After crashing roughly 50% from early 2026 highs near $117 and turning negative year-to-date (YTD), Silver once again appears to be on an uptrend.
Specifically, after falling to lows closer to $55 in mid-July, the commodity began climbing and is up 10.91% in the last week having risen from $57.63 to $63.92.
The most recent leg of the upsurge – a break bove the early July highs at about $63.70 – appears to have confirmed a strong trend shift, indicating that Silver is once more a decisive ‘Buy’ after months of decline.
Silver rally and market moves akin to pre-recession meltups, warns top strategist
Meanwhile, Mike McGlone, the chief commodity strategist at Bloomberg, appears cautiously optimistic. Indeed, while he noted several concerning parallels between the 2026 markets and multiple previous crises, he also saw signs that a major crash can be avoided.
Specifically, he noted that energy moves, U.S. public debt, and precious metal patterns all ‘rhyme’ with movements seen ahead of the Great Depression and the Great Recession, but that the S&P 500 index beginning to trail its performance 1929 could mean a ‘meltup’ preceding a collapse might not occur.
Peter Schiff weighs in on why Silver is soaring in August
Elsewhere, top economist and noted gold bug, Peter Shiff, believes recent developments bode well for commodity investors but signal a deeper crisis overall.
On August 5, he linked the precious metal breakout to the U.S. intervention to help stabilize the Japanese Yen in an X post, while signalling he – and traders – have little confidence that Fed Chair Kevin Warsh will do much to combat inflation.
Schiff’s estimate is consistent with the view of Gold and Silver as ‘safe haven’ assets investors can leverage to protect against adverse developments elsewhere in the national and the global economies.
Is Silver a good buy amidst resurgent global crises
Notably, both of the biggest precious metals enjoyed significant rallies recently amidst substantial turmoil in the South Korean stock market, continued tensions and escalation in the Middle East, uncertainty over artificial intelligence (AI) returns, a rising tide of bizarre AI-generated posts made by the White House and President Donald Trump, and several other troubling developments.
Under the circumstances and barring additional shocks, it indeed appears that Silver – which has become deeply oversold over the course of the correction started early in 2026 – is indeed a strong asset to buy.
Still, hopeful traders should keep an eye on one imminent catalyst: the July jobs report due on Friday, August 7.
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