Silver Price Is Too Cheap to Ignore as Paper vs Physical Disconnect Widens

Silver experienced extreme volatility in early 2026, rising to around $120 per ounce before plunging below $70 and then settling near the $80 area — a pattern that has drawn broad market attention ^[1]. Recent reporting shows prices stabilizing around $82 on February 9–10, 2026, following the January swings ^[2].

Market observers and some analysts are debating whether the gap between "paper silver" (derivatives and futures) and physical silver is widening and whether price action is being artificially influenced, a narrative highlighted in coverage of the rally and subsequent pullback ^[1]. Institutional flows, policy moves in markets such as Japan, and potential supply deficits are cited as factors that could affect future price direction ^[2].

Notable investors have acted amid the volatility: Robert Kiyosaki said he invested roughly $50,000 and set a $200 target for silver in 2026, and other reports note he bought physical Silver Eagles as prices cooled ^[3][4].

For now, prices sit near the low $80s, and participants are watching physical supply dynamics and institutional demand for signals of the next leg in silver’s price path ^[2][1].