Why is silver going down?

What's been moving silver lately

As of October 22, 2026

Silver has been falling. It settled at $57.42 an ounce in New York futures trading on October 21, about 13% lower than a month earlier and half its 2026 high settlement of $115.08 on January 26. It traded above $121, a record, on January 29. On October 22 it fell to a three-month low near $55.

Silver's run into January was one of the fastest in its history: a squeeze on the metal in London's vaults, U.S. tariff fears that pulled silver from London to New York, worries about the Federal Reserve, and a wave of buying by individuals and funds. Analysts quoted by Reuters at the time called it a frenzy.

It fell nearly 30% on January 30, the day President Trump nominated Kevin Warsh to lead the Fed. Since then the forces that hit gold, an oil shock from the U.S.-Iran war and rising interest rates, have hit silver harder. About half of silver goes into industry, and the Silver Institute expects solar panels to use less silver this year, as FXStreet reported.

The Fed raised rates on September 16, and silver slid again. On October 14 it fell about 5.5% after consumer prices for September came in 3.7% higher than a year earlier, raising the odds of more hikes.

What makes silver go down

• Gold falling. Higher interest rates, a stronger dollar, and calmer markets pull silver down with gold, usually by more.
• A slowing economy. With most silver used by industry, fears of a slowdown cut expected demand.
• Fast, leveraged selling. Silver's small market and heavy use of borrowed money by traders mean sell-offs can be sudden and deep.
• Using less silver. High prices push solar and electronics makers to use less silver per product.
• Investors cashing out. When coin, bar, and fund buyers sell, the price can fall quickly in a small market.

The same forces work in reverse: see why silver goes up.

What it means if you're selling

We buy metal; we don't forecast prices, and nothing here is investment advice. What we can tell you is how the price reaches your payout. We pay 95% of the silver value for sovereign coins like Silver Eagles and 90% for 90% U.S. silver coins. Coins and bullion are priced at the Kitco bid when we verify your package, so a move in the price before then moves your payout with it. Our bids page shows today's numbers live.

Sources for the recent moves

• Federal Reserve statement, September 16, 2026.
• Reuters via The Business Standard, speculative frenzy catapults silver above $100, January 24, 2026.
• The Silver Institute, global silver investment to remain strong in 2026, 2026.
• The National, gold plummets and dollar strengthens on Trump's Fed chair nomination, January 30, 2026.
• FXStreet, silver hits a fresh three-month low after the CPI, October 14, 2026.
• FXStreet, silver plunges to a three-month low as rate-hike bets intensify, October 22, 2026.

Prices above are New York futures settlement prices; the live price at the top of this page is the Kitco bid.

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We pay more for silver than pawn shops and jewelers, at a published percentage of the Kitco bid. The best place to sell silver