Silver has risen by almost 100 percent since the beginning of this year, hitting successive record price levels. The increase is driven both by fundamental factors, such as limited metal supply and strong industrial demand, and by macroeconomic conditions. The expected interest rate cut in the US, a weaker dollar, persistent inflation, and geopolitical tensions are increasing demand pressure on silver as a safe-haven asset.
Market structure further amplifies price movements. Capital inflows into ETFs and limited market liquidity mean that any large transaction can significantly impact prices. Record-low silver inventories in China constrain global supply and support further gains, while a high gold-silver ratio highlights silver’s relative performance compared to gold.
Currently, silver has surpassed the $56 per ounce level, setting new records and reflecting the market’s sensitivity to both fundamental and macroeconomic factors.

Source: xStation5
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