James Chavez
Silver prices dropped below $60 an ounce on Wednesday for the first time in 2026, extending a slide that has now produced six losing sessions in seven. The move dragged gold down with it, rattling miners and prompting a split in retail sentiment between the two metals.
At a Glance
- Spot silver fell 3.7% to $59.3 an ounce, its lowest close since December 9, 2025
- Silver futures for August delivery dropped 4.3% to $59.6 an ounce
- Spot gold slid 2.2% to $4,019 an ounce, its weakest level since November 2025
- Silver is down more than 15% in 2026, outpacing gold's roughly 7% year to date loss
- Retail sentiment on iShares Silver Trust flipped bullish even as prices fell
How Far Silver Has Fallen
The drop below $60 marks a meaningful psychological threshold. Spot silver (XAG/USD) hit $59.3 during Wednesday's session, a level last seen in early December 2025. The pace of selling has been broadly consistent rather than a single violent flush, which some analysts read as a sign the market is unwinding in an orderly fashion rather than panicking outright.
August silver futures confirmed the weakness, trading at $59.6, down 4.3% on the day. The futures discount to spot was modest, suggesting little unusual stress in the forward curve.
Rashad Hajiyev, founder of RM Capital Consulting, argues that the selloff has been measured enough to keep the longer term picture intact. Investor sentiment has turned extremely negative after the recent run of losses, and Hajiyev thinks that condition sets up a consolidation phase before prices eventually recover. "I see very limited downside after such a massive decline and expect huge upside," he wrote on X.
Gold Drops Too, but the Narratives Diverge
Gold was not spared. Spot gold (XAU/USD) fell 2.2% to $4,019 an ounce on Wednesday, its softest reading since November 2025. August gold futures traded at $4,052.5, a 2.3% decline.
Commentator Peter Schiff acknowledged the possibility of a brief dip under $4,000 but characterized the downside as limited. His reasoning: markets are pricing in interest rate increases that may never arrive, and even if they do, they are unlikely to run fast enough to stay ahead of inflation. "That's bullish for gold," Schiff said in a post on X.
Despite both metals falling together, retail traders are treating them differently. On Stocktwits, sentiment around iShares Silver Trust (SLV) shifted from neutral to bullish on Wednesday, accompanied by high message volume, and SLV ranked among the platform's top trending tickers. Sentiment for SPDR Gold Shares ETF (GLD), by contrast, stayed in bearish territory with no change.
Mining Stocks Feel the Pressure
The pain spread quickly to equities. Silver miners First Majestic (AG), Hecla Mining (HL), and Pan American Silver Corp. (PAAS) each fell close to 4% in premarket trading. Gold miners were not far behind: Newmont Corp. (NEM) and Barrick Gold declined more than 3% apiece.
2026 Scoreboard: Silver vs. Gold
| Asset | 2026 Year to Date Change | Wednesday Drop |
|---|---|---|
| Spot Silver (XAG/USD) | More than 15% | 3.7% |
| iShares Silver Trust (SLV) | More than 15% | N/A |
| Spot Gold (XAU/USD) | ~7% | 2.2% |
| SPDR Gold Shares (GLD) | ~7% | N/A |
Frequently Asked Questions
Why did silver fall below $60 an ounce in 2026?
Silver has been in a sustained downtrend, posting losses in six of the past seven sessions. The move below $60 reflects broad weakness in precious metals tied partly to shifting expectations around interest rates and inflation, though analysts like Rashad Hajiyev argue the decline has been orderly rather than a sign of structural breakdown.
Is gold falling for the same reasons as silver?
Both metals sold off on Wednesday, but the drivers overlap only partially. Gold faces pressure from rate expectations, while silver is more exposed to industrial demand swings. Silver's 2026 loss of more than 15% is more than double gold's roughly 7% decline, suggesting metal specific factors are also at work.
What is the difference between SLV and GLD sentiment right now?
Retail traders on Stocktwits turned bullish on SLV even as prices fell, a contrarian signal reflecting expectations of a bounce. GLD sentiment remained bearish with no change, indicating gold holders are less optimistic about a near term recovery.
What to Watch Next
With silver now at its lowest point of 2026 and retail traders calling a bottom, the next few sessions will test whether Hajiyev's consolidation thesis holds. A move back above $60 would be the first meaningful sign that the six week slide is losing steam. Until then, miners like First Majestic, Hecla, and Pan American Silver remain in the line of fire.
