The price of silver has skyrocketed over the last week, hitting a record high of $83.62 per ounce on Dec. 28.
Silver prices climbed through much of 2025, reaching their highest level in a decade in September at $44.86 an ounce. For comparison, the average price of silver in 2024 was $28.27 an ounce.
The upward trajectory has accelerated in the last week, with the price of silver hitting $70 for the first time in history on Dec. 23, before topping $75 on Dec. 26 and surpassing the $80 threshold on Dec. 28. According to reports from Reuters, silver has gained 181% year to date.
Michael DiRienzo, president and chief executive officer of the Silver Institute, told pv magazine that the price jump reflects strong fundamentals in the silver market, which is facing a fifth consecutive year of a structural deficit.
“Geopolitical and economic issues are also playing a part in the rush to hard assets,” DiRienzo said. “Not to mention silver’s classification as a critical mineral by the United States, which initiated a Sec. 232 USTR review to determine if tariffs could be enacted on certain silver products or the metal in its entirety.”
DiRienzo also pointed towards China's recent announcement that it plans to restrict silver exports for one year beginning Jan. 1, 2026, with businesses required to apply for export licenses.
“While China is a net importer – primarily of silver ore – it is also a major refiner and exporter of silver bars,” DiRienzo added. “In the near term, this development may add fuel to the rally.”
Silver is a critical mineral for the solar industry and rising prices have put pressure on the PV module market to curb its use. In September, research found the global solar industry could account for 40% of global silver demand by the end of the decade.
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Silver is the “poor man’s gold”. As the whole world’s economy is going to Hell in a hand basket, we are all getting poorer and poorer. And since gold is unaffordable, silver is it. Plus, fiat currencies are collapsing all over the place. So, silver is it