Silver's New Year Rally Completely Erased: Falls from $120 to $68

Silver prices, despite starting 2026 with a strong rally, have lost all their gains for the year. The precious metal, which surged over 60% in January to briefly touch the $120 level, has now retreated to around $68 as of June. This sharp decline has caught investors' attention, with volatility in the metals market reaching its highest level since 2007. Bloomberg Intelligence strategist Mike McGlone noted that this sharp reversal in silver could be a warning signal for the metals market and risk assets. According to McGlone, the move in silver reflects a shift in overall market sentiment, and investors should be cautious. Analysts emphasize that the $64 level is a critical support point in the short term. If this level is broken, silver prices could fall to $60. The continued high volatility indicates ongoing uncertainty in the market. This is not investment advice.