Well — silver hit a bit of a snag, didn’t it?

It topped out a little over $120 just a day ago, and while I was sleeping it took a tumble down to $79. As I write this, it’s clawed its way back to around $86.

In crypto terms, that’s just another Tuesday. In metals, though, this kind of move feels a bit more violent. From $120 to $79 is roughly a 35% correction, and that’s not something we usually see play out overnight in the precious-metals world.

That said, it wouldn’t be honest to pretend this is unprecedented.

Back in January 1980, silver spiked to around $50 ($414 in 2025 dollars) and then collapsed into the low teens in short order — a 70%+ drop. In April 2011, silver peaked near $49 ($70 in 2025 dollars) and slid to about $26 by September, a 47% decline overall. While that drop was spread out over several months, the first week alone saw a correction of roughly 35%.

So yes, this kind of thing can happen, especially in silver. It’s just rare enough that it still rattles people.

Personally, I’m not panicking. If industrial demand really is as strong as some claim, I wouldn’t be shocked to see silver rebound toward $100 again. In that sense, this dip may end up looking like a buying opportunity rather than the end of the run.

Here’s a tube of Silver Eagles I’ve been holding onto.

Part of me really doesn’t want to sell them, but if silver does climb back toward $100, I’ll have to think seriously about it. Maybe I’d trade into gold. Maybe I’d roll some of it into Bitcoin. We’ll see.

Right now it’s probably a buyer’s market, which means dealers are likely paying below spot. Still, the fact that these are U.S. Eagles might help soften that haircut a bit.

Anyway, I’ll throw it to you all.

Is silver about to bounce? Or was this the blow-off top?

Drop your guesses below, and who knows, maybe a little HSBI will be coming your way (hint hint).

❦