The year 2026 has seen silver complete its transformation from a commodity to a strategic asset. The rigid consumption of AI hardware and photovoltaics has locked in the supply limit, and even in the face of the January shock, the support at the industrial bottom remains strong. Silver is entering the second half of 'price discovery', and 150 dollars may not be the endpoint.

Introduction: The 'roller coaster' market and the macro logic transformation at the beginning of 2026
At the beginning of 2026, the global silver market underwent the most extreme fluctuations in history. After a 150% increase throughout 2025, silver entered a crazy 'price discovery' phase in January 2026, reaching a historic peak of $120.565 per ounce at the end of January. However, what followed was an epic crash known as 'Black Friday,' where silver prices plunged over 31% in a single day on January 30, falling to $78.53.
As of February 4, 2026, the market has shown strong bottom pattern characteristics. After reaching a phase low of $71.40, silver is experiencing a dramatic technical rebound. This volatility is not only a game of speculative funds but also profoundly reflects the changes in the leadership of the Federal Reserve, the escalation of military conflicts in the Middle East, and the structural reshaping of silver's strategic position by artificial intelligence (AI) and green energy.