What's going on with silver?
Hello again, Internet! It's been way too long since I've posted!
In case anybody wonders where I've been, the answer is that I've been learning, reading, and to a lesser extent actually making some transactions in precious metals and collectible coins, including going to a major coin show. More about that in another post, coming within a couple weeks.
So I haven't really had sufficient bandwidth to deal with work, learn more details about the collecting market, keep track of spot prices, look for good opportunities, and write for the blog all at the same time, along with regular activities of daily life.
Consider also that these have not been normal times in the precious metals market!!!
One year ago today was Feb. 15, 2025. On that day, gold was $2883 per troy oz, and silver was $32.15. Here's a source: https://goldprice.org/gold-price-today/2025-02-15.
- Sure, this site doesn't provide the bid/ask spread, but in my observation, this website usually quotes a price that's between the two. So it's good enough if you want to quote a single number.
As I write now, it is ate on Sunday morning, Feb. 15, 2026. Of course, trading markets are closed on the weekend. But the current spot price, as of market close on Friday, is $5041.80 per oz of gold, and $77.41 for a troy ounce of silver.
And just think - that's actually down from the peaks in January! Gold climbed to a peak of $5608.35/ozt in late January (I believe that's an intraday high, not a closing price, if my recollection is correct), and silver hit a whopping $121.64/ozt! Both are currently down quite a bit from those elevated levels, obvserved only a couple weeks ago!
6-month returns on gold have been +47.6% and 6-month returns on silver have been +99.39%. 12-month returns have been 70.84% on gold and 135.93% on silver. These returns come even after the ~7% drop in gold and 32% drop in silver in recent weeks! Think that explains why my attention has been elsewhere recently?!
That's a lot of excitement for one person to handle - hence why I didn't have much bandwidth to write for the blog.
So what's going on with precious metals? Are the usual explanations (geopolitical chaos, supply shortage, AI-driven demand) sufficient? Remember, silver more than tripled within a year's time [that was before it dropped like a rock, of course], and gold doubled in the same timeframe [before the slight pullback to the price we see today]. Were speculators and institutional investors really under that much pressure? Were they that scared?
Maybe. But color me skeptical of the usual narrative.
https://vongreyerz.gold/alasdair-macleod-how-silver-has-been-suppressed
Never thought I'd have reason to thank the People's Bank of China for anything. But if these links are to be believed, looks like I owe them a hearty 'thank you!'
Not that they'd ever admit to suppressing the price of silver. Or gold. Or any other commodity...
