Silver Crashes to 6-Month Lows as Analysts See Limited Downside

Silver prices plummeted to their lowest levels in over six months on Wednesday, hitting $59.3 an ounce as spot prices dropped 3.7% and futures for August deliveries fell 4.3%. The selloff marks the sixth decline in seven sessions for silver.

According to Rashad Hajiyev, founder of RM Capital Consulting, the metal may consolidate before gradually moving higher. 'As for me, I see very limited downside after such a massive decline and expect huge upside,' Hajiyev said.

Peter Schiff, on the other hand, believes that while gold could dip under $4,000 an ounce, the potential downside appears limited due to markets pricing in interest rate hikes that may not materialize. Gold spot prices dropped 2.2% to $4,019 an ounce, its lowest levels since November 2025.

Despite the sharp drop, retail sentiment around iShares Silver Trust (SLV) turned 'bullish' from 'neutral', accompanied by 'high' message volumes on Stocktwits. SLV has declined more than 15% so far in 2026, exceeding GLD's near 7% drop.