Silver’s Brutal Selloff Deepens As Analyst Warns Of Fading Investment Appeal

• Peter Brandt said he wouldn’t be surprised if gold and silver prices fail to reach new all-time highs until 2027.
• Silver futures for May 2026 deliveries slumped nearly 13% to $67.7.
• Spot Gold fell below its 100-DMA for the first time since August 2025.

Spot silver has plunged roughly 45% from its all-time high in under two months, sparking concerns that the selloff could push prices back toward $40 an ounce, which is a level that was last seen in September 2025.

Veteran commodities analyst Ole Hansen said he does not expect silver to fall that far, but warned that its investment appeal is fading quickly as risks to global growth and demand continue to rise.

“With positioning already light, there’s limited capacity to absorb selling, amplifying the move,” Hansen said in a post on X on Thursday.

Spot silver slumped more than 10% to fall to $68 an ounce and cracked its 100-day moving average (100-DMA) for the first time since May 2025. Futures for May 2026 deliveries slumped nearly 13% to $67.7 an ounce.

Gold Slips Below 100-DMA

Meanwhile, Peter Brandt said in a post on X that he would not be surprised if gold and silver prices fail to reach new all-time highs until 2027.

Spot gold prices fell more than 5% to around $4,562 an ounce, slipping below its 100-day moving average for the first time since August 2025.

The metal is now down about 20% from its Jan. 29, 2026, peak of $5,602 an ounce. It is on track to decline for a second straight session. Gold contracts expiring in May 2026 were trading around 7% lower at $4,585 an ounce.

Fed Comments Add To Pressure

Gold prices came under pressure as a stronger U.S. dollar and hawkish signals from Federal Reserve Chair Jerome Powell weighed on sentiment. A stronger dollar makes gold costlier for global buyers.

Powell warned that rising oil prices linked to Middle East tensions and tariffs could push inflation higher in the near term, noting a recent uptick in inflation expectations. He also flagged firm goods inflation due to tariffs, though energy alone wouldn’t drive sustained price gains.

Shares of silver miners Pan American Silver Corp. (PAAS), Hecla Mining (HL), and First Majestic (AG) declined more than 11%. Meanwhile, shares of gold miners Newmont Corp. (NEM) and Barrick Gold (B) fell around 9% each.

Retail sentiment for iShares Silver Trust (SLV) on Stocktwits remained in the ‘extremely bearish’ zone while sentiment for SPDR Gold Shares ETF (GLD) remained in the ‘extremely bearish’ territory over the past 24 hours.

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