Overview
- Spot prices surged to an intraday high of $84.01 overnight before dropping to as low as $71.89 by Monday afternoon as profit-taking intensified.
- Silver is up well over 160% this year, far outpacing gold’s roughly 70% gain after a rapid December run-up.
- Industrial demand remains a core driver, with Citi estimating solar consumes nearly 30% of annual supply and the U.S. labeling silver a critical mineral.
- Traders pointed to tightness in China, noting Shanghai quotes were more than $8 per ounce above London, and some linked the jump to Elon Musk’s weekend comments on silver’s industrial importance.
- Market experts warn that speculative flows are exaggerating moves and that thin year-end liquidity is heightening the risk of sharp swings.