Silver drops another 3% below $53 an ounce ahead of the Fed decision
As seen on the 24/7 Wall St. homepage on October 29, 2026.
The word "another" is what matters: silver bulls riding physically backed ETFs and leveraged miners are now deep into a second leg down, with $53 an ounce gone ahead of the Fed decision.
BREAKING: Silver falls another -3.0% to below $53/oz https://t.co/wtE5RwWRG0
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The word "another" in Hedgeye's alert is doing a lot of work: this is a second consecutive leg down, meaning the selling pressure in silver has been sustained rather than a one-day shake-out.
For investors holding physically backed silver ETFs or leveraged mining shares, the damage compounds with each leg, and the psychological level of $53 an ounce has now given way.
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With a Fed decision in the immediate window, silver's drop reflects a shift in rate expectations, a stronger dollar, or simple risk reduction ahead of a binary macro event. Whichever way the Fed moves, silver holders enter that announcement already on the back foot.