What happened?

Silver prices have seen dramatic swings over the past year. After starting 2025 at around US$29 to 30 per ounce, silver surged strongly through the year, breaking multiple long-term resistance levels.  Prices eventually crossed the US$100 mark for the first time in history, before reaching an all-time high of about US$121 in January 2026. Shortly after the peak, silver experienced one of its sharpest single-day declines in decades, triggered by a mix of policy developments, margin requirement changes, and profit-taking by traders.  As of early March 2026, silver has settled around US$89 to 90 per ounce, still far higher than levels seen a year ago, but roughly 26% below its recent peak. Unlike gold, which is primarily viewed as a store of value, silver plays a dual role as both an industrial commodity and a precious metal.  As a result, its price reacts to a wide range of...