Silver is trading today at $51 per ounce. At the end of January this year, following a dizzying rally that began in late 2025, the spot price of silver soared to an all-time high of $121.67 per ounce. The fall exceeds 55 per cent in six months.
Silver is trading today at $51 per ounce. At the end of January this year, following a dizzying rally that began in late 2025, the spot price of silver soared to an all-time high of $121.67 per ounce. The fall exceeds 55 per cent in six months.
The speed of this collapse following a peak is historically comparable only to the famous crash of March 1980 (Silver Thursday*), when silver fell by more than 80 per cent after the Hunt brothers attempted to gain total control of the global market.
Following the sharp correction (largely triggered by the withdrawal of leveraged capital), fundamental analyses by firms such as J.P. Morgan highlight that the physical supply deficits accumulated in recent years are likely to keep the estimated average price for the year as a whole well above the lows seen following this correction.
Silver Thursday
In the 1970s, the Hunt brothers (Nelson Bunker Hunt and William Herbert Hunt) bought massive quantities of physical silver and futures contracts. As a result, by early 1980, silver had reached an all-time high of close to $50 per ounce (an eightfold increase in price in just over a year).
However, the regulatory authorities (COMEX) changed the margin rules to curb speculation, making it impossible for the Hunt brothers to continue leveraging their positions. Within a matter of weeks, the price of silver plummeted by more than 80 per cent, falling from $50 to less than $10.
Throughout recent history, silver has only twice come close to a rate of decline similar to the current one:
During the 2008 global financial crisis: Between March and October 2008, silver fell from nearly $21 to around $9 (a 57 per cent correction in about seven months) due to the massive liquidation of assets to cover liquidity needs.
And during the peak and subsequent fall of 2011: After reaching nearly $50 once again in April 2011, silver fell by around 50 per cent in the following months.
