Silver's record swings, AGQ's $4B futures dump and UBS caution reshape support outlook

In the week leading up to the February 6, 2026 update, silver surged to a yearly high before collapsing nearly 30% last Friday, then repeatedly rebounded and slid, with spot prices hitting $73 per ounce by Thursday night and New York futures at $72.34. UBS flagged one-month silver volatility above 100%, warned that levels above $85 may be hard to sustain without persistent inflows, and highlighted rich option pricing. The sharpest intraday crash occurred on January 30, when the leveraged AGQ ETF was already down heavily and dumped nearly $4 billion in silver futures, while analysts noted that leveraged products and intense retail demand are distorting trading patterns and could keep prices unstable.