Silver went on a tear in 2025, more than doubling in price from about $30 an ounce to almost $78.
It then peaked at around $115 an ounce in late January 2026 before prices began to fall
It’s now trading below $75 an ounce. That’s a drop of more than a third from its all-time peak. The price of the semi-precious metal has been highly volatile in the past 18 months, as geopolitical events and policies such as tariffs have pushed it around dramatically.
Plus, silver tends to be more volatile than gold because its market is smaller, so changing attitudes toward it can swing prices wildly. Fundamental demand factors remain in place I would argue that the events adversely affecting silver’s price right now are transitory, while the fundamental forces that drove silver dramatically higher over the past year remain largely in place: the artificial intelligence (AI) infrastructure build-out driving demand, coupled with very limited supply. As an excellent conductor (like copper), silver remains essential to the massive AI data center build-out.