New York, February 2, 2026, 17:20 EST — After-hours session
- iShares Silver Trust dropped roughly 4% late in the session following a turbulent day for metals-related assets
- Spot silver tumbled nearly 9% earlier, deepening the plunge that began on Friday
- Traders are watching how the bigger CME margins and Friday’s U.S. jobs report will shake things up
Shares of iShares Silver Trust dropped roughly 4% in after-hours trading Monday, following a tough session for silver-related assets as investors pulled back and boosted cash holdings.
The late selloff came as spot silver extended losses, down 9.2% to $76.81 an ounce by early afternoon, after tumbling as much as 15%. Gold also took a hit, weighed down further by rising margin calls at CME Group following last week’s sharp drops.
Silver hit a record high last week before tumbling sharply, leaving traders to gauge if forced selling is easing or still in full swing. It last traded down 5.6% at $79.92 in volatile action, after dipping to $71.33. Friday’s 27% plunge marked the steepest two-day drop in decades.
Several analysts described the move more as deleveraging than a straightforward change in fundamentals. Christopher Forbes, CMC Markets’ head of Asia and the Middle East, labeled it “risk off and de-leveraging.” Gregor Gregersen, founder of Silver Bullion in Singapore, added that retail shortages have intensified and physical premiums surged. Reuters
A stronger dollar has weighed on metals, with the Fed narrative shifting quickly. On Friday, Trump announced former Fed governor Kevin Warsh as his pick to head the central bank. One analyst noted the market interpreted Warsh as less inclined to pursue aggressive rate cuts, triggering profit-taking.
JPMorgan said in a note that silver’s “floor” remains elevated, averaging $75-$80 an ounce. But the bank cautioned that silver doesn’t have the steady central-bank demand that supports gold, making it tricky to predict as the gold-to-silver ratio shifts. Reuters
Silver miners followed the broader market trend. Pan American Silver dropped roughly 1.9%, and First Majestic slipped around 2.1% late Monday. Wheaton Precious Metals barely budged.
Near-term, the worry is that selling could spiral as the plumbing kicks in. CME’s latest margins for Comex silver futures set initial requirements around $44,000 for the 5,000-ounce contract—a steep threshold. That kind of number can push smaller, leveraged traders to unwind positions fast when prices shift.
It goes both ways. If the slide stems mostly from margin calls and forced selling, silver could rebound sharply once liquidations ease. But if the dollar keeps gaining and volatility remains elevated, every dip might attract fresh selling pressure.
Traders are currently watching for signs that price action is stabilizing — tighter intraday ranges, steadier options pricing, and a drop in forced flows tied to metals ETFs and miners.
The next key update on U.S. rates and the dollar arrives this Friday, with the Labor Department set to publish the January jobs report at 8:30 a.m. ET.
Politics remains a factor. Warsh’s nomination has sparked discussion within Fed circles, with outgoing Atlanta Fed President Raphael Bostic describing the role as a “tall task” that will demand support from fellow policymakers. Reuters
