Silver rebounded yesterday by nearly three percent from its lowest level in seven months. The price climbed from just above 57 to over 60 dollars per troy ounce, driven by statements from the new Fed chair Kevin Warsh and renewed tensions between the US and Iran. That recovery deserves context: in the first half of 2026, silver lost more than half its value, after a starting rate of nearly 121 dollars per troy ounce in January. Anyone with old silver, cutlery or coins who is considering selling wants to understand what is going on.
From a record high to the lowest point in seven months
In early 2026, silver was at historic peaks, driven by sustained safe-haven demand and a structural shortage on the physical market. At the end of January, president Trump nominated Kevin Warsh as the new chair of the Federal Reserve. Warsh is known as a hawkish economist who argues for higher rates and a smaller balance sheet for the central bank. Markets reacted immediately: gold lost 16 percent on that one day, silver even 39 percent, from 121 dollars to 85 dollars. That was the heaviest daily fall for silver in more than 45 years.
After his confirmation by the Senate on 13 May 2026, in the most partisan vote in the Fed’s history (54 to 45), the pressure on the silver price persisted. Higher expected rates strengthen the dollar, and a stronger dollar makes precious metals priced in dollars more expensive for international buyers. That presses demand. Silver slid further to its lowest point in seven months, just above 57 dollars.
Why did silver rebound yesterday?
On 1 July, Warsh made statements that markets judged less sharp than his earlier rhetoric. At the same time, tension flared up in the conflict between the US and Iran. Geopolitical unrest traditionally fuels demand for safe havens. Gold and silver both benefited. Silver climbed from about 57.50 to over 60 dollars per troy ounce, a daily rise of nearly three percent.
What does this mean for those wanting to sell old silver?
Despite the sharp drop from the peaks, silver today is still over 63 percent higher than a year ago. In the summer of 2025, a troy ounce of pure silver was not even worth 37 dollars. Now it is over 60 dollars, or about 51 euros at the current exchange rate.
That has a concrete effect on the buying price that buyers apply for old silver. Think of silver cutlery, jewellery, candlesticks, mugs or coins. The higher the silver fineness and the weight of the piece, the greater the impact of the daily rate on what you receive. Solid silver, recognisable by a hallmark such as 925 (sterling), 835 or 800, usually fetches considerably more than silver-plated or plated material, which contains only a thin layer of silver on a metal core.
The silver rate fluctuates daily. On yonidemunter.be you always find the current rates we apply for buying old silver and scrap silver.
What does the market expect for the second half of 2026?
The World Gold Council published its half-year market report for gold on 1 July. The organisation expects the gold price to stay relatively stable in the second half of the year, within a margin of plus or minus five percent around 4,100 dollars per troy ounce. In an optimistic scenario, gold could move towards 4,500 dollars or more, driven by geopolitical shocks, an unexpected rate cut or higher purchases by central banks. Those have bought an average of 1,000 tonnes a year for four years. In a pessimistic scenario, falls of 10 to 15 percent are possible if the dollar strengthens further and rates stay high.
For silver, the World Gold Council published no separate target rates, but gold and silver historically move largely in the same direction. The gold market is therefore regarded as the main gauge for the direction of silver.
In the coming days, the official US labour market report for June is also on the agenda, scheduled for 3 July. A weaker than expected figure would increase the chance of rate cuts by the Fed and could support gold and silver further. A strong report works the other way.
A historically high level, despite the correction
The silver market has travelled a turbulent road in 2026. From record levels above 121 dollars to a correction of more than 50 percent in five months, followed by a cautious recovery. For those wanting to sell old silver, the message is that the current price, despite all that turbulence, is still high measured by historical standards. Measured in euros, a Belgian seller today receives considerably more per gram of silver than two years ago.