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Money Metals News Alert

December 29, 2025 Silver surged above $80 an ounce [link removed] last night, capping a meteoric rally that drove the metal???s price up 176 percent over the year. Prices are 10% lower this morning.

What is driving silver higher at such an unprecedented rate?

There are several factors.
Dollar weakness
Inflation
Resilient industrial demand [link removed]
Growing investor interest as the price rises
Momentum spillover from the gold bull market
The U.S. adding silver to the critical mineral list [link removed] However, one fundamental reality dominates the silver market.

There isn???t enough silver.

This has evolved into a significant silver squeeze, which may be ongoing despite today's pullback.

Friday's Close
(Weekly Gain/Loss)

Monday Morning
(Gain/Loss from Friday's Close)

Gold [link removed]

$4,548 (+4.5%) [link removed]

$4,384 (-3.6%) [link removed]

Silver [link removed]

$79.95 (+18.6%) [link removed]

$73.64 (-7.9%) [link removed]

Platinum [link removed]

$2,484 (+25.1%) [link removed]

$2,180 (-12.2%) [link removed]

Palladium [link removed]

$1,974 (+13.0%) [link removed]

$1,671 (-15.3%) [link removed]

Gold : Silver Ratio (as of Friday's closing prices) 56.7 to 1

Silver Squeeze 2.0 Drives Price Over $80

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We saw the first round of the silver squeeze [link removed] in October. It pushed the price over $50 for the first time.

Problems started earlier in the year when tariff worries incentivized the movement of silver out of London vaults to the U.S. An explosion in Indian silver demand this fall was the straw that broke the camel???s back.

Initially, Indian buyers were primarily sourcing silver from Hong Kong, but they reportedly shifted more toward London during the Chinese Golden Week Holiday in the first week of October.

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But London vaults were already tapped out.

According to Bloomberg, the amount of free float silver available in London dropped from a high of 850 million ounces to just 200 million ounces, a 75 percent decline. Metals Focus estimates that the available metal fell closer to 150 million ounces.

This precipitated a short squeeze.

In simplest terms, a short occurs when somebody sells a silver contract today, committing to deliver silver at a set price in the future with the expectation of a falling market price. If the price drops, the investor can sell the contract and pocket the gain. But if the price rises, the investor suffers a loss. If nobody will buy the contract, he is obligated to deliver the silver.

This short squeeze has caused liquidity in the London market to virtually dry up. This has driven London benchmark prices higher at a very rapid pace, and it has caused a price gap between New York and London. The London spot price recently shot to a $3 premium over New York futures. The last time we saw a premium like this was during the Hunt Brothers??? squeeze [link removed] .

Meanwhile, the cost to borrow silver overnight rose to well over 100 percent on an annualized basis.

Eventually, metals flowed back into London, easing the squeeze, but it didn???t fix the market.

Not Enough Silver to Meet Demand

The root of the problem is simple: there isn???t enough metal to meet demand.

While shuffling silver between London, New York, and India took the immediate pressure off the market, it didn???t magically create new silver.

Silver demand has outstripped supply [link removed] for four straight years. The structural market deficit came in at 148.9 million ounces last year.

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That drove the four-year market shortfall to 678 million ounces, the equivalent of 10 months of mining supply in 2024.

The Silver Institute projects a fifth straight supply deficit this year.

Persistent supply shortfalls have taken their toll on above-ground stocks. According to the Economic Times of India [link removed] , ???Inventories across COMEX, London vaults, and Shanghai have steadily declined over recent years, reinforcing concerns about tightening physical availability.???

London Bullion Market Association vaults have lost around 40 percent of their holdings over the last five years, while COMEX registered inventories in the United States are down nearly 70 percent. Meanwhile, Shanghai inventories have fallen to their lowest level in a decade.

Silver Squeeze 2.0

Today, we???re once again seeing increasing signs of inventory problems in London...

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This week's Market Update was authored by Money Metals Contributing Writer Mike Maharrey.

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