Both gold and silver extended their sell-off on Wednesday, with spot prices dropping to the lowest levels this year.
- Rashad Hajiyev, founder of RM Capital Consulting, said silver may consolidate for a while before gradually moving higher.
- Peter Schiff said that while gold could dip under $4,000 an ounce, the potential downside appears limited.
- Silver miners First Majestic, Hecla Mining, and Pan American Silver Corp. were down nearly 4% each in pre-market trading.
Silver’s selloff extended on Wednesday, with spot prices tumbling below the $60 an ounce for the first time this year, continuing a relentless slide that has put the precious metal on track for its sixth decline in the past seven sessions.
At the time of writing, spot silver (XAG/USD) was down 3.7% at $59.3 an ounce, its lowest since Dec. 9, 2025. Meanwhile, silver futures for August deliveries were down 4.3% at $59.6 an ounce.
Silver Is Set To Consolidate Ahead Of Rally
Despite the sell-off, one analyst sees limited downside.
Rashad Hajiyev, founder of RM Capital Consulting, stated that silver’s decline has remained orderly rather than turning into a sharp selloff. With investor sentiment extremely weak after the recent drop, the metal may spend some time consolidating before gradually moving higher.
“As for me, I see very limited downside after such a massive decline and expect huge upside,” Hajiyev said in a post on X.
Peter Schiff Is Bullish On Gold
Meanwhile, gold is displaying a similar trajectory on the charts, with spot gold (XAU/USD) down 2.2% to $4,019 an ounce, its lowest levels since November 2025. Gold futures for August 2026 deliveries traded 2.3% lower at $4,052.5 per ounce.
Peter Schiff said that while gold could briefly dip under $4,000 an ounce, the potential downside appears limited. Markets are currently pricing in interest rate hikes that may not materialize, and even if they do, they may not be enough to keep pace with rising inflation.
“That’s bullish for gold,” Schiff said in a post on X.
Retail Turns Bullish On SLV
Despite the sharp drop, retail sentiment around iShares Silver Trust (SLV) on Stocktwits turned ‘bullish’ from ‘neutral’ a day earlier, accompanied by ‘high’ message volumes. SLV was also among the top trending tickers on the platform.
However, sentiment for SPDR Gold Shares ETF (GLD) was unchanged in the ‘bearish’ zone on Stocktwits.
SLV has declined more than 15% so far in 2026, exceeding GLD’s near 7% drop.
Meanwhile, shares of silver miners, including First Majestic (AG), Hecla Mining (HL), and Pan American Silver Corp. (PAAS), were down nearly 4% each in pre-market trading. Shares of gold miners Newmont Corp. (NEM) and Barrick Gold (B) declined more than 3%.
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