As of: 2026-05-30
Each bar shows the individual value of an indicator (0--100). The percentage on the right indicates its weight in the overall score.
Red values signal fear, green values signal greed. The overall score is the weighted average of all indicators.
The chart shows the Fear & Greed Index over time. The colored zones mark the sentiment areas: Red = Fear, Yellow = Neutral, Green = Greed.
Navigation: Select the time period using the buttons (1M to Max). Hover over the chart to see the score on a specific day.
The Silver Fear & Greed Index is calculated daily using current LBMA and spot prices. Six technical indicators form the weighted overall score from 0 to 100. Due to silver's dual role as an industrial and investment metal, the index swings more widely than gold -- in both fear and greed phases.
Data sources: LBMA Fixing, spot prices, EUR/USD exchange rates. Updated daily on trading days. This index is for informational purposes only and does not constitute investment advice.
How the Index Is Calculated
For the silver market, our Fear & Greed Index aggregates six technical metrics into an overall picture. Each individual indicator is brought to a scale of 0 to 100 and calculated with a fixed weight that accounts for its relevance specifically for silver.
Calculation Formula
Score = ∑ (Indicatori × Weighti)
Each Indicatori ranges between 0 and 100, and the sum of all weights equals 1.0.
The 6 Indicators and Their Weights
Momentum
25 %Compares the current price with the 50-day moving average (SMA50). If the price is significantly above the average, greed prevails. If below, fear dominates. A distance of more than 10% from the SMA50 indicates an exaggeration.
Volatility
25 %Compares short-term volatility (10 days) with long-term volatility (60 days). A sharp increase in short-term volatility signals nervousness and fear. Stable volatility indicates composure.
Ratio Signal
15 %Analyzes the gold/silver ratio and other metal ratios. A rising ratio (gold gains relative to silver) signals a flight to safety = fear. A falling ratio shows risk appetite = greed.
Acceleration
15 %Measures whether the current price trend is accelerating or decelerating. Increasing upward acceleration signals greed -- more and more buyers are jumping in. A slowdown may indicate a trend reversal.
ATH Distance
10 %Measures the distance to the all-time high. The closer the price is to the ATH, the greedier the sentiment. A distance of over 20% indicates resignation and fear.
USD Strength
10 %Tracks the EUR/USD trend over 20 trading days. A weakening dollar is positive for precious metals (greed). A strengthening dollar depresses prices (fear).
Note: For copper, the ratio signal is omitted (weight 0%) since no meaningful reference ratio exists. The remaining indicators are weighted more heavily accordingly.
What the Values Mean
Silver passes through the five sentiment zones faster and more intensely than gold. The dual role as industrial and investment metal means silver falls harder in fear phases and rises more explosively in greed phases.
Extreme Fear
Panic selling in the silver market -- typically triggered by a combination of recession fears (industrial demand collapses) and liquidity squeezes. Silver falls harder than gold in such phases, driving the gold-silver ratio sharply higher.
Fear
Silver investors become cautious: rising interest rates or weak industrial data press the price. This phase often marks the transition from panic to tentative bottoming -- initial bargain hunters position themselves.
Neutral
The silver market is at a standoff. Industrial demand and investment demand balance each other. Seasonal factors like the Indian wedding season or solar industry demand could provide the next impulse.
Greed
Silver gains momentum: rising industrial production and growing investor interest drive the price. Higher volatility attracts speculative traders, which amplifies the upward movement -- but also makes it more fragile.
Extreme Greed
Silver euphoria with explosive price surges. Memories of the SilverSqueeze 2021 or the Hunt Brothers 1980 are revived. In this phase, premiums on physical silver surge massively -- a warning sign that the rally may be overheating.
Historical Patterns
Silver is the precious metal of extremes: no other metal swings as quickly between panic and euphoria. This characteristic is impressively reflected in the historical sentiment data:
Panic Phases in Silver
In the summer of 2022, the silver price fell below $18 -- a level at which many mines' production costs were barely covered. The sentiment index stood at extreme fear. Similar panic prevailed in March 2020, when silver briefly crashed below $12. In both cases, the price nearly doubled within the following 12--18 months.
