By Ryan Dezember
Silver prices crashed 31% Friday, their second worst day on record.
February silver futures, which ended Thursday at more than $114 a troy ounce, settled Friday at $78.29. Friday's $35.747-an-ounce drop was about the price of an ounce as recently as June.
The precious metal had a meteoric rise since then, smashing through a 45-year old record high in October and more than doubling from there. Trading volume surged this week in silver futures as well as those for gold, platinum and palladium, setting records as retail traders piled in, according to exchange operator CME Group.
The rally sputtered late Thursday around the time that news outlets started reporting that President Trump was planning to nominate Kevin Warsh, a former Federal Reserve governor, as the next chairman of the central bank. By midday in New York, silver prices were in free fall.
By Friday's market close, silver had its worst drop in percentage terms since March 1980, when the Hunt brothers' effort to corner the silver market unraveled. In dollar terms, Friday's crash was the biggest daily decline ever.
Despite the plunge, the precious metal wound up 12% higher in January.
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(END) Dow Jones Newswires
January 30, 2026 14:02 ET (19:02 GMT)
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