Silver Price Today Slips to $74.88 as Traders Reassess Record Rally

By Patrick Timely

Silver prices are trading lower on Monday after failing to hold recent record territory, as the market consolidates following one of the most aggressive rallies in the metal’s modern history.

At the time of writing, spot silver trades near $74.88 per ounce. The metal is down from its all-time high of $83.34, set in late December during a period of extreme volatility and thin year-end liquidity. Despite the retracement, silver remains sharply higher on a year-to-date basis and continues to outperform most traditional asset classes.

Recent ATH and key technical levels

Silver’s push above $75 earlier this month marked a decisive breakout that accelerated speculative and momentum-driven buying. Prices briefly extended into the low $80s before reversing, a move that highlighted how stretched positioning had become.

From a technical perspective, the former resistance zone between $72 and $74 has now become a critical support area. A sustained hold above this range would suggest the broader uptrend remains intact. On the upside, $80 stands out as the next psychological level traders are watching, followed by the late-December peak near $83.34.

Absolute insanity in silver right now:

At 6:20 PM ET, just 20 minutes after futures opened, silver prices surged to a record high of $83.75, up +6%.

By 7:30 PM ET, silver prices fell to a low of $75.15, erasing -10% of its value in 70 minutes.

Buckle up for a crazy week. pic.twitter.com/DmS0qMvwC4

— The Kobeissi Letter (@KobeissiLetter) December 29, 2025

Momentum indicators have cooled from extreme readings, but many remain elevated by historical standards, reinforcing expectations for continued volatility.

How silver compares to gold’s recent performance

While gold has also traded near record highs, silver has clearly taken the lead in recent weeks. Gold prices have hovered above $4,500 per ounce, supported by expectations of U.S. rate cuts, central bank demand, and a weaker dollar.

Silver, however, has delivered significantly stronger percentage gains. The compression in the gold-to-silver ratio reflects a shift in relative momentum, with investors rotating toward silver’s higher beta and its exposure to industrial demand. This divergence has fueled speculation that silver is entering a catch-up phase after years of underperformance versus gold.

What traders are watching next

Market participants are now focused on whether silver can stabilize after the sharp pullback from record highs. Futures market activity remains key, especially during overnight sessions when price discovery often accelerates.

Traders are also watching macro signals closely. Movements in U.S. bond yields, the dollar, and expectations for Federal Reserve policy in 2026 continue to shape sentiment across precious metals. Any resurgence in risk aversion or further dollar weakness could quickly reignite upside momentum.

Policy developments remain another wildcard. Ongoing discussions around critical minerals, trade restrictions, and export controls have added a structural layer of uncertainty to silver’s supply outlook.

Short-term outlook and scenarios

In the short term, silver appears to be transitioning from a vertical rally into a consolidation phase. If prices hold above the mid-$70s and liquidity improves in early January, another attempt at reclaiming the $80 level remains possible.

A deeper correction toward the low $70s would likely be viewed as a reset rather than a trend reversal, provided broader macro conditions stay supportive. However, failure to hold that zone could trigger a more extended pullback as leveraged positions unwind.

The bottom line

Silver’s move back below $75 reflects a cooling of momentum after an extraordinary late-December surge, rather than a breakdown in the broader bullish structure. The pullback follows a period of extreme volatility and thin liquidity, conditions that often exaggerate both upside and downside moves. From a technical standpoint, silver remains well above key former resistance levels, suggesting the longer-term uptrend is still intact despite the sharp retracement from record highs.

Looking ahead, much will depend on whether silver can stabilize as liquidity normalizes in early January. With gold holding firm near record levels and macro tailwinds such as lower rate expectations, a weaker dollar, and ongoing supply concerns still in place, silver continues to attract attention as both a monetary and industrial metal. The coming sessions should clarify whether the current consolidation serves as a base for renewed upside or signals a deeper corrective phase as traders reassess risk heading into 2026.

Source:: Silver Price Today Slips to $74.88 as Traders Reassess Record Rally