In January 2025, silver traded as low as $30 per ounce. Yesterday – just twelve months later – it surpassed $93 recording an all-time high. This isn’t a short-lived spike driven by speculation alone – its surge follows tightening physical supply, rising industrial demand, and growing geopolitical influence over critical materials. Its late 2025 rally – shooting from $45/oz on 28 October to $83 just two months later – initially looked like a short burst before dropping immediately after. But since New Year, the price run-up has continued and momentum feels stronger than ever. So, what’s driving it, and what really happens if it keeps going…
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