Silver prices surged to a record high of $93 earlier this week and were trading around $90 an ounce Friday morning.
The rally has come amid strong industrial demand and rising investor interest, as uncertainty around trade policy, inflation and the interest-rate outlook has lifted interest in precious metals.
Since January 2025, the spot price of silver has climbed from about $30 an ounce to roughly $93 at its recent peak, for a gain of about 210% as of Thursday afternoon.
Unlike gold, which is held largely as a store of value or for jewelry, silver is more closely tied to industrial activity. More than half of global silver demand comes from manufacturing, driven by its use in electronics, solar panels and electrification, according to data from the Silver Institute.
The rally has been so rapid that the U.S. Mint said it may temporarily remove some silver coin products from sale while it reviews pricing, a step it has taken in the past during periods of sharp price increases, CoinNews reports.
