On Tuesday, February 17, 2026, precious metals came under sharp pressure in holiday-thinned trading. Spot gold fell more than 2.2% to trade around $4,863–$4,917 per ounce, briefly dipping below the psychologically important $5,000 level for the first time since early February. April gold futures opened near $4,899–$4,955 and traded as low as $4,862 in early sessions. Silver fared worse, dropping 2.4–6.25% to trade between $72.30 and $74.51 per ounce, with some intraday lows near $71.92.
This marks the second consecutive day of notable weakness following a powerful 2025–early 2026 rally that saw gold hit all-time highs near $5,608 in January and silver spike above $121. The moves have investors asking: Why are gold and silver prices falling today? Is this gold market crash or silver price drop the start of something more serious — or a classic buying opportunity in a structural bull market?
Why Is Gold Falling and Why Is Silver Falling Today? (February 17, 2026)
The sell-off is driven by a confluence of short-term technical and macro factors rather than any fundamental breakdown in the long-term bull case:
Stronger U.S. Dollar and Thin Liquidity
The U.S. Dollar Index rose 0.3–0.4% as traders positioned ahead of key data. With much of Asia closed for Lunar New Year and U.S. markets observing Presidents’ Day (limited participation), liquidity was exceptionally thin, amplifying moves on modest flows.
Easing Geopolitical Tensions
Progress in U.S.-Iran nuclear talks and U.S.-mediated Russia-Ukraine discussions reduced safe-haven demand. Reuters reported Iranian officials noting “progress” in talks, while Trump administration comments signaled potential de-escalation.
Shifting Fed Rate Expectations and Stronger Economic Signals
Recent data pointing to a resilient U.S. economy have slightly tempered aggressive rate-cut pricing, supporting the dollar and pressuring non-yielding assets like gold and silver.
Profit-Taking After Parabolic Gains
Gold and silver had surged dramatically since late 2025. The January “Goldmageddon” spike and silver’s mania phase left many positions extended. Weak long liquidation in futures markets accelerated the move lower.
Absence of Shanghai Premium Support
With Chinese markets closed, the usual arbitrage support from the Shanghai Gold Exchange disappeared, leaving Western price discovery to dominate in thin conditions.
Gold support and resistance levels today show immediate support near $4,800–$4,850, with stronger longer-term support at $4,700 and $4,500. Resistance sits at $5,000 (psychological) and $5,074 (recent highs). For silver, support clusters at $72 and $70, with resistance at $75 (former support now flipped) and $78–$80.
Is This a “Crash” or a Healthy Correction?
This is not a structural gold market crash but a sharp, liquidity-driven correction within an ongoing bull market. Gold remains up over 65% year-over-year and silver up more than 120% from early 2025 levels. Such pullbacks are normal — and often healthy — after parabolic moves. Historical bull markets (2009–2011, 2020) featured multiple 15–25% corrections before new highs.
Rob Bruggeman’s Take: Structural Drivers Remain Intact
In his widely watched February 16, 2026 interview on Resource Talks (“Is It Time to Sell Mining Stocks?”), Rob Bruggeman of The Wealthy Miner delivered a calm, fundamentals-focused message that remains highly relevant 24 hours later. Click here to watch: https://www.youtube.com/watch?v=M4iCcykAaY8
Bruggeman stated that the core drivers for gold — U.S. dollar debasement, record central-bank diversification (especially emerging markets), geopolitical fragmentation, and fiscal sustainability concerns in Western economies — are “firmly in place” and have not changed with today’s price action. He sees realistic potential for gold to reach $10,000 per ounce in a full historical-style bull market cycle, noting that $5,000 gold is “not a lifeline” that rescues weak mining stories but rather highlights the importance of selectivity.
On juniors, Bruggeman was characteristically direct: “Most juniors (~90%) will still fail” even in a higher-price environment. He urged investors to focus on near-term producers (1–2 years to first pour) in top-half Fraser Institute jurisdictions with real scale, grade, metallurgy, and infrastructure. PEA-stage projects, he warned, often suffer from outdated capex assumptions and 20%+ annual construction-cost inflation.
Bruggeman’s framework aligns perfectly with today’s dip: the structural bull is alive, but capital must flow to quality assets. Short-term volatility is the price of admission in precious metals.
