Silver ETFs crash up to 24% even as silver prices barely budge
On January 22, 2026, silver ETFs dropped sharply—some by as much as 24%—even though actual silver prices only slipped about 4%.
Big names like Tata, Edelweiss, and Mirae Asset Silver ETFs all took major hits.
Gold ETFs also slid, with Aditya Birla Sun Life Gold ETF down 12%.
Why does this matter?
If you invest in ETFs or watch the markets, this is a reminder that ETF prices can swing much more than the metal itself.
The crash happened because earlier premiums faded fast after global tensions cooled and the dollar got stronger, and an India-specific speculative premium built ahead of the Union Budget on expectations of an import duty tweak, along with rapid retail profit-booking, also helped trigger the large ETF declines.
Now ETF prices are closer to their true value (iNAV), but that means more sudden ups and downs for investors.
What caused the drop?
A few things came together: Trump's recent end to tariff threats boosted market confidence and strengthened the dollar; fears of new duties in India's Budget faded after clarification; plus many investors booked profits after big gains earlier this month.
Experts say it's smart to wait for things to settle before jumping into silver right now.