Silver surged to a fresh all-time high this morning, climbing above $57 per ounce for the first time as broader market jitters continued to drive demand for safe-haven assets.
The metal is now up nearly 7% from Friday’s levels, a session that was cut short in the US following a power outage at a CME-operated data centre that disrupted futures trading. The incident added further tension to already fragile sentiment, with traders turning to physical precious metals amid heightened uncertainty.
Silver’s latest rally extends a strong upward trend fuelled by tightening supply, robust industrial demand, and increased safe-haven flows, positioning the metal as one of the standout performers in global commodities markets.
Since October, approximately 75 million ounces of silver have flowed into CME-registered vaults, with little evidence of metal leaving. Market participants view the inflows as precautionary stockpiling ahead of potential trade actions. Inventories in both London and Shanghai remain historically tight.
Silver has gained 95% year-to-date, outpacing gold’s 58% rise. The gold-silver ratio stands near 75, compared with a long-run average closer to 60—implying a silver price above $70 under historical norms. Silver’s 1980 peak, adjusted for inflation, would be above $190 per ounce.
The events of 28 November offered a rare glimpse of price formation driven solely by physical demand, free from the influence of paper-based derivatives. For many in the market, it reinforced a broader conclusion: the era of abundant, low-priced silver has come to an end, and the underlying fundamentals are now asserting themselves.
