New York COMEX Silver Futures Plunge 9.1% vs Gold Amid Volatility and Position Adjustments (2/5/2026)

On February 5, 2026, New York COMEX silver futures fell 9.1% to $76.71 per ounce, outperforming gold, as the broader market adjusted positions, leveraged capital withdrew, and volatility spiked. This week, silver was down 2.3% versus gold’s 1.2% gain. Data: March silver (-9.1%) vs April gold (-1.2%); Cboe volatility indices: silver ~95, gold ~36. Silver’s longer-term volatility has typically been roughly three times that of gold or the S&P 500. Analysts attribute the sharper decline to thin liquidity, smaller physical markets, and more speculative exposure, which amplify swings during heightened volatility. In contrast, gold benefits from central bank buying and acts as a core, less volatile allocation. Outlook: Gold may trend higher toward $6,000/oz over 6–12 months, with key support in the $4,500–$5,000 range. Silver may enter a bearish phase; a reasonable range is $70–$80/oz, with $110–$120/oz overbought.