Silver is rallying alongside gold as global markets lean harder into the “Sell America” trade, a shift that has gained traction amid concerns about U.S. policy uncertainty, interest-rate direction, and the durability of traditional safe-haven positioning. Spot silver broke above $90/oz. for the first time last week, extending a powerful move after a standout 2025 performance. Gold also notched fresh records above $4,600/oz., supported by a softer U.S. dollar and heightened demand for physical metals as geopolitical headlines and expectations for Federal Reserve rate cuts reshaped risk appetite.
While gold typically draws the first wave of safe-haven buying, silver has moved faster, driven by tight physical supply and growing industrial importance. Trading desks have pointed to shrinking inventories, steady demand from solar and electronics manufacturing, and premiums in some overseas markets as signs of strong competition for available supplies. London, the center of global physical silver trading, has also seen inventories drop as the precious metal is pulled away and buyers respond to concerns about potential trade restrictions and supply bottlenecks.
Silver’s latest leg higher has also been influenced by headlines that sharpened focus on institutional independence, including reports around a U.S. Justice Department probe involving Federal Reserve Chair Jerome Powell. Separately, geopolitical developments, tariff-related uncertainty, and broader debate over the path of interest rates have reinforced demand for physical gold and silver as protection against volatility and currency debasement. Some market strategists now see a path for silver to reach $100/oz. this year, while projections for gold have increasingly centered on the possibility of a move toward $5,000/oz. in the first half of 2026 if the current mix of macro-factors and geopolitical pressures persists.
