Overview
- Spot silver hit $61.61 per ounce on December 10, marking an all‑time high and a price that has more than doubled since January.
- Traders point to expectations of a U.S. Federal Reserve rate cut, which can boost demand for non‑yielding metals.
- Industrial demand from photovoltaics and AI‑linked semiconductors is strengthening, with ETF inflows and momentum accounts amplifying the move.
- Supply is tight as Chinese inventories fall to record lows and tariff worries drove large shipments into the U.S., creating a liquidity squeeze, according to Heraeus.
- Germany increased planned face values on silver commemoratives to €50 and €35 to deter speculation, while Heraeus cautions the market looks overheated with possible 2026 consolidation and higher volatility.