New York, Feb 3, 2026, 10:08 EST — Regular session
- Spot silver climbed roughly 11% following a sharp three-day slump and its biggest single-day plunge on record last week
- CME has raised margin requirements for silver futures, increasing the cash traders must put up to maintain their positions
- Traders are also monitoring data delays caused by the U.S. shutdown for clues on the next rate move
Spot silver surged 11.3% on Tuesday, hitting $88.1545 an ounce after closing Monday at $79.214, as dip buyers returned following a steep selloff. (Investing.com)
After a week of wild swings that made silver the most volatile major metal in trading, prices have finally bounced back. Quantitative Commodity Research analyst Peter Fertig called it a rebound, saying the market was oversold. He tied the recent selloff to U.S. President Donald Trump’s nomination of Kevin Warsh as the next Federal Reserve chairman. Saxo Bank’s Ole Hansen highlighted $90.58 and $96.52 as key retracement levels—points where traders often spot resistance following a decline. (Reuters)
CME Clearing hiked the minimum performance bond for COMEX 5,000-ounce silver futures, raising it to 15% from 11% for standard risk accounts and to 16.5% from 12.1% for heightened-risk profiles. These changes kicked in after the close on Feb. 2, according to CME notices. (CME Group)
Monday’s drop highlighted how quickly rising margins and a stronger dollar can hit leveraged positions, even amid markets with strong long-term demand. “Gold and silver are on a rollercoaster ride,” said SP Angel analyst John Meyer. Deutsche Bank’s Michael Hsueh added that the environment doesn’t appear “primed for a sustained reversal” in gold — a cautious stance traders are extending to silver as well. (Reuters)
The macro calendar hit a snag. The U.S. Bureau of Labor Statistics announced the January employment report will be delayed after a partial government shutdown paused some data processing. This throws a wrench into investors’ efforts to gauge when the Fed might start cutting rates. (Reuters)
But the downside remains a real threat: London analysts warn silver could fall further, eyeing a “fundamentally supported” range near $60-$70 if volatility stays high and forced selling kicks back in. Hansen pointed to China — a major recent demand driver — as key to finding a floor, along with a calming of volatility after a retail-fueled surge triggered stop-loss orders once prices started to drop. (Reuters)
Right now, traders see Tuesday’s action as a probe to determine if the metal’s technical bounce can hold up or if it’s merely another swing in a market that still feels stuck in liquidation mode.
Turning to this week, all eyes are on the exchanges too. CME Group plans to roll out a 100-ounce silver futures contract on Feb. 9, subject to regulatory approval. It’s a clear sign that liquidity and positioning — beyond just fundamentals — are shaping the action. (CME Group)
The next steps are clear: funding negotiations in Washington, the updated schedule for jobs data, and watching if silver can climb back toward the low-$90s without sparking more margin selling.
