Silver remains ‘fundamentally overvalued’ after wartime slump, says HSBC

Silver's breakneck rally in 2025 reached its peak on January 28 of this year, punching through $120 an ounce before an almighty crash of almost 30% in a single day sent prices plummeting back down to earth. While the precious metal was particularly subdued during the early throes of the Iran war, prices have gradually recovered since then. Both spot silver and silver futures have climbed 10% over the last month to each trade at around $87 an ounce. …