Silver Price Today: Silver Slides Into the High 70s to Low 80s After a Violent Two-Day Selloff

Silver prices were unsteady in early trading Monday, February 2, 2026, ET, with spot indications clustering roughly in the high 70s to low 80s per troy ounce after a sharp late-week plunge. The wide range is part of the story: when volatility spikes, different snapshots, pricing venues, and retail quotes can diverge quickly, even within minutes.

The bigger point for today is direction and damage control. Silver is still digesting one of its most abrupt reversals in years, sliding dramatically from a recent peak near the low 120s per ounce into a market where liquidity is thinner, forced selling is more likely, and traders are watching for the next trigger.

Where Silver Sits Today, and Why Quotes Don’t Match Perfectly

As of early Monday morning ET, many spot-style quotes placed silver around the low 80s per ounce, with some indications dipping into the upper 70s. That spread reflects a mix of timing and structure:

• Spot prices move continuously; a quote at 6:20 AM ET can differ meaningfully from one at 7:10 AM ET on a day like this.

• Some widely viewed “spot” numbers are derived from different instruments or proxies, which can track the market loosely during fast moves.

• Retail-facing prices often embed premiums, hedging costs, and lagged updates.

A practical way to interpret “silver price today” in this environment is: the market is trying to stabilize around the $80 area after an air pocket move lower.

What Happened: From Momentum Trade to Forced Deleveraging

Silver’s surge into late January had the hallmarks of a crowded momentum trade: fast gains, rising leverage, and an expanding circle of participants chasing price. The reversal that followed looked like a classic unwind:

• Profit-taking accelerated into a cascade when key price levels broke.

• Leverage became a liability as margin requirements and risk limits tightened.

• Once selling becomes mechanical, price can overshoot fundamentals in both directions.

This matters because the post-crash phase often features sharp intraday rebounds that fail, followed by another leg down, then eventual stabilization once positioning resets.

Behind the Headline: Incentives, Pressure Points, and Who’s Exposed

Silver is not just a precious metal story. It is also an interest-rate, liquidity, and positioning story.

Incentives and constraints driving today’s tape:

• Higher-for-longer rate expectations tend to pressure non-yielding assets, especially when real yields rise.

• Funds and traders who were long silver for momentum or as an inflation hedge face reputational and risk-budget pressure after a drawdown.

• Market operators and clearing systems prioritize stability; when volatility jumps, the system naturally pushes participants to reduce leverage.

Key stakeholders:

• Leveraged traders and short-term funds: most exposed to margin dynamics and fast gap moves.

• Industrial users: watching for price stability to lock in procurement, but wary of catching a falling knife.

• Jewelry and manufacturing businesses: benefit from lower input costs, but only if prices stop whipping around.

• Long-term holders: focused on whether the break is a regime change or a temporary flush.

What We Still Don’t Know: The Missing Pieces to Watch This Week

Several unknowns will decide whether silver forms a durable base or stays in “bounce and fade” mode:

• How much forced selling remains: if liquidation is still ongoing, rallies may be fragile.

• Whether volatility cools: narrower daily ranges would signal healthier two-way trade.

• The macro backdrop: moves in the U.S. dollar and real yields often steer the near-term path.

• Physical demand response: bargain buying can help, but it usually needs calmer conditions to show up consistently.

Second-Order Effects: Why This Move Ripples Beyond Silver

A crash-and-stabilize cycle in silver can spill into:

• Broader metals sentiment: traders may reduce exposure across commodities, tightening liquidity.

• Corporate margins: firms with large silver inputs can see near-term relief, affecting pricing strategy and hedging decisions.

• Policy narrative: sharp metal swings can feed debates about inflation hedges, risk appetite, and market plumbing.

What Happens Next: 5 Realistic Scenarios and Their Triggers

1. Stabilization around $80
   Trigger: volatility compresses for several sessions and dips get bought without immediate reversals.

2. Dead-cat bounce into resistance
   Trigger: short covering and bargain hunting push prices higher, but rallies stall as trapped longs exit.

3. Another liquidation leg lower
   Trigger: renewed margin pressure, a stronger dollar, or a sharp rise in real yields forces another wave of selling.

4. Range trade, choppy and mean-reverting
   Trigger: positioning normalizes, but macro signals stay mixed, keeping silver trapped in a wide band.

5. Rapid recovery attempt
   Trigger: a clear easing in rate expectations plus visible signs that forced selling has ended.

For anyone tracking silver price today, the headline number matters less than the market’s ability to trade normally again. If the price keeps whipping several dollars in minutes, the priority is not prediction—it’s recognizing that the market is still in the “reset” phase.