Silver prices climbed above $85 per ounce for the first time on record, extending a powerful rally that has pushed the metal up 19% so far in 2026. The surge marks a major milestone for silver, which is benefiting from a combination of strong industrial demand, tight supply conditions, and renewed investor interest in hard assets.
Industrial consumption has risen sharply, driven by solar energy, electronics, and electrification projects, while limited mine supply and export restrictions in key producing regions have constrained availability. At the same time, investors are increasing allocations to precious metals as hedges against inflation, currency weakness, and geopolitical risk.
Analysts note that silver’s outperformance relative to many financial assets is reinforcing its dual role as both an industrial metal and a store of value, increasing volatility but also broadening demand.