Silver (SI=F) July futures kicked off at $55.83 per ounce on Friday, July 17, 2026, which marked a 0.6% dip from the previous day’s closing price. The morning saw silver prices sliding further, hitting $55.58 by 8:13 a.m. ET.
The precious metal’s value took a hit this morning, reaching an eight-month low amidst escalating tensions between the U.S. and Iran. Compared to a month ago, the opening silver price today reflects a decline of over 20%.
For the sixth consecutive day, the U.S. has been targeting Iranian sites in response to Iranian attacks on oil tankers navigating the Strait of Hormuz. Despite the relentless U.S. airstrikes, Iran continues to hold onto control of the strait and has retaliated with strikes across the Middle East.
With oil prices surging nearly 13% in the past five days, concerns over inflation have resurfaced, leading many analysts to predict potential interest rate hikes later this year as the Federal Reserve grapples with rising prices. The looming threat of higher rates is expected to keep a lid on silver prices for the foreseeable future.
The current price of silver futures on Friday commenced 0.6% lower than Thursday’s closing price. Here’s a breakdown of how today’s opening silver price compares to the previous week, month, and year:
– One week ago: -6.9%
– One month ago: -20.6%
– One year ago: +47.5%
In context, silver’s year-over-year growth stood at 173.3% on May 14.
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Investing in silver comes with tax implications. Silver is classified as a capital asset, meaning that any gains from selling it are subject to taxation and must be reported on Schedule D of your federal tax return. Contrary to the assumption that holding silver for over a year qualifies for long-term capital gains rates akin to stocks, silver is considered a collectible by the IRS, resulting in different tax treatment.
Short-term gains from silver investments (holding for a year or less) are taxed as ordinary income, potentially reaching up to 37% depending on your tax bracket. On the other hand, long-term gains (holding for more than a year) are taxed at your ordinary income rate, capped at 28%.
The tax implications of investing in silver can vary based on your income bracket, potentially leading to higher tax rates compared to stock gains. It’s crucial to understand the tax implications before delving into silver investments to avoid any surprises come tax season.
For more insights on navigating taxes when investing in silver, delve into comprehensive resources available to enhance your understanding of tax obligations associated with precious metal investments.
Keep abreast of the price movements in the silver market with the price-of-silver chart below, tracking the precious metal’s value journey throughout the year. Stay informed with the latest silver coverage from the Yahoo Finance team to make informed investment decisions in the ever-evolving silver market landscape.
