Silver has surged past the unprecedented threshold of $115 per ounce, marking a historic peak that substantially eclipses Bitcoin’s post-2017 rally in both magnitude and sustained momentum. By early US Eastern Time, silver advanced 12.48% to $115.08 per ounce, with March 2026 futures on Comex exceeding $115 per troy ounce and climbing further to $115.13 by late evening Moscow time, representing a remarkable 13.62% increase. This ascent saw spot prices cross the $115 mark mid-afternoon, adding over $3 in value and underscoring silver’s dominant position as the top-performing major asset in 2026.
In contrast, gold and other precious metals also experienced notable gains but remained within comparatively moderate ranges. Gold increased 2.22%, reaching $5,093.35 per ounce at peak before settling slightly lower near $5,057. The gold-silver ratio contracted to 46.08:1, reflecting silver’s outperformance relative to gold. Platinum similarly climbed, peaking above $2,900 before closing around $2,665, signaling robust interest across the precious metals complex. Prices for these metals have more than tripled since mid-2025, driven by a mixture of market dynamics and macroeconomic influences.
The surge in silver prices is underpinned by extraordinary safe-haven demand amid persistent US dollar weakness, pressured by anticipated interest rate cuts and political uncertainties. Such conditions have rendered dollar-denominated metals more attractive to global buyers, mechanically boosting demand as the dollar’s depreciation continues. Additionally, industrial demand accounts for approximately 60% of silver consumption, fueled by escalating needs from the energy shift, including solar panel installations, electrification, grid modernization, and the expansion of AI data centers requiring silver for high-performance electronics. This burgeoning industrial appetite intensifies supply constraints. Notably, Chinese export licensing rules effective January 1 tighten global silver flows and add to physical market pressures.
Supply growth remains limited due to constrained mine output and tightening physical availability compounded by China’s 2026 silver export restrictions, raising fears of global supply disruptions. These factors have translated into market premiums and delayed retail supplies. As a result, forecasts suggest potential moves beyond $125, possibly reaching $150 per ounce this year, driven by a “perfect storm” of demand pressures and physical shortages. When benchmarked against Bitcoin’s historical post-2017 gains, silver’s quadrupling price trajectory, supported by tangible industrial demand and persistent supply tightness, presents a fundamentally stronger and less volatile rally.
