For many, silver has long played the role of financial markets’ reluctant truth-teller. When the world’s attention is elsewhere be it on equities, tech cycles, or central bank forward guidance, silver has been known to whisper inconvenient truths about the system itself.
These past few days it hasn’t been whispering, instead it’s been shouting.
Earlier this week, silver prices surged to just under $39 per ounce, a level not seen since 2011. The spike came amid new geopolitical fractures and renewed questions around the credibility of various policies. As our latest GoldCoreTV episode explores, this is more than a commodity rally. It’s a signal.
History offers a useful lens. In 1980, silver’s spike foreshadowed a sovereign credibility crisis and a punishing recession. In 2011, it tracked closely with European debt turmoil. In each case, silver moved not in reaction to the headlines, but in anticipation of what those headlines implied: systemic risk, lost confidence, and shifts in global trust.
Fast forward to 2025, and the story is once again complex. Tariffs, supply bottlenecks, ETF inflows, and new players (including sovereign entities) are converging to squeeze the physical market. And while retail investors are chasing momentum, institutional hands are also accumulating. What do they see?
We explore that question in this week’s video: The Silver Spike Conspiracy: Are Crashes Being Covered Up?
This is not about conspiracy theories or price suppression. It’s about what silver is really reacting to and why the metal has become an unusually sensitive barometer for systemic strain. If you're trying to make sense of market fragility, inverted yield curves, or why traditional hedges no longer feel sufficient, this is a conversation worth having.
About the author
David Russell
GoldCore
David is the CEO of GoldCore.
Until Summer 2023 he was the Director of Marketing and Communications, responsible for all marketing and communications strategies and branding.
David joined GoldCore in 2008 as Director of Business Development and later took over as Director of Marketing and Communications in 2020.
Prior to this Dave managed and operated his own Marketing Agency and completed multiple coaching qualifications.
"Working for GoldCore gives you a fantastic lens through which to view global financial and geopolitical developments. I am very proud to be part of a company that contributes to increasing investors understanding of these developments."
When he’s not at work, David is passionate about sailing and has completed the ‘Round Ireland Yacht Race’ twice.