Published February 2, 2026
As silver and gold fell in tandem, it was silver that outperformed to the downside—just as it had to the upside. The reason? Speculation. Silver’s higher beta reflects a greater element of speculative play embedded in its price. Silver shed 41% from its highs, while gold lost roughly half that at 21%.
In a sense, this confirms that the primary buyers of gold have been central banks—arguably less price-sensitive and with stickier buying behaviour.
Last night, we posed the question: would silver—then sitting at the $85 trendline—hold, or would gold, still above its own trendline, fall further and drag silver down with it? We favoured the latter, and so it proved. See HERE.Silver fell to a low of $72 and now seems to be finding a floor at last.
If technical analysis holds, silver could make its way back toward $100 over the short term on a 50% bounce from its highs—though timing is, as always, impossible to predict. Hopefully silver will not race higher and speculators and leveraged players have learned a key lesson here: gravity exists. Otherwise it will show we have learned nothing.
What else have we learned ... well silver followed gold on this move ... gold is still the daddy.
