Precious metals experienced unprecedented volatility in late January 2026, culminating in a historic sell-off on January 30. Gold plunged nearly 10% to around $4,500 per ounce, its worst day since 2013, while silver cratered over 30%—the steepest drop since 1980—falling to about $75-81 per ounce. However, by February 3, a robust rebound appears to be emerging. Spot gold climbed 5-6% to approximately $4,900-4,950 per ounce, silver surged 8-13% to $86-89

After we reported on the great silver crash on Friday, January 30 2026 we told everyone to keep their eyes on the opening of the Asia commodity market opening. This is our analysis: Silver's volatile ride persists into midday February 2, with spot prices recovering modestly from intraday lows near $73 per ounce but still down overall amid lingering liquidation pressures.

In a stunning turn of events that sent shockwaves through global commodity markets, silver prices plummeted over 30% on January 30, 2026, marking the metal's worst single-day drop since the infamous Hunt Brothers episode in 1980. The spot price tumbled from a record high of around $121 per ounce to as low as $74, erasing billions in value from leveraged positions and leaving investors scrambling.