XAG Silver
Silver, USD per troy ounce, pooled from XAG/SILVER perps.
What matters nowUpdated 19 h ago
- Silver is trading against a hawkish Fed. On August 31 gold slipped as Fed Chair Kevin Warsh signalled rate hikes may be needed, and the Fed then raised the federal funds target range 25 basis points to 3.75%-4.00% on September 16 in a 12-0 vote.
- Structural backdrop: the Silver Institute's World Silver Survey 2026 sees the 2026 deficit widening to 46.3 million ounces. CME raised COMEX silver initial margin to 18% from 15% on February 5 amid precious-metals volatility.
- Flows: the iShares Silver Trust (SLV) took in about $124 million over the month to October 12, but is down 15.0% year to date against a 14.8% gain for SPY, so the inflow is a weak signal.
- Next: the FOMC decision and the next CPI releases (December 2026 CPI on January 13, 2027, January CPI on February 11). Real yields, Fed hike expectations and Treasury supply are the main macro levers.
Positions as of Oct 12, 2026 (futures only, long minus short contracts; the managed money class, history since 2015). Published by the CFTC, usually the following Friday. Source: CFTC Commitments of Traders ↗
Every venue
| Venue | Price | vs pool | 24h vol | Open int. | Funding 8h |
|---|---|---|---|---|---|
| binance perp XAGUSDT · just now | 57.02 | +0.03% | $200.8M | $290.6M | 0.0000% |
| hyperliquid perp xyz:SILVER · just now | 56.90 | −0.18% | $41.4M | $159.8M | -0.0467% |
| bitget perp XAGUSDT · just now | 57.00 | −0.01% | $17.2M | $37.2M | 0.0000% |
| lighter perp 93 · just now | 56.94 | −0.12% | $6.1M | $4.3M | -0.0328% |
| aster perp XAGUSDT · 1 min ago | 56.99 | −0.03% | $1.7M | $3.8M | 0.0000% |
| kraken perp PF_XAGUSD · just now | 56.93 | −0.14% | $673.5K | $1.7M | 0.0273% |
| dydx perp XAG-USD · just now | 56.93 | −0.13% | $0 | $24.5K | 0.0000% |
| okx perp XAG-USDT-SWAP · stale | 57.18 | +0.31% | $86.5M | $61.3M | 0.0253% |
| bybit perp XAGUSDT · stale | 57.20 | +0.34% | $23.2M | $44.2M | 0.0662% |
| hyperliquid perp flx:SILVER · stale | — | — | — | — | — |
| hyperliquid perp cash:SILVER · stale | — | — | — | — | — |
| hyperliquid perp km:SILVER · stale | — | — | — | — | — |
| coinbase perp SILVER-PERP · stale | — | — | — | — | — |
Pooled price = volume-weighted median of venues within 2% of each other. Venue markets for stocks, indices and gold are 24/7 perpetual contracts; they track but are not the official exchange price.
Open interest, 120 days
US$ millions, all venues
Funding, 120 days
Annualised %, OI-weighted. Positive: longs pay shorts.
NewsAll news →
SLV takes in $124M over the month to October 12 after a 15% year-to-date loss
Trefis data shows the iShares Silver Trust (SLV) at $54.415 as of October 12, 2026, down 15.0% year to date against a 14.8% gain for SPY.
Warsh says the Fed is not done at Jackson Hole; silver settles down 4.17% at $62.49
Fed Chair Kevin Warsh said at Jackson Hole on Friday, August 28, 2026 that the Fed is not done tightening and will need more work unless underlying inflation is returning to target.
Silver falls 2.55% to near $76.09 as firmer dollar and oil volatility weigh
Spot silver traded near $76.085 an ounce on May 26, 2026, down 2.55% on the session, according to Kitco.
Silver demand from the PV industry expected to fall 19% in 2026
Photovoltaic silver demand fell 6% in 2025 to 186.6 million ounces and is forecast to drop another 19% to about 151 million ounces in 2026.
Silver Institute World Silver Survey 2026 sees the 2026 deficit widening to 46.3 Moz
The Silver Institute's World Silver Survey 2026, released April 15, 2026, said global silver demand exceeded supply for a fifth consecutive year in 2025, with the gap narrower than in 2024.
Silver Institute sees a sixth straight deficit in 2026 with a 67 Moz gap
The Silver Institute's February 10, 2026 outlook forecast a sixth consecutive annual market deficit, which it put at about 67 million ounces for 2026.
CME raises COMEX silver futures initial margin to 18% from 15% amid precious-metals volatility
CME Group said on Thursday, February 5, 2026 that it would raise the initial margin on COMEX 5,000-ounce silver futures to 18% from 15%, and on COMEX 100-ounce gold futures to 9% from 8%, citing heightened volatility in the precious metals market.
CME raises Comex silver margin to 15% from 11% after volatility
CME Group raised the margin requirement on Comex silver futures to 15% of contract value from 11%, citing heightened volatility.
Silver collapses as much as 39% intraday and gold falls 14% on January 30
Silver fell from its prior-morning record of $121.78 to an afternoon low near $75 on January 30, 2026, and was near $85 when the article was written, down about 30%.
White House announces Trump's nomination of Kevin Warsh as Fed Chair
The White House released a statement on January 30, 2026 welcoming President Trump's nomination of Kevin Warsh to lead the Federal Reserve as Chair.
Silver sets an all-time high near $121.78 an ounce on January 29
Silver reached an all-time high of about $121.78 an ounce on the morning of January 29, 2026, according to Wolf Street's account of the move.
Washington holds off Section 232 tariffs on processed critical minerals, silver included
On January 15, 2026 the White House said it would not impose tariffs on processed critical minerals and their derivative products for now, and spot silver fell more than 3% that day.
China's silver export licensing takes effect January 1, covering 2026-2027
China's licensing regime for silver exports took effect on January 1, 2026, and the approved exporter list covers 2026 and 2027.