Silver Plunges on Profit-Taking After Record Rally

EthereumCraftsman · 2026-01-30T19:41:47+00:00

Silver prices dropped over 13% to $100 per ounce following profit-taking after a record high. Despite this decline, silver showed significant monthly gains amid economic uncertainty and demand. Geopolitical tensions continued, influenced by Trump's tariff decisions and Fed chairman nomination.

EthereumCraftsman

2026-01-30 19:41:47

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Silver tumbled more than 13% to around $100 per ounce on Friday, as profit-taking triggered a broader pullback across precious metals. The white metal had hit a record $121.64 on Thursday and remained on track for an over 40% monthly gain, marking a ninth consecutive month of gains, its longest winning streak in years, supported by elevated economic and geopolitical uncertainty, US dollar weakness, and a tight physical market with record investment and industrial demand. Geopolitical tensions remained high after President Donald Trump signed an executive order imposing tariffs on goods from countries supplying oil to Cuba, a move that adds pressure on Mexico. Trump also urged Iran to enter nuclear talks, while Tehran warned of retaliation and vowed a swift response. On the monetary policy front, Trump announced he had nominated former Federal Reserve governor Kevin Warsh as the next Fed chair, ending months of speculation over the leadership of US monetary policy.

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