Silver plummets 15%, gold falls 7% — dragging down miners and ETFs

The precious metals market experienced a dramatic downturn this Friday, marked by a 15% plunge in spot silver and a significant retreat in gold prices. This "perfect storm" of selling pressure has rippled through global mining stocks and ETFs, ending a record-smashing rally that defined 2025 and early 2026.

Key Takeaways from the Market Sell-Off:

Price Crashes: Spot silver fell to $98.66/oz, dropping back below the psychological $100 milestone, while gold futures in New York slid 5.5%.

Widespread Impact: Other metals joined the rout, with platinum dropping 14% and palladium falling nearly 12%.

Mining Stocks Hit: Major producers like Fresnillo and Endeavour Silver saw shares tumble between 7% and 15% in early trading.

ETF Volatility: Silver-linked funds faced heavy losses, notably the ProShares Ultra Silver fund, which plummeted 25% pre-market.

Narrative Shift: Analysts attribute the crash to "concentration risk" and the unwinding of crowded positions, similar to recent trends in

AI tech stocks.

Political Catalyst: Markets are reacting to shifting speculation over the next Federal Reserve Chair nomination, moving away from "dovish" expectations as President Trump prepares to name a successor.

Dollar Stability: A stabilizing U.S. dollar and a cooling of central bank buying have removed the primary tailwinds that previously pushed gold toward the $5,000 mark.

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