New York, February 5, 2026, 10:03 EST — Regular session
- Spot silver tumbled roughly 13% in early U.S. trading following a steep decline overnight.
- Silver-linked ETFs dropped alongside the metal, with traders blaming thin liquidity and intense futures selling.
- Attention now turns to the rescheduled U.S. labour and inflation data following the brief shutdown.
Silver prices plunged once more on Thursday, erasing a brief rally as investors pulled back from volatile precious metals. By 9:47 a.m. ET, spot silver had dropped 12.8% to $76.94 an ounce. 1
The iShares Silver Trust ETF (SLV), widely used to track silver in U.S. markets, dropped alongside silver bullion. SLV traded at $67.39, down from its previous close of $79.18, per 7 .
The rapid shift in sentiment since last week’s record rally was evident. Reuters noted silver plunged nearly 17% earlier in the session. Analysts blamed profit-taking after two straight days of gains, a stronger dollar, and fading geopolitical tensions. “The market has not found an equilibrium yet,” said Julius Baer’s Carsten Menke. Saxo Bank’s Ole Hansen pointed to “heavy selling” once silver hit resistance around $90.50 — a price level that tends to attract sellers. 2
Commodities mostly dipped as investors pulled back from an earlier surge into hard assets following Washington and Tehran’s agreement to hold talks, plus a positive call between U.S. and Chinese leaders, Reuters reported. OCBC’s Christopher Wong said losses were “feeding into one another” amid thin liquidity, while a stronger dollar pressured prices by making dollar-priced commodities costlier for buyers outside the U.S. 3
Risk assets struggled again. Global stocks dropped for a seventh day running, while the U.S. dollar index hovered near a two-week peak, Reuters reported. Investors are jittery over AI-driven cost pressures and shifting yields. Against that, silver slipped nearly 12%, trading around $77.3 an ounce before U.S. markets opened, with gold down about 2%. 4
The silver shock is now rippling beyond futures markets and bullion counters. Jeweller Pandora announced it’s moving some designs to platinum plating to dodge the wild swings in silver costs. “We are a jewellery brand, we are not a silver trader,” CEO Berta de Pablos-Barbier told Reuters. 5
Traders face a challenge not only with direction but with pace. Silver’s smaller market and widespread leveraged positions can quickly turn a routine macro headline into forced selling—and then trigger even more selling, especially as liquidity dries up across time zones.
That said, the trade isn’t one-directional. A fresh spike in geopolitical tensions, a dollar retreat, or a shift toward lower rate expectations could lure buyers back fast. Silver has proven it can rebound sharply when bets become skewed.
Focus turns to U.S. data that could reshape the rates and dollar outlook. The January employment report, postponed by a brief government shutdown, is now set for release on February 11, the Bureau of Labor Statistics confirmed. The January CPI figures will follow on February 13, while the delayed December JOLTS job openings report is due this Thursday. 6
