Ironically, silver's dirty little secret may well be this; the grimy industrial side of this unappreciated and, for many decades, unloved metal, may end up proving how uniquely precious it is.
Widmer noted that in 2011, at the peak of the Great Recession precious metals bull market, the gold-silver ratio dropped to 32:1. Assuming $5,000 gold, that would push the silver to $135.
There’s an incredibly high probability the Strait remains closed longer, putting upward pressure on the oil market, increasing probability of downside pressure for gold and silver prices.
Maharrey explored a disconnect in the silver market. Normally, declining demand would point to weaker prices. Instead, silver surged dramatically through late 2025 and into early 2026.
According to the Silver Institute, AI helped boost silver demand, while higher prices led to a decline in the amount of silver used in the solar energy sector.
While gold hogged the spotlight through most of the year, silver stole the show at the end. According to Metals Focus, several factors converged to drive the rally.
Silver is currently only about 58% higher than its 1980 peak. A major bull market does not generally end as close as 58% higher than its previous major bull market did.
A significant shortage of sulfuric acid, or even spiking prices, could impact copper output. About 70 percent of the annual silver mining supply is a byproduct of copper production.
