Overview
- Spot silver rose 4.33% to $60.67 per ounce for a record close, while March 2026 futures settled at $61.158.
- Analysts point to a five‑year supply deficit and stronger industrial demand from electronics and solar, with mine output constrained because most silver is a byproduct.
- Expectations for a near‑term Federal Reserve rate cut have buoyed precious metals and intensified investor interest in silver.
- U.S. actions have added policy uncertainty, with silver placed on the critical minerals list and a Section 232 review pending that could introduce new tariffs.
- Inventories have diverged, with COMEX holdings near 456 million ounces on tariff fears and Shanghai stocks cited at multi‑year lows; shares of major miners have surged alongside the metal.