The price of silver reached another all‑time high today at $117.66 per ounce (oz).
Over the past three days alone, prices have risen by more than 8%, up from $108.17/oz.
“There are a few factors in play,” Matthew Piggott, Director of Gold & Silver at UK‑based market research firm Metal Focus, told pv magazine. “Right now, some of the key items I've been highlighting are the continual decline of the US dollar, pockets of regional liquidity tightness, heightened geopolitical tensions in recent days due to Iran, and positive momentum spillover from the strong run in gold prices. All the macro factors that have supported the continued rally of gold prices remain in play for silver.”
Piggott also believes that if silver continues to outperform gold, its price may rise further in the coming days. “I wouldn't be surprised to see $130 silver within a couple of weeks,” he stated, adding that he doesn't view Iran's crisis as a discrete trigger. “I consider it more like another pillar of support alongside other factors that have been driving strong bullish sentiment toward silver in recent months.”
“Silver and gold continue to rise for several factors, including ongoing geopolitical concerns, a debasement trade against the US dollar,” concerns over heavy fiscal spending, and speculation that the US may intervene to support the Japanese yen, which is weighing on the dollar.
According to Michael DiRienzo, executive director at The Silver Institute, silver and gold continue to rise for several factors, including ongoing geopolitical concerns, a debasement trade against the US dollar, concerns over heavy fiscal spending, and speculation that the US may intervene to support the Japanese yen, which is weighing on the dollar.
“Silver is trading like a strategic asset, as it lies at the intersection of two powerful forces: hard-asset/safe-haven qualities, and as a critical/strategic industrial metal with ongoing strong demand,” he told pv magazine. “It’s important to note that we are in the 6th year of a structural market deficit.”
While prices have surged sharply, some analysts warn that such rapid gains could leave the market vulnerable to a sudden reversal, as extremely fast price rises have historically sometimes been followed by abrupt pullbacks.
Silver prices have climbed by approximately 275% over the past 12 months and by over 40% in the last month alone. The average silver price was $28.27/oz in 2024, $23.38/oz in 2023, and $21.80/oz in 2022.
Rising silver prices, meanwhile are pushing PV manufacturers toward copper-based metallization. Last week, China-based metallization paste supplier DK Electronic Materials highlighted this trend, revealing that a gigawatt-scale customer will adopt its high-copper paste for commercial production.
*The article was updated on Jan. 28 to add a comment from Michael DiRienzo.
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