Silver Slipped 5% Today But Is Poised For Biggest Annual Gain in 46 Years

• In its notice, CME said the increase was “per the normal review of market volatility.”
• Silver has climbed nearly 150% this year, and is on track to post its best yearly percentage gains since 1979.
• Spot gold prices have jumped 65% this year.

Silver prices fell by more than 5% on Wednesday after CME Group raised margins on precious-metal futures for the second time in less than a week, following a period of volatile trading.

Silver futures for March 2026 deliveries crashed over 8% to $75.1 per ounce, while spot prices (XAG/USD) slid 6% to $71.4 per ounce.

Exchanges often raise margin requirements following sharp price moves in commodities or securities. In its notice, CME said the increase was “per the normal review of market volatility.”

Silver’s Historic Run In 2025

Despite a tumultuous week that saw spot prices decline by more 15% an ounce, silver recorded a historic run in 2025, climbing nearly 150%. It is on track to post its best yearly percentage gains since 1979. Spot prices had closed at $24.9 per ounce on Dec. 31, 2024.

Silver demand has climbed as industrial use accelerates, driven by rising adoption in solar panels and electric vehicles, raising concerns that supply may struggle to keep up. Demand has also been supported by uncertainty around the dollar following the Fed’s rate cut. In addition, silver has benefited from its designation as a critical U.S. mineral, ongoing supply constraints, and historically low inventories.

Gold Eases From Record Highs

Gold has also logged a historic year, with bullion on pace for its biggest annual gain since 1979. Spot prices climbed to a record $4,550 an ounce on Friday but have since pulled back.

The XAU/USD pair was down about 0.5% at $4,315 an ounce, while February 2026 futures declined 1.4% to $4,326.1 per ounce.

Earlier this month, Morgan Stanley said it expects gold’s gains to moderate in 2026 as central banks and ETFs slow their buying, though rate cuts and a weaker dollar should continue to support prices.

ETF Watch

The iShares Silver Trust (SLV) was down 5.5% in premarket trading and among the top-trending tickers on Stocktwits.

Despite the intraday decline, retail sentiment on the platform remained ‘extremely bullish’ over the past 24 hours, amid ‘extremely high’ message volumes.

Year-to-date, SLV has gained nearly 160%.

Miners Hecla Mining Co. (HL) was down 3.2%, First Majestic Silver Corp. (AG) traded 3% lower, while Pan American Silver Corp. (PAAS) tumbled 2.6% in premarket trading. 

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