Silver Prices Plunge 30% in 24 Hours Amid Market Turmoil
Silver prices collapsed to $80 per ounce, marking a staggering 30% drop within a single day. The sharp decline outpaced gold's more modest retreat, rattling precious metals investors who had ridden silver's fourfold surge over the past year.
Market analysts attribute the crash to profit-taking after unsustainable rallies, overbought technical conditions, and resurgent dollar strength. The selloff accelerated after former President TRUMP announced his intent to nominate Kevin Warsh—a known dollar hawk—as Federal Reserve chair, triggering a flight to fiat currencies.
Just days prior, spot silver had notched 60% monthly gains on supply shortages and speculative buying. Traders now await the January U.S. jobs report for directional cues, with many repositioning ahead of potential Fed policy shifts.
