Spot gold closed Friday in New York at $4490 and spot silver closed at $67.69.
Both prices were new closing lows for the two metals. See the charts below, courtesy of Kitco...
Both gold and silver peaked earlier this year, and within 24 hours of those peaks, both metals experienced serious price implosions. The respective lows of close to $4600 for gold and $72 for silver occurred on February 2nd, 2026. At their worst points, the damage amounted to a 15% loss for gold and a 40% loss for silver - in one day! (see Silver Price Implosion - What About The Fundamentals?)
Both prices held up until Friday (March 20, 2026). After two months of consolidation, any technical support appears to have given way. That cannot be a good sign if you are expecting a quick turnaround to the upside and much higher prices. Gold actually did run back up to its old high on the back of concerns about the war with Iran; however, it has lost a considerable amount of air in the past week.
ANALYSIS AND COMMENTARY
There is a great deal of posturing about the "fundamentals" for both gold and silver. This is meant to assuage and comfort those who have seen a large portion of their metals values disappear - 19% for gold and 44% for silver in a short period of time. It is also intended to justify previous predictions of much higher prices for both gold and silver.
There have been various attempts to downplay the significance of the declines. After all, silver had quadrupled in price (up 300%) after just nine months. Is it really so bad that it declined “only 44 percent" after such a stellar run? The depressing reality of the math should startle anyone awake who might be sleeping - if you owned silver on January 29th when it peaked at $120 oz., you have lost nearly half of your money in less than two months.
In other words, $100,000 in silver at its January peak is now worth $56,000. That might not matter to you if you are in at $25 oz., but another halving of the silver price would erase most of your profits. Will you be able to hold on for the "long term" if silver drops to $25 or lower?
FINAL THOUGHTS
As far as gold and silver prices are concerned, I think we are seeing something quite similar to 1980.
Irrespective of all the 1) fundamentals, 2) proclamations about what is different now, and 3) justifiable arguments and expectations for much higher prices, etc., the price action in gold and silver coupled with the attitudes and behavior of investors leads me to the conclusion that $5500 for gold and $120 for silver are major price peaks and are not likely to be exceeded for several years. (also see Gold vs Silver - Gold Still Wins)