The recent pullback in silver prices proved to be only a brief pause. Buyers have returned with force, driving the metal within striking distance of its all-time high. A dramatic tightening in physical availability is bringing the psychologically significant $60 level into sharp focus for investors.
- Current Price: $58.80 (+2.22%)
- Distance from Record: -0.58% (High from 02.12.2025)
- Year-to-Date Performance: Nearly doubled
- Technical Picture: RSI at 62.0, back in neutral territory
Macroeconomic Tailwinds and Industrial Demand
Beyond immediate supply concerns, broader economic factors are providing support. Market participants are widely anticipating a 25 basis point interest rate cut at the Federal Reserve’s meeting on December 9th and 10th. This expectation is reinforced by softening U.S. labor market data, notably the unexpected decline in private payrolls from the ADP report. Lower interest rates and a potentially weaker dollar enhance the appeal of the non-yielding metal for global investors.
Longer-term, structural industrial demand acts as a powerful price driver. Sectors including photovoltaics, artificial intelligence, and electric mobility are consuming increasing volumes of silver. Experts point out that future solid-state batteries could multiply the silver requirement per vehicle from the current approximate 25 grams to as much as one kilogram.
Physical Inventories Hit Critical Lows
The fundamental case for the renewed push toward record highs is underscored by a tangible shortage. Stockpiles at the Shanghai Futures Exchange have recently fallen to their lowest level since 2015, even as China exported a historic record of over 660 tonnes in October.
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This outflow is creating bottlenecks in Western trading hubs. A record volume flowed into London in November to meet demand there. Simultaneously, investment demand is soaking up supply: Silver ETFs saw inflows of approximately 200 tonnes on Tuesday alone, lifting total holdings for these funds to their highest level since 2022.
The brief decline below $57 proved short-lived. With today’s advance, the precious metal is within cents of the 52-week high of $59.15 marked on Tuesday. This continues the remarkable 2025 performance where silver has significantly outperformed its sister metal, gold. Technically, the brief consolidation has eased conditions: the RSI has retreated from overbought territory, creating room for further gains without immediate overheating signals.
A sustained breakout above the $59.15 high would technically clear the path toward the round $60 mark. As long as support around $54 holds, the outlook for a continuation of the historic rally remains positive.
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