New York, March 19, 2026, 10:10 EDT.
Silver plunged Thursday, deepening losses after the Fed kept rates unchanged and spiking oil prices clouded prospects for easing. By 8:46 a.m. ET, spot silver had skidded 10.7% to $67.26 an ounce. “The foundations of that trade are now weakening,” said TD Securities strategist Daniel Ghali. Reuters
This shift lands hard after silver dropped 4.2% on Wednesday, following the Fed’s signal of just one cut this year. A firmer dollar also pushed prices higher for buyers outside the U.S. For those seeking safety in silver, rising rates offer little comfort: the metal generates no income, and it tends to stumble in a high-rate environment. Reuters
Retail buyers now face a market already packed with players ahead of the most recent move. Back in January, Reuters flagged a rush of $921.8 million flowing into silver exchange-traded funds over just 30 days. The iShares Silver Trust picked up plenty of long interest, while the ProShares UltraShort Silver ETF saw traders lining up on the bearish side. Reuters
It’s not tough these days to spot the silver play. On Tuesday, Fortune mapped out six routes to get exposure—everything from holding bullion outright to owning silver in a retirement account, or going the “paper silver” route with financial contracts. The guide also flagged silver’s sharper volatility compared to gold, pointing out that over half its demand has traditionally come from industrial uses like electronics, EVs, and solar panels. Fortune
Some voices aren’t calling this drop a buying opportunity. A Monday analysis from Seeking Alpha contends silver isn’t the go-to crisis hedge—historically, it’s lagged during the initial stages of economic, financial, or geopolitical shocks, mostly because industrial demand can retreat before any policy support comes through. Seeking Alpha
GoldSilver took a different view in a Wednesday post, circling back to silver’s rough January plunge and making the case that steep drops like these have often set the stage for strong rebounds. The article highlighted Jan. 30, when silver tumbled by about 30% after the CME hiked margin requirements—the collateral futures traders need to maintain open positions. Reuters data, and LSEG records going back to 1982, pegged that as the worst single-day loss on record. GoldSilver
Persistent supply concerns are keeping the buy-the-dip crowd interested. Back in February, the Silver Institute projected a sixth consecutive annual deficit for the silver market—demand still tipped to outpace supply in 2026. That’s despite a forecasted 2% drop in industrial fabrication and a jump in physical investment, which is set to climb 20% and reach its highest level in three years. The Silver Institute
Still, buyers face an obvious pitfall: silver often moves more like a risk asset than a haven, especially when gold is expected to shine. Analysts told Reuters on Feb. 2 that after January’s spike, fundamentals put silver closer to $60 to $70. Saxo Bank’s Ole Hansen called it a “massive, massive retail frenzy,” adding that finding a bottom now hinges on quieter markets and demand out of China. Reuters
The bullish story isn’t dead yet—just roughed up. Back in January, silver crossed the $90 mark for the first time. Allegiance Gold COO Alex Ebkarian shrugged off the milestone, saying, “I see silver at $100 as no different than at $90,” and laid out a short-term target between $100 and $144. After Thursday’s sharp drop, the debate isn’t anywhere near settled: is silver in panic mode, or just biding time for a rebound? Reuters
