Silver’s nearly 56% dive leaves the shiny asset looking rekt as downside protection piles up

Silver has lost more than half its value since January and closed Friday at $53.83, nearly 56% below its record high of $121.74, marking the metal’s weakest finish of 2026 as gold also slipped below $4,000. The decline followed January’s speculative rally reversing amid higher futures margin requirements and forced selling. Surging oil prices have since threatened more inflation and higher US interest rates, reducing the appeal of silver, which pays no interest, while concerns about industrial demand have added pressure. The silver price daily chart cited TradingView as its source.

Silver’s three-month put-call skew climbed 10 points in four weeks to minus 3, its highest reading since early July, according to The Kobeissi Letter, reflecting increased buying of protection against further declines. Hedge funds and commodity trading advisers sold $2.2 billion in silver futures in the three weeks to October 13, showing reduced exposure as confidence in a recovery weakened.

Technical analyst Kev_Capital_TA identifies $52–$55 as critical support, with a potential rebound toward $63–$72. “If that support holds, all those crowded shorts become fuel for a bounce,” he wrote. Losing $52 could expose $39–$45. Michaël van de Poppe sees $40–$45 as a possible trading entry and $22–$26 longer term, while Peter Schiff considers silver attractive below $54.

The accompanying October 24, 2026 post from Michaël van de Poppe (@CryptoMichNL) read: “When I'm looking at Silver, I don't think we'll see a bull run soon. We've had it. It's shown a rally of 7-8x in a matter of 2-3 years. Quite unusual and the typical price action of Silver is that it will fall back all of this run. I've got two levels marked for potential… pic.twitter.com/pBCN2n304B”

India has authorized roughly 6,500 metric tons of silver imports ahead of its festive season, but buyers remain hesitant after recent losses, Reuters reported. Local premiums have fallen from $2.50 to just 45 cents an ounce, suggesting supply shortages are easing even as demand remains weak. With the Federal Reserve meeting on October 27–28, silver’s next direction could depend on whether $52 holds and whether physical buyers return.