Silver experienced a dramatic 7.3% crash on Thursday, January 15, 2026, after a four-day rally that propelled it to an all-time high of $93.7515. The sharp decline followed a surge of over 20% earlier in the week, with the metal reaching another record peak of $94 on Wednesday before profit-taking triggered the sell-off.
This volatility occurred against a backdrop of unprecedented retail investment into silver-linked Exchange-Traded Funds (ETFs). Over the past 30 days, retail traders have poured over $920 million into silver ETFs, marking the largest inflow ever recorded. The iShares Silver Trust (SLV) and ProShares Ultra Silver (AGQ) were the primary beneficiaries. Notably, SLV has seen 169 consecutive sessions of inflows, with Wednesday recording its second-highest day of net buying ever.
Ashwin Bhakre from VandaTrack described the retail frenzy as "unprecedented," stating, "This isn’t just a meme-stock spike. We are witnessing a structural accumulation." He added that silver currently possesses more momentum than gold and crypto combined, with year-to-date inflows more than double the three-month average.
The rally was partly fueled by geopolitical and trade policy uncertainty. Markets had been anxiously awaiting a decision from President Donald Trump on whether to impose new tariffs on critical minerals, including silver and platinum. Instead of sweeping tariffs, Trump opted for one-on-one talks with countries and potential price floors. The mere threat of tariffs had already disrupted supply chains, with U.S. warehouses hoarding silver and contributing to a massive short squeeze that began last year and continues into 2026.
Christopher Wong from Oversea-Chinese Banking Group maintained a strong medium-term outlook for silver, citing tight supply, steady industrial demand (particularly from the solar industry), and ongoing interest from gold investors. However, he cautioned that "the velocity of recent moves warrants some near-term caution."
Amid the commodity frenzy, Bitcoin demonstrated stability. While silver crashed and gold dropped 0.7% (with platinum and palladium losing over 2%), Bitcoin held firm around $97,000. This stability was supported by substantial institutional interest, with Bitcoin ETFs recording $844 million in net inflows on January 14.
The broader commodity market also saw significant action, with tin, copper, and gold hitting record levels. Analysts attributed the surge to a combination of factors, including the Trump administration's pressure on the Federal Reserve and escalating global tensions involving Venezuela, Greenland, and Iran, which drove investors toward perceived safe-haven assets.
