Silver spot prices fell to approximately $67 per troy ounce on June 12, 2026, representing a roughly 45% correction from the January 29, 2026 all-time high of $121.62 per troy ounce. Despite the pullback, silver remains approximately 85% above its price level one year ago, reflecting a market that has experienced significant but not unusual volatility during a long-term bull cycle.

The correction has been driven primarily by rising interest rate expectations. The European Central Bank raised rates for the first time since 2023 on June 11, and US producer price data showing 6.5% year-over-year inflation in May has strengthened expectations for Federal Reserve tightening action. Precious metals typically face short-term selling pressure in rising rate environments.

Physical silver demand fundamentals have not changed during the price pullback. The Silver Institute tracks the silver market as being in deficit for six consecutive years. The solar photovoltaic sector now consumes more than 20% of annual global silver production. Semiconductor and electronics manufacturing add further industrial demand.

Investment demand remains active. Global X Silver Miners ETF (SIL) provides institutional and retail investors exposure to a diversified basket of silver mining equities. The iShares MSCI Global Silver Miners ETF (SLVP) offers a similar product with slightly different index weighting.

Kitco tracks spot prices, futures, and forward rates across precious metals daily. At current levels near $67, silver is trading well above the cash cost of production for most established miners, keeping margins positive even after the correction from the January peak.

Source: Kitco -- https://www.kitco.com/charts/silver