$76 After $2T Wipeout, Banks See $150 Back

Silver is trading near $76.16 per ounce, down 12.4% over the past 24 hours, as of writing. The metal extended loses during the February 4 session, briefly worsening about 12% to $76 per ounce. 

The move marks a notable recovery after a sharp commodities selloff in recent sessions. Market participants now assess whether the rebound signals renewed momentum or a pause after extreme volatility.

Margin Hikes Sparked the Commodity Drop

The recent decline across precious metals followed CME Group’s decision to raise margin requirements after intense price swings. CME increased margins for Comex gold futures to 8% from 6%, effective after the close on Monday, February 2, 2026. 

Silver margins jumped to 15% from 11%, while heightened-risk products faced even steeper increases. Gold HRP margins rose to 8.8%, and silver HRP margins climbed to 16.5%. CME also adjusted margin levels for platinum and palladium.

Why CME Acted So Quickly

CME implemented the changes after what it described as a violent market reversal. Gold had suffered its largest one-day decline since 1983 following a record-setting rally. The selloff followed a sudden reassessment of Federal Reserve leadership and a broader correction after an extraordinary run-up in prices. 

Margin hikes forced leveraged traders to post more collateral, accelerating liquidations across metals markets. As selling pressure eased, prices began to stabilize.

Asian Demand Drives Silver Higher

Silver rebounded faster than gold as physical demand resurfaced, particularly in Asia. Spot silver reduced as much as 12% during early February 4 trading, driven by tight supplies and strong buying interest in China. 

Reports pointed to significant premiums in local markets and challenges sourcing newly minted silver products. These supply constraints helped fuel the rapid price recovery and reinforced silver’s sensitivity to shifts in physical demand.

Volatility Remains the Defining Theme

The rebound unfolded against a backdrop of extreme volatility. Precious metals have experienced wide intraday swings as traders adjusted positions following margin changes. Silver’s sharp gains highlighted its ability to move aggressively in both directions within short timeframes. 

The recent rally demonstrated how quickly sentiment can flip once forced selling subsides. Can such momentum hold in a market still digesting heavy leverage? That question remains central.

Geopolitical and macroeconomic risks have remained elevated over the past six months, supporting both gold and silver prices. These conditions pushed metals to new highs earlier this year before triggering the recent correction. 

Even after near-term pullbacks, analysts continue to point to uneven global growth, inflation uncertainty, and financial market stress as ongoing drivers for precious metals demand.

Banks See Further Upside in 2026

Despite recent crashes, major institutions maintain bullish projections for silver. Citigroup has forecast that silver could reach $150 per ounce within three months of early 2026, describing the metal as leveraged exposure to gold amid structural supply deficits. 

Lotus Asset Management’s Hao Hong has also projected silver at $150 by the end of 2026. Forecast models from CoinCodex extend even further, projecting silver at $342.24 by end-2026 and $489.20 by 2030, based on long-term trend analysis.