Silver
SI=FPrecious and industrial metal benchmark commodity.
As of Nov 5, 2026, Silver (SI=F) closed at $53.54 /oz, representing a -56.02% drawdown from its all-time high of $121.73 /oz recorded on Jan 29, 2026 (280 days ago). Returning to all-time high requires a +127.4% gain.
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Historical Maximum Drawdowns & Annual Drops
Deepest peak-to-trough drop recorded within each calendar year.
Over the last 10 completed years, Silver experienced an average intra-year drawdown of -23.4% lasting an average of 131 days peak-to-trough, with its deepest drawdown reaching -41.5% in 2020.
| Year | Max Intra-Year Drawdown | Peak High | Bottom Trough | Peak-to-Trough | Yearly Return |
|---|---|---|---|---|---|
| 2025 | -23.51%Correction | Feb 6, 2025 $38.15 | Apr 6, 2025 $29.18 | 59 days | +119.32% |
| 2024 | -16.15%Correction | May 20, 2024 $32.51 | Aug 7, 2024 $27.26 | 79 days | +44.40% |
| 2023 | -19.44%Correction | May 4, 2023 $26.18 | Oct 5, 2023 $21.09 | 154 days | -0.87% |
| 2022 | -31.35%Bear Market | Apr 17, 2022 $26.22 | Aug 31, 2022 $18.00 | 136 days | +4.59% |
| 2021 | -28.60%Correction | Jan 31, 2021 $30.14 | Sep 30, 2021 $21.52 | 242 days | -12.80% |
| 2020 | -41.53%Bear Market | Jan 1, 2020 $20.54 | Mar 19, 2020 $12.01 | 78 days | +46.70% |
| 2019 | -13.89%Pullback | Sep 4, 2019 $19.30 | Dec 9, 2019 $16.62 | 96 days | +16.75% |
| 2018 | -20.26%Correction | Jan 25, 2018 $17.52 | Nov 14, 2018 $13.97 | 293 days | -8.30% |
| 2017 | -18.52%Correction | Apr 16, 2017 $18.68 | Jul 10, 2017 $15.22 | 85 days | +3.82% |
| 2016 | -20.82%Correction | Sep 22, 2016 $19.88 | Dec 23, 2016 $15.74 | 92 days | -15.33% |
Compare with Other Drawdowns
Silver Historical Maximum Drawdown & Bear Market History
Historical Maximum Drawdowns & Major Crashes
Silver has experienced some of the most violent crashes in commodity history. During the Hunt Brothers speculative corner in January 1980, silver spiked to $49.45/oz before crashing -92.8% over the next decade down to $3.55 in 1993. In April 2011, silver surged to $49.51 before plunging -72.5% over nine years to a March 2020 liquidity shock low of $11.64.
Typical Pullback Frequency
Because silver possesses a dual identity as both an investment monetary asset and an essential industrial component, it trades with significant high beta relative to gold. Intermediate pullbacks of -15% to -25% are common even during precious metals bull markets, while cyclical bear markets regularly exceed -60%.
Historical Recovery Timelines
The 1980 high took 31 years to retest in April 2011. Following the 2011 peak, silver has remained in a long-term secular consolidation for more than 13 years, underscoring the prolonged recovery timelines characteristic of speculative commodity manias.