Overview
- Spot silver cleared $80 an ounce for the first time, spiking to roughly $83–$84 before sliding 3%–8% in early Monday trade.
- India’s MCX March contract set a lifetime high at ₹2,54,174 per kg, then swung almost 9% intraday; domestic rates later hovered near ₹2.41 lakh per kg, exchange and bullion data showed.
- The surge has been underpinned by tight inventories following an October squeeze, strong ETF and central‑bank buying, three Fed cuts this year with markets pricing more in 2026, and a weaker dollar.
- Supply risks intensified with Beijing’s export licence requirement for silver from January 1, 2026, while thin holiday liquidity, short covering and elevated physical premiums amplified price moves.
- Industry concerns are rising as Elon Musk cautioned higher silver could hurt manufacturers, and analysts warned of bubble‑like conditions even as some still project further gains in 2026.