Gold Price Forecast 2026 and Silver Price Forecast 2026
Despite today’s weakness, analyst forecasts remain constructive:
Gold Price Forecast 2026: Trading Economics projects $5,094 by end-Q1 and $5,459 in 12 months. Goldman Sachs maintains a $5,400 year-end target with “significant upside risk” from private diversification flows. ANZ Bank recently raised its Q2 2026 forecast to $5,800. Longer-term bullish voices (including Bruggeman) see $10,000 as plausible in a full cycle.
Silver Price Forecast 2026: Consensus averages cluster around $79–$92 per ounce, with wide ranges ($45–$160) reflecting volatility. Industrial demand (solar, EVs, electronics, AI data centers) creates structural deficits that support higher prices once the current consolidation ends.
Opportunity or Trap? The Case for Selective Buying on the Dip
For long-term investors, today’s gold price drop and silver price drop lean more toward opportunity than trap — provided discipline is applied.
Should I buy gold now? / Is gold a good investment now?
Yes, for those with a 12–24+ month horizon and tolerance for volatility. The structural setup (debasement, central-bank buying, AI/electrification tailwinds) has not changed. Today’s move improves valuations and shakes out weak hands.
Why are gold and silver prices falling today? Short-term liquidity and sentiment factors — not a change in the bull thesis.
Is silver a good investment now? / Should I buy silver now?
Silver offers higher-beta leverage to the precious-metals cycle plus industrial demand. The buy silver dip can be attractive in quality names, but volatility is higher — position sizing matters.
Gold mining stocks to buy and silver mining stocks Canada often provide operating leverage: when metal prices recover, margins expand rapidly for low-cost producers. Canadian-listed companies benefit from transparent governance, rule-of-law jurisdictions, and proximity to North American markets.
High-quality silver mining stocks Canada (informational only — see full disclaimer below) with low all-in sustaining costs, strong balance sheets, and clear growth pipelines have historically performed well after corrections. Producers generating free cash flow even at $73–$75 silver are particularly resilient.
Risks and the Need for Selectivity
Precious-metals equities remain volatile. Further dollar strength, delayed rate cuts, or renewed liquidity squeezes could extend the correction. Most junior exploration stories will still fail — Bruggeman’s 90% estimate has held across cycles. Execution risk, permitting delays, and cost inflation are real.
This article is for informational and educational purposes only. It does not constitute investment advice, a recommendation to buy or sell any security, or a solicitation of any offer. Mining and commodity-related investments involve significant risk of loss, including the potential loss of principal. Past performance is not indicative of future results. Investors should conduct their own thorough due diligence, review company filings on SEDAR+, consult licensed financial professionals, and consider their individual risk tolerance, time horizon, and objectives before making any decisions. Market data, prices, and forecasts cited are based on publicly available sources as of February 17, 2026, and are subject to change.
Conclusion: The Bull Market 'Pauses' — But the Thesis Holds
The February 17, 2026 sell-off in gold and silver is a liquidity-driven correction within a powerful structural bull market. Rob Bruggeman’s February 16 message rings especially true today: do not sell the secular story on short-term noise. Focus on quality, near-term production stories in safe jurisdictions, maintain discipline, and use volatility to your advantage.
The long-term drivers — monetary debasement, central-bank demand, and explosive industrial needs for silver — remain firmly in place. For patient, selective investors, today’s gold prices crashing and silver prices crashing may ultimately be remembered as one of the more attractive entry points of the 2026 cycle.
Stay tuned,
CanadianMiningReport.com
P.S. Successfully navigating volatile markets like today’s requires independent, experience-based analysis that cuts through the noise and identifies the handful of companies built to thrive. That is exactly what Rob Bruggeman and the team at TheWealthyMiner.com provide every week — clear-eyed research on gold mining stocks to buy, silver mining stocks Canada, and the broader resource sector. Visit TheWealthyMiner.com for educational resources, model portfolios, and expert insights designed to help you build real wealth in the mining and resource sector.
Author
Ben McGregor authors the Weekly Roundup at CanadianMiningReport.com, providing sharp analysis of the metals and mining sector. With a talent for spotting trends, Ben distills complex market shifts into clear, engaging insights on TSXV junior miners. His weekly updates cover gold, copper, uranium, and more, blending data-driven perspectives with a knack for identifying opportunities. A vital resource for investors, Ben’s work navigates the dynamic junior mining landscape with precision.