Silver is trading just below a major psychological milestone in late U.S. trading, after a year that has turned the “white metal” into one of the most volatile—and headline-grabbing—assets across global commodity markets.
As of 3:26 p.m. ET on Monday, December 15, 2025, the live spot silver price stood at $64.03 per ounce, up $1.95 (+3.05%) on the day, according to JM Bullion’s live spot feed. [1]
That puts silver within striking distance of the $65 level—a round number that traders and analysts alike have been watching closely after silver set fresh records last week.
Silver price now: the latest market snapshot (Dec. 15, 2025)
Here’s what the market looks like heading into the final hour of the U.S. session:
- Spot silver: $64.03/oz at 3:26 p.m. ET, +3.05% on the day. [2]
- A separate real-time XAG/USD feed showed silver around $64.11 earlier in the afternoon (15:14:01, +3.37%), with the day’s range stretching from roughly $61.59 to $64.15. [3]
- Reuters reported silver at $63.61 at 1:55 p.m. ET, also highlighting that the metal remains close to the $65/ozmilestone after last week’s record highs. [4]
The takeaway: silver’s “now” price is hovering around $64, with most major live feeds showing a strong up-day and a test of the upper end of today’s range. [5]
Why silver is moving today: the forces behind the late-session surge
Silver’s rally on December 15 is being driven by a mix of macro and market-structure dynamics—some supportive, some potentially unstable.
1) A rebound after Friday’s volatility—and a “volume shock” in futures markets
BullionVault described Monday as a rebound session for both gold and silver after Friday’s sharp move, noting that silver recovered much of its late-week drop and peaked above $64 in London. [6]
What caught traders’ attention wasn’t just the price—it was the activity underneath it:
- BullionVault reported a surge in Comex silver futures and options trading volume on Friday to a level exceeded only twice since 2020, followed by a jump in Shanghai Futures Exchange silver turnover on Monday to the highest since May 2024. [7]
When silver is breaking records and volume spikes, it tends to amplify the narrative that the market is entering a “momentum” phase—where positioning and flow can matter as much as fundamentals.
2) Industrial demand is a structural tailwind—and it’s getting more airtime
While gold’s story often revolves around central banks and safe-haven allocation, silver’s market is more tightly intertwined with industrial consumption.
BullionVault emphasized that nearly 60% of annual silver demand now comes from industrial uses, which keeps the metal highly sensitive to both the global growth narrative and supply chain constraints. [8]
That industrial footprint helps explain why silver can rally harder than gold when risk appetite improves—or when investors think rate cuts will extend the runway for growth