New York, February 3, 2026, 17:08 (EST) — After-hours
- Spot silver jumps roughly 7% following a sharp two-day plunge and Friday’s record single-day fall
- Traders cite bargain-hunting following CME Group’s margin hikes and changes in Fed leadership
- Attention shifts to the timing of rescheduled U.S. jobs data once the shutdown concludes
Silver prices bounced back Tuesday, recovering some losses after the steepest selloff seen in years. Spot silver climbed roughly 7.4% to $85.08 an ounce, swinging between a low of $79.21 and a high of $89.16 earlier in the session.
The bounce is significant as the market grapples with the fallout from a forced unwind in precious metals. Donald Trump has picked Kevin Warsh to head the Federal Reserve when Jerome Powell leaves in May. At the same time, CME’s hike in margin requirements tightened the noose on leveraged traders.
Some analysts saw the latest drop more as a reset than a reversal. “I view the recent losses as corrective within the long-term uptrend,” said Peter Grant, vice president and senior metals strategist at Zaner Metals. Jeffrey Christian of CPM Group said he expects prices to pick up again over the long term, “at a more sustainable pace.” Reuters
The situation remains unsettled. Silver pulled back from a record peak around $121.64 last week, then plunged 27% in a single session on Friday, followed by additional declines Monday.
Monday’s trading highlighted how fast crowded bets can unravel. “Gold and silver are on a rollercoaster ride,” said John Meyer, analyst at SP Angel, after spot silver plunged as much as 15%, finally closing down roughly 9% near $76.81. Michael Hsueh of Deutsche Bank said the setup doesn’t look “primed for a sustained reversal” in gold, instead signaling ongoing volatility. Reuters
Much of the recent volatility stems from margins — the cash collateral traders need to post for futures positions. When exchanges hike these requirements, some funds have no choice but to slash exposure quickly, often ignoring their own price outlooks.
Silver bounced back as other precious metals showed gains. Spot gold jumped over 5% early in the U.S. session, with platinum and palladium also climbing, according to market data cited by Reuters.
Silver exposure on U.S. exchanges mirrored the moves. The iShares Silver Trust ETF, which tracks silver prices, ended up roughly 6.3% at $79.05, following a volatile week.
Politics intervened, sidelining a crucial data release. The U.S. Bureau of Labor Statistics announced the January employment report won’t drop Friday due to the shutdown. It’ll be rescheduled once funding is restored, spokesperson Emily Liddel told Reuters.
Funding has returned, though the timeline remains uncertain. Trump signed a spending bill that ended a four-day partial shutdown after the House approved it 217-214. The bill temporarily funds the Department of Homeland Security through February 13.
Restarting doesn’t guarantee the data will flow smoothly. Traders remember past shocks from gaps and revisions. There’s still a chance that delayed releases arrive late or in batches, leaving rates and metals volatile.
What’s next isn’t another headline but more about timing and logistics. Traders are on alert for new margin calls and waiting on the BLS to set a date for the delayed jobs report, now that funding has returned — the next major trigger in a market driven as much by forced moves as by fundamentals.
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