Silver hit an all-time high of $121.60 per ounce on Jan. 29, 2026, then sank to $74 in a single session, a drop so extreme it was called “the wildest week in metals ever.” Even after that sharp selloff, the March 2026 silver futures contract (SIH26) is still up more than 18% year-to-date (YTD), and the iShares Silver Trust (SLV) is up roughly 150% over the past 12 months.
The reasons behind the move are still in place. The silver market is heading into what the Silver Institute expects to be a sixth straight year of supply deficit, with a total shortfall of nearly 820 million ounces. At the same time, Fresnillo (FNLPF), the world’s largest primary silver producer, recently cut its 2026 output guidance to 42 to 46.5 million ounces, down from its earlier 45 to 51 million ounce forecast, which suggests supply is not catching up anytime soon.
