Silver Plummets 18% After Weeks Of Relentless Rally – AG, HL, PAAS Stocks Also Dragged Lower

Spot silver prices fell below $100 an ounce for the first time since January 23.

• The U.S. dollar strengthened after reports that the Trump administration is preparing to nominate Kevin Warsh as the next Federal Reserve chair.
• Gold also witnessed a sell-off with the spot price falling below $5,000 per ounce earlier in the session. 
• Shares of silver miners fell more than 10% in pre-market.

Spot silver prices plummeted nearly 18% on Friday, dragged by heavy selling pressure that swept through the precious metals market.

The XAG/USD pair was down 14.6% to $98 an ounce at the time of writing, falling below the $100 mark for the first time since January 23. Silver futures for March 2026 deliveries fell 14.3% to $97.96 an ounce.

Meanwhile, gold’s rally was also cut short as the bullion fell below $5,000 per ounce earlier in the session. Spot gold (XAU/USD) was down nearly 7% at the time of writing, while futures for February 2026 deliveries sank 5.5% to $5,030.6 an ounce.

The U.S. dollar strengthened after reports that the Trump administration is preparing to nominate Kevin Warsh as the next Federal Reserve chair. The U.S. Dollar index (DXY), which measures the greenback against six major currencies, rose 0.5% to 96.6.

Warsh, a former Fed governor known for his hawkish stance on inflation, has recently argued for lower interest rates. Trump is expected to formally announce his choice soon, with Warsh seen as a leading contender to succeed Jerome Powell, whose tenure as the chairman ends in May.

ETFs Crash

The iShares Silver Trust (SLV) declined to about $91, erasing much of its year-to-date rally. As of Thursday’s close, SLV was still up roughly 56% for the year, but if premarket losses persist, those gains could shrink to nearly 35%. The abrdn Physical Silver Shares ETF (SIVR) slumped to $95.

Meanwhile, shares of silver miners First Majestic (AG), Hecla Mining (HL), and Pan American Silver Corp. (PAAS) declined around 11% in pre-market trading.

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