Quick overview

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Silver’s price surpassed $105 per ounce, continuing a scorching rally fueled by frenzied buying in retail markets from Shanghai to New York and rising demand for haven assets.

Spot silver increased to $108.5 an ounce on Monday after prices more than doubled in 2025, bringing gains this year to over 60 percent.

Gold also reached a new high,  hitting $ 5, 100 per ounce. During the first year of US President Donald Trump’s second term, investor demand for precious metals grew as trade, geopolitics, and monetary policy became more uncertain.

A historic short squeeze occurred in London in October due to a rush to ship silver to New York amid fears that the US might impose tariffs. A rift between Washington and European allies drove silver’s advance this week, while recent efforts to negotiate an end to the Ukraine conflict have not yet succeeded.

Meanwhile, there has been a five- year shortage of silver in the global market. Retail purchases surged as prices rose. Additionally, Chinese investors poured money into silver as an inexpensive alternative to gold, while US dealers experienced a frenzy.

Citigroup Inc. upgraded its short- term forecast to $100 per ounce and predicted that gold might reach $ 5, 000 per ounce. Following Trump’s announcement that he had completed interviews for the next Federal Reserve chair, reigniting concerns about the central bank’s independence, precious metals gained further support. The so- called debasement trade, in which investors shift away from sovereign bonds and currencies toward alternative havens like gold, gained momentum amid Trump’s renewed attacks on the Fed, military intervention in Venezuela, and threats to annex Greenland.

This year, bullion has risen by 15%, building on last year’s best annual performance in nearly 40 years. Despite the US’s January decision to delay imposing import tariffs on essential minerals, silver continued to rise.

While Trump did not rule out tariffs, he stated that negotiations would involve bilateral agreements to ensure adequate supplies and floating price floors.  Silver plays an important industrial role alongside its value as a financial asset. The solar industry remains one of its main consumers