Silver surges 5% 📈

Silver (SILVER) is up more than 5% today, while gold (GOLD) is rebounding by about 2.5% to nearly $4,900 per ounce, supported by improved global risk sentiment. Silver has bounced from around $64 to above $74 per ounce, and at this stage the move appears to be driven more by technical factors than by fundamentals. Reuters data show that analysts have raised their average 2026 silver price forecast to $79.50 per ounce.

Yesterday, silver plunged by roughly 12%, and CME — the US metals futures exchange (COMEX) — increased margin requirements for silver futures from 15% to 18%. This directly raised the cost of holding positions and forced some investors to close trades. JPMorgan warned that elevated silver valuations make the market particularly vulnerable to sharp sell-offs during periods of risk aversion.
Recently, a stronger US dollar has been one of the key headwinds. The dollar is still hovering near two-week highs today, which is historically negative for precious metals. On the other hand, yesterday’s weaker US labor-market indicators (JOLTS, jobless claims, and the Challenger report) could reduce the dollar’s momentum — especially if today’s University of Michigan release (consumer sentiment and inflation expectations) reinforces the narrative of a slowing economy.
China has also seen serious disruptions in its local silver market. The UBS SDIC Silver Futures fund fell another 10% (its daily limit) and trading was halted. The product is now more than 40% below its January 26 peak, yet it still trades at roughly a 29% premium to its net asset value (NAV).

Meanwhile, Julius Baer analysts have pointed to softer industrial demand — including from solar panel manufacturers - and weaker jewellery demand, which could limit the scope for a sustained rebound. CME has also flagged the planned launch of new 100-ounce silver futures on February 9 (pending regulatory approval), which could increase market activity but may also lift volatility in the short term.

SILVER, GOLD charts (D1)

Source: xStation5

The last time silver experienced a move of this magnitude was in March 2020 during the COVID crash. All signs suggest volatility is likely to remain elevated in the near term.

Source: Bloomberg Finance L.P. XTB Research

At the moment, silver and gold are moving almost in tandem - with correlation running at historically high levels.

Source: Bloomberg Finance L.P. XTB Research

Cookie name	Description
SERVERID
userBranchSymbol	Expiration date 1 day
adobe_unique_id	Expiration date 364 days
test_cookie	Expiration date 1 hour
SESSID	Expiration date 1 day
__hssc	Expiration date 1 hour
__cf_bm	Expiration date 1 hour
intercom-id-iojaybix	Expiration date 270 days
intercom-session-iojaybix	Expiration date 6 days
xtbCookiesSettings	Expiration date 364 days
xtbLanguageSettings	Expiration date 364 days
TS5b68a4e1027
countryIsoCode
userPreviousBranchSymbol	Expiration date 364 days
_cfuvid
intercom-device-id-iojaybix	Expiration date 270 days
__cfruid
UserMatchHistory	Expiration date 29 days

Cookie name	Description
_gid	Expiration date 1 day
_gat_UA-22576382-1	Expiration date 1 hour
_gat_UA-121192761-1	Expiration date 1 hour
_ga_CBPL72L2EC	Expiration date 729 days
_ga	Expiration date 729 days
AnalyticsSyncHistory	Expiration date 29 days
af_id	Expiration date 394 days
afUserId	Expiration date 729 days
AF_SYNC	Expiration date 6 days
__hstc	Expiration date 179 days
__hssrc
_vwo_uuid_v2	Expiration date 365 days
_ga_TC79BEJ20L	Expiration date 729 days
_vwo_uuid	Expiration date 365 days
_vwo_ds	Expiration date 29 days
_vwo_sn	Expiration date 1 hour
_vis_opt_s	Expiration date 99 days
_vis_opt_test_cookie
_gcl_au	Expiration date 89 days

Cookie name	Description
MUID	Expiration date 389 days
_omappvp	Expiration date 3998 days
_omappvs	Expiration date 1 hour
_uetsid	Expiration date 1 day
_uetvid	Expiration date 389 days
_fbp	Expiration date 89 days
fr	Expiration date 89 days
muc_ads	Expiration date 729 days
lang
_ttp	Expiration date 389 days
_tt_enable_cookie	Expiration date 389 days
hubspotutk	Expiration date 179 days
YSC
VISITOR_INFO1_LIVE	Expiration date 179 days
li_sugr	Expiration date 89 days
guest_id_marketing	Expiration date 729 days
guest_id_ads	Expiration date 729 days
guest_id	Expiration date 729 days
MSPTC	Expiration date 389 days
IDE	Expiration date 389 days
VISITOR_PRIVACY_METADATA	Expiration date 179 days

Cookie name	Description
personalization_id	Expiration date 729 days
UserMatchHistory	Expiration date 29 days
bcookie	Expiration date 364 days
lidc	Expiration date 1 day
lang
bscookie	Expiration date 364 days
li_gc	Expiration date 179 days