Silver has retreated sharply in the first half of 2026 after a record-setting start to the year. The metal traded around $58.55 per troy ounce in mid-July, down about 52% from its January all-time high. Silver had soared to $121.64 on January 29 before falling roughly 27%, and it now sits close to an 11-month low.
Some analysts view the pullback as a potential entry point given the metal's underlying supply picture. J.P. Morgan analysts project silver will finish 2026 near $80 per ounce, well above current levels, though forecasts across the market vary widely.
Mining companies with heavy silver exposure posted strong results even as prices swung. First Majestic Silver reported record first-quarter revenue of $477 million, up 95%, on a 26% increase in silver production. The company generated record operating cash flow of $311 million, up 182%, and drew 66% of its revenue from silver.
The price volatility reflects a market caught between speculative swings and tight physical fundamentals. After the January spike and subsequent slide, silver has traded in a lower range through the first half of the year. Investors weighing the sector are balancing near-term price weakness against a multi-year supply shortfall that continues to shape long-term expectations for the metal.
Source: The Motley Fool -- https://www.fool.com/investing/2026/07/13/silver-surged-then-slumped-in-the-first-half-of-20/