Silver traded at $95.89 as of writing, rising over 3% in the last 24 hours and touching a fresh all-time high of $96.43 per ounce earlier in the session. The rally has unfolded during a broader surge across precious metals, with gold also moving into uncharted territory. Traders have continued to track silver closely as volatility increases across global markets.
The latest move places silver at levels never seen before, reinforcing its role as a key beneficiary of safe-haven demand. The strength has persisted even as broader risk assets face pressure, keeping attention fixed on the metal’s next potential milestones.
Gold Breaks Above $4,900 as Safe Havens Shine
Gold prices surged past $4,900 per ounce on Thursday, marking the first time the metal has crossed that level. Market data linked the rally to rising geopolitical uncertainty and a weaker U.S. dollar, which has made dollar-priced commodities more attractive to global buyers.
Investors have continued to turn toward precious metals as hedges against political risk and currency fluctuations. Gold’s record-setting move has reinforced the broader metals complex, with silver tracking closely behind and posting its own historic gains.
Inflation Data Sets the Macro Backdrop
The precious metals rally followed the release of the U.S. Personal Consumption Expenditures report, a key inflation gauge monitored by the Federal Reserve. The data showed headline and core PCE inflation running at 2.8% in November, matching market expectations but staying above the Fed’s 2% target.
Personal income rose 0.1% in October and 0.3% in November, while consumer spending increased 0.5% in both months. The figures painted a picture of steady economic activity alongside persistent inflation pressure, a mix that has often supported demand for hard assets like gold and silver.
Past Bull Runs Offer Context, Not Blueprints
Market historians have urged caution when drawing direct comparisons between the current silver rally and previous bull runs in 1980 and 2011. Those episodes followed distinct dynamics. The 1980 collapse stemmed from forced unwinds tied to concentrated positions, while the 2011 downturn followed a reversal in financial demand.
Current market conditions reflect neither pattern in isolation. Analysts have pointed instead to resilient demand, supply constraints, and ongoing price discovery as defining features of the present cycle. Volatility remains high, yet observers have noted that volatility alone does not signal structural weakness.
Market Voices Highlight Bullish Scenarios
Several market commentators have pointed to the strength in silver miners and spot prices as evidence of sustained momentum. Earlier this year, economist Peter Schiff highlighted strong rebounds in mining stocks, calling out this current market price, despite short-term pullbacks in metal prices, signaling improving sentiment across the sector.
Robert Kiyosaki has also reiterated long-term bullish scenarios for silver. In comments shared toward the end of 2025, he said silver could reach a range between $70 and $200 in 2026, framing the outlook as part of a broader learning and research process for investors.
Technical Levels Come Into Focus
From a technical perspective, traders have focused on the $100 level as a key psychological and structural threshold. Silver has already broken through major resistance zones, placing that round number within close range.
Longer-term technical projections cited by some analysts have extended far beyond near-term targets, referencing measured moves that stretch into the hundreds of dollars per ounce over multi-year horizons.
Those scenarios depend on sustained momentum and broader macro conditions, with the next immediate test centered on whether silver can hold above its recent breakout.
Source: X
As silver continues to trade near record highs, market participants now watch how prices behave around the $100 mark. The metal’s ability to maintain strength during heightened uncertainty has kept it firmly in the spotlight.