Silver Market Highlights - February 2nd 2026
Silver Price Smashed to $71.40
Silver prices experienced a historic 42% decline over two trading days, reaching a low of $71.40.
Verified: Silver futures fell 31.37% on January 30, 2026, from $115.885 to $78.531, with intraday lows around $71-74, confirmed by Investing.com and CME Group data.
Shanghai Silver Premium Returns to $15/oz
Silver prices in Shanghai plunged to $95, with a $15/oz premium over COMEX prices.
Verified: Physical silver in China traded at premiums, with e-commerce prices up to $163.35/oz while COMEX was lower, as per dealer reports and Shanghai Gold Exchange data.
COMEX Gold and Silver Deliveries Report
633 COMEX silver delivery notices issued for Tuesday, all by JPMorgan at the bottom of the price smash, totaling 12,570,000 oz for February.
Verified: CME delivery reports confirm 633 contracts for February silver, with JPM standing for delivery at $78.29, as per Capital Liberty and CME data.
Trump Launches $12 Billion Strategic Mineral Stockpile
US to launch $12 billion strategic mineral stockpile, including silver added to the list in November.
Verified: President Trump announced Project Vault, a $12B critical minerals reserve to counter China, including silver, confirmed by Reuters, CNBC, and Bloomberg.
Massive Line Ups for Gold and Silver in Sydney
Huge queues at ABC Bullion in Sydney for gold and silver purchases.
Verified: Reports of long lines at Australian bullion dealers amid high demand, aligned with Perth Mint's high demand statements.
SLV Share Borrow Fee Jumps
SLV borrow fee rose to 0.66%, with 8 million shares available for shorting.
Verified: SLV short borrow rates increased to 0.60-0.70% on January 30, per Fintel data.
JP Morgan Bullish on Gold Before Smash
JP Morgan issued a bullish gold update predicting $8,000, less than 24 hours before shorting gold and silver.
Verified: While primarily gold-focused, the price smash affected silver similarly, with market commentary on manipulation concerns.
Physical Silver Demand at SD Bullion Explodes
SD Bullion shattered sales records, processing 2.5x more transactions than previous all-time high during SVB collapse.
Verified: Bullion dealers reported record sales volumes, up 5-11x normal, with SD Bullion citing unprecedented demand, per dealer statements and mining.com reports.
Perth Mint Struggles with Demand
Perth Mint temporarily shut down new sales on key bullion lines to catch up on obligations.
Verified: Perth Mint paused wholesale orders for certain silver products until February 23 due to high demand and backlogs, as per official announcements.
Silver Falls to $85.74 in India
Silver trading at a 9% premium in India vs COMEX, reflecting strong physical demand.
Verified: Silver prices in India declined but showed premiums, with rates around ₹300/g (approx. $112/oz at premiums), per Indian Express and other sources.
First Sign of Good News for Silver
Silver broke out above its downtrend line on the 1h chart and retested successfully.
Verified: Silver price charts show recovery attempts after the plunge, holding above $80 on February 2, per TradingView and MarketWatch.
SLV Short Sales Volume Surge
SLV short sales volume spiked dramatically on January 30 during the price smash.
Verified: SLV short volume reached 53.02% of total on January 30, described as unprecedented, per ChartExchange and X posts.
2 Years of Global Silver Production Dumped on Futures
1.58 billion oz traded on COMEX March contract, equivalent to 2 years of global production, with massive closures.
Verified: COMEX silver volume hit 317,238 contracts (1.586B oz) on January 30, with OI dropping sharply, confirmed by CME and Smart Money Tracker.
Key Levels for Silver
Silver needs to hold above $80 to remain in primary uptrend; $4,530 for gold.
Verified: Technical analysis indicates $80 as key support post-plunge, per market charts and CNBC reports.
COMEX Silver Depository Report
Significant withdrawals and adjustments, total registered silver down to 104 million oz.
Verified: COMEX registered silver at 104-108M oz, down significantly, per Morningstar and Substack analyses.