Silver futures climbed Friday morning even as investors braced for a closely watched speech by Federal Reserve Chair Kevin Warsh at the Fed's annual Jackson Hole summit.
September silver futures opened at $69.35 per ounce on Friday, August 28, 2026, down 0.1% from Thursday's closing price. The price moved higher through the morning, reaching $71.13 as of 7:57 a.m. ET, according to Yahoo Finance.
Silver prices have been mostly flat this week. Investors have been absorbing inflation data that came in largely within expectations while waiting to hear from Warsh. The Fed committee is divided on whether to raise rates or hold them steady at next month's meeting, and Warsh's remarks are expected to offer clues.
Warsh has been described as an untraditional chairman since taking the role, which has added to anticipation around today's speech. Markets are watching closely for any signal about the direction of interest rates.
Over a longer time frame, silver has posted significant gains. Compared to one week ago, the price is up 1.9%. Compared to one month ago, it is up 21.1%. Compared to one year ago, it is up 79.2%. For context, silver's year-over-year growth was 173.3% as recently as May 14 of this year.
Investors holding physical silver should be aware of how the IRS treats gains on the metal. Silver is classified as a collectible by the IRS, which changes how gains are taxed compared to stocks. Short-term gains, from holdings of one year or less, are taxed as ordinary income, which can reach as high as 37%. Long-term gains, from holdings of more than one year, are taxed at the investor's ordinary income rate but capped at 28%.
That distinction matters for middle-income investors who may be used to paying 15% on long-term stock gains. Depending on their tax bracket, silver gains could be taxed at 22% or 24%, meaningfully higher than what they would owe on equities held for the same period.
Warsh's speech at Jackson Hole is scheduled for later Friday. Markets will be watching for any indication of whether the Fed leans toward raising rates or holding at its next scheduled meeting.