Euphoria Phases and Speculation
The SilverSqueeze in early 2021 drove the price from $25 to over $30, fueled by Reddit forums and social media. Even more dramatic: in 2011, silver rose to nearly $50 -- driven by inflation fears after the financial crisis. In both cases, a sharp correction followed. The lesson: silver euphoria escalates faster than gold but also ends more abruptly.
Gold-Silver Sentiment Divergence
When the gold index stands at "greed" and silver simultaneously shows only "neutral," a selective safe-haven flight is often underway. Investors buy gold but ignore silver. Historically, this divergence was a precursor to later silver rallies -- once fear subsides and risk appetite returns, silver benefits disproportionately.
Conclusion: Silver is a seismograph for market emotions: the swings are stronger, the turns more abrupt. Those who know the extremes can use them -- provided they keep their nerves and think long-term.
Contrarian Investing
Contrarian investing in silver requires stronger nerves than gold -- because the swings are more intense and the recovery sometimes takes longer.
Buy When There Is Fear
Silver fear phases (index below 20) frequently coincide with a gold-silver ratio above 80 -- both signals together form a strong contrarian buy argument. In the summer of 2022, for instance, silver stood at $18 and the index at extreme levels; 18 months later, the price had nearly doubled. Important: silver can remain "cheap" longer than your account can withstand.
Be Cautious When There Is Greed
Silver euphoria (index above 85) escalates faster than gold. When social media and Reddit forums discover silver, premiums on physical silver can surge to 30--50% above spot. In such phases: never buy physical silver with high premiums -- the spot price can correct quickly, but the premium is lost.
Conclusion: Silver is the precious metal for brave contrarians: the lows are lower, the recoveries more explosive. Those who use the gold-silver ratio as an additional signal significantly improve their timing.
Limitations & Pitfalls
Silver's dual role as industrial and investment metal brings specific limitations for the sentiment index:
- ◆ Industrial demand not isolable — Over 50% of silver demand comes from industry (solar, electronics, medicine). The index is based on price data and cannot distinguish whether a movement was triggered by industrial demand or investment flows.
- ◆ Higher baseline volatility — Silver fluctuates about 50% more than gold. A fear score of 30 for silver may be "normal," while the same value for gold already represents a stronger signal -- absolute comparability is limited.
- ◆ VAT effect — In the EU, physical silver is subject to differential taxation (~7% effective). Price declines are amplified by the fixed tax burden, recoveries are dampened -- the index does not capture this tax-related asymmetry.
- ◆ Seasonal distortions — The Indian wedding season and Chinese New Year regularly produce demand spikes that can temporarily skew the index toward "greed" without a fundamental change in sentiment.
Conclusion: The Silver Fear & Greed Index is a powerful tool -- but silver additionally requires attention to industrial data, the gold-silver ratio and physical market structure (premiums, inventories).
Frequently Asked Questions About the Fear & Greed Index
How often is the Silver Fear & Greed Index updated?
As with all metals, the calculation occurs once daily after the LBMA fixing. Since silver is often more volatile at spot markets than gold, daily values can change more from day to day than with the gold index.
Why does the silver index fluctuate more than gold?
Silver has about 50% higher volatility than gold. This is due to smaller market size, the dual role as industrial and investment metal, and stronger participation of speculative traders. The momentum and volatility indicators therefore swing more intensely for silver.
How does the silver index relate to the gold-silver ratio?
The ratio signal is one of the six indicators (weight: 15%). A rising gold-silver ratio (silver becomes relatively cheaper) pushes the ratio indicator toward fear. Both metrics together -- index score and ratio value -- provide a more nuanced picture than either alone.
Does the index account for solar industry demand?
Not directly. The solar industry is silver's largest industrial buyer, but its demand flows into the index only indirectly through price impact. For a complete silver analysis, you should additionally monitor industrial production data and solar expansion forecasts.
Is the silver index relevant for small investors?
Absolutely. Small investors particularly benefit from an objective sentiment barometer because they are more susceptible to emotional decisions. The index helps recognize one's own "fear reflex" during corrections and the "greed trap" during rallies.
What happens to the index during a SilverSqueeze?
During coordinated buying actions (like Reddit 2021), the momentum indicator shoots upward, volatility also rises -- the overall index quickly climbs into extreme greed territory. Historically, sharp corrections followed such squeeze phases, confirming the contrarian value of the signal.