Silver declined approximately 38% from its January 2026 peak of $121.64/oz to $75.04/oz by March 31 - a drawdown driven by monetary policy repricing. The correction occurred against an unchanged 2026 supply deficit of approximately 67Moz, the sixth consecutive year of undersupply against a total annual supply of 800 to 850Moz. The nomination of Kevin Warsh subsequently shifted market expectations toward tighter monetary policy, triggering broad precious metals liquidation and driving silver to $75.04/oz by March 31 2026, a 38% decline from peak. Silver's 146.85% year-over-year gain reflects the cumulative effect of ... (full story)