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Silver surges while gold stirs: experts weigh what happens next?

ended 15. December 2025

The star of the show this week was silver, as the chart below illustrates.

Source: microtrends.net
Both gold and silver have had a good week, with gold beginning to stir. In European morning trade, gold at $4318 is up $220. But silver’s rise was spectacular. At $64.10 this morning, it is up $5.90 with a seemingly unstoppable momentum driving it even higher.

We want to hear from experts:

  • What is the main reason silver has jumped so sharply this week?
  • Do you think silver can keep rising from here, or is a pullback likely soon?
  • With gold also rising, is this the start of a bigger move in precious metals, or just short-term momentum in silver?

5 responses from the Newspage community

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Editor
Anita Wright
Chartered Financial Planner at Ribble Wealth Management
Silver’s jump looks like a liquidity and physical availability shock, not a gentle shift in sentiment. It has been priced like an industrial metal, with “paper” markets masking tightening conditions. If China has stopped supplying the market to cap the price just as industrial demand is rising, the result is predictable: buyers cannot source size (especially in London), liquidity disappears, and price gaps higher until it forces sellers out. I would therefore expect continued upside pressure and would not assume “normal” pullbacks, although sharp retracements are always possible in fast markets.
When confidence in financial assets and policy stability starts to wobble, gold tends to respond first as the primary monetary metal. Silver then amplifies the move because it sits at the intersection of monetary demand and industrial necessity, with a smaller, tighter market structure that can be overwhelmed quickly.
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Editor
Tony Redondo
Founder at Cosmos Currency Exchange
Silver surged this week, driven by acute supply tightness and booming industrial demand. Record deficits (for the fifth straight year), plunging mine supply, and explosive solar/EV/AI usage have created delivery stress, amplified by Fed cuts and tariff fears, rather than mere speculation. In the medium term, those structural deficits and limited response by miners mean silver can plausibly trade higher, but after a near‑parabolic run and crowded positioning, a pullback or choppy consolidation soon is more likely than a straight-line rise. Still, the medium-term outlook remains strongly bullish with $70–$100 expected in 2026, fuelled by persistent deficits and ETF inflows. It's starting to feel like this is the start of a major surge for silver, rather than isolated froth.
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Kundan Bhaduri
Entrepreneur, Investor and Landlord at The Kushman Group
Kevin Hassett has strong odds of succeeding Jerome Powell as Federal Reserve Chair when Powell's term concludes in May 2026 and this is an important thing to note.

Hassett's recent comments suggesting further rate cuts next year have accelerated a market calculation that the era of monetary discipline is ending and the era of liquidity provision is about to begin (yippee!).

Silver, that most sensitive of rate-sensitive assets, is surging because investors understand that cheaper money destroys the real return on holding currency and makes physical assets with industrial applications suddenly more attractive. That's where Silver comes in handy.

The dollar weakness accompanying this outlook only accelerates that thesis. When the world's reserve currency softens and interest rates fall, silver transforms from speculative curiosity to rational portfolio ballast for us all.
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Nick Cawley
Analyst at Solomon Global
The next market driver is the Fed chair appointment. Incumbent Powell's term ends in May 2026, and Donald Trump is expected to announce his successor in the next couple of weeks.

Kevin Hassett is the overwhelming favourite, and his comments this week underline that he is very likely to cut rates further next year, loosening liquidity and pushing rate-sensitive markets, such as silver, ever higher.

The silver supply/demand mismatch and U.S. dollar weakness continue to boost the price of silver. The outlook for silver in 2026 is bright but with a tad more volatility than this year. Once again, sell-offs will provide buying opportunities.

Putting a number on silver is difficult, but I believe $80/oz is easily achievable by the end of 2026. Gold looks set to test ATHs today.
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Jim Tannahill
Managing Director at Suttons and Robertsons
“From our side of the counter, this week’s move in silver hasn’t come out of nowhere. We’re seeing strong industrial demand, a softer dollar, and investors actively rotating into hard assets; all at the same time. Silver tends to move fast when sentiment turns, and that’s exactly what’s happening now.
For clients holding physical silver, these price levels create a genuine opportunity to realise strong values. And with gold rising alongside it, many customers are choosing to pawn rather than sell - unlocking liquidity while keeping long-term exposure to an asset that’s clearly back in favour.
Short-term pullbacks are always possible, but the broader trend in precious metals feels positive. In markets like this, having the option to sell or leverage bullion at today’s prices can be a very smart financial move for anyone looking to solve a short-term challenge.”