Silver reached a record high this year ─ breaching the psychologically important US$100 level for the first time ─ fueled mainly by rising investor interest. As a result, the gold:silver ratio fell below 50, a level last seen in 2012. Silver then declined below US$80 but has since formed technical support. The underlying drivers that supported silver throughout much of 2025 have remained firmly in place so far this year. These include tight physical supply in London, a volatile geopolitical backdrop, US policy uncertainty, and concerns over the Federal Reserve's independence. In addition, silver's underlying ... (full story)