Overview
- Spot prices briefly spiked into the low-to-mid $80s per ounce on Monday, then fell several percent as traders took profits in thin year-end liquidity.
- Analysts point to multi‑year supply deficits, depleted inventories and elevated physical premiums, with ETF inflows and central‑bank buying amplifying the move.
- Expectations of further U.S. Federal Reserve rate cuts and a weaker dollar continued to support investor demand for precious metals.
- China’s new silver export rules take effect on Jan. 1, 2026, requiring government licences and limiting eligible exporters, a shift that could curb global availability.
- Industrial demand from solar, EVs, electronics and data centres remains robust, and Elon Musk warned the surge could hurt manufacturers who rely on silver inputs.