participate in the silver market.” (CME Group)
Macro data returns to the spotlight this week. The Bureau of Labor Statistics has both the Employment Situation report set for Wednesday, Feb. 11, and the Consumer Price Index dropping on Friday, Feb. 13. These numbers matter: traders track them closely, with any surprises likely to jolt rate expectations, the dollar, or Treasury yields—each of them crucial for the direction of non-yielding precious metals. (Bureau of Labor Statistics)
The setup is tricky. On the one hand, bigger margins can steady the market; on the other, they might trigger rapid selling if prices drop and traders need cash fast. Silver’s been behaving like a risk asset too, so a fresh spike in the dollar or yields could put the metal back under pressure.
Looking ahead, the focus shifts to silver’s grip on that mid-$70s range as trading volumes pick up and fresh margin requirements begin to shape futures positioning. After markets reopen on Monday, the calendar points to Wednesday’s U.S. jobs report, then Friday brings the CPI numbers.
