Silver price drops to 2026 low as traders bet against further declines

Silver closed at $53.83 on Friday, down nearly 56% from its record high and marking its weakest finish of 2026. Traders are increasingly betting on further declines, with three-month put-call skew reaching its highest level since July. Hedge funds and commodity advisers sold $2.2 billion in silver futures in three weeks to October 13. Technical analysis identifies $52-$55 as critical support, with further downside to $39-$45 if breached.