The price of silver fell by approximately 5% to around $71.26 per ounce on April 2 after President Donald Trump's speech about Iran made a significant claim that the US would escalate military operations against Iran. Gold and silver are not the same trade as gold, which is primarily a monetary asset and a store of value and hedge. Silver's drop was roughly twice as steep compared to gold's 2.3% to 2.8% in the same session. The president's speech sparked a surge in oil prices, leading to a 6% increase in Brent crude oil price pressure and a significant drop in silver's industrial demand. Silver had already been under severe pressure since the Iran war began, with the white metal falling from its all-time high of approximately $121 to $122 per ounce in late January 2026. The subsequent collapse has been equally dramatic, reflecting how sharply the macro environment shifted when war broke out. Silver is now facing headwinds from both monetary and non-yielding asset priced in dollars and inflation expectations, pushing inflation and the Federal Reserve rate cuts.