Overview
- Spot silver jumped to about $84 an ounce overnight before sliding 4%–8%, with futures retreating to roughly $75 after clearing $80 for the first time.
- CME raised the initial margin for March 2026 silver futures to about $25,000, prompting deleveraging and amplifying intraday volatility.
- Market reports highlight structural tightness with persistent deficits, depleted inventories, delivery delays and rising premiums, alongside robust demand from solar, EVs and AI hardware.
- China’s export licensing regime beginning January 1, 2026 limits silver exports to approved producers, heightening supply risk into 2026.
- Silver remains up roughly 160%–181% in 2025 on rate‑cut expectations and a weaker dollar, even as some strategists warn of bubble‑like conditions and overbought signals.