Quick overview

---

Silver fell as the US refrained from imposing import tariffs on vital minerals and as investors began to take profits after a blistering rally. After earlier reaching an all-time high of $93.7515, the white metal dropped as much as 7.3 percent on Thursday.

Over the preceding four sessions, there had been an increase of more than a fifth. Gold fell as well.

US President Donald Trump stated that he would negotiate bilateral agreements to ensure sufficient supplies of essential minerals, including price floors, but not excluding levies. Some supplies, including silver, were stored in US warehouses due to fears of tariffs, which led to a global shortage last year and have contributed to rising prices into 2026.

Last year, the white metal surged nearly 150% over gold, with some investors switching to it when its yellow counterpart became too costly. While a speculative buying frenzy occurs, silver also benefits from industrial demand, especially from the solar industry, where it is used in panels.

Together with tin and copper, gold and silver benefited from a widespread surge in commodities this week that propelled the precious metals to all-time highs. Prices have increased, and the “sell America” movement has been revived by the Trump administration’s renewed assault on the Federal Reserve

The demand for a haven is also being influenced by the US’s capture of the leader of Venezuela, its repeated threats to seize Greenland, and the unstable circumstances in Iran. Silver’s 14-day exponential average true range, a measure of market volatility, has seen a spike in recent weeks due to the metal’s propensity for abrupt swings. That might be the result of technical rather than fundamental factors.