$XAG
Current Price & Recent Performance
Silver (XAG/USD) is currently trading around $75.62/oz, up 0.46% in the last 24 hours. However, the broader trend tells a much more dramatic story.
Silver surged past the $100 psychological barrier for the first time in history in early 2026, driven by a six-year structural supply deficit and explosive demand from the AI and solar energy sectors.It hit an all-time high of $121.64 in January 2026, before crashing 44% back toward the $68 range in March.
What Drove the Crash?
The sharp decline was triggered by Kevin Warsh's nomination as Fed Chair, which led to hawkish policy expectations and a stronger dollar. Zero Fed rate cuts are now priced for 2026, real Treasury yields have jumped to 4.2%, and the removal of an Iran war safe-haven premium compounded institutional margin-call selling.
More recently, the continued closure of the Strait of Hormuz has driven energy prices higher, fueling inflation concerns and raising the prospect of central bank rate hikes — all of which weigh on the appeal of non-yielding assets like silver. Silver is down roughly 17% since the onset of the conflict. (TRADING ECONOMICS)
ETF Flows & Sentiment
American investors are no longer accumulating silver. The iShares Silver Trust (SLV) has seen over $2.8 billion in outflows this year, shedding $79 million in assets this week alone, as investors rotate into the better-performing stock market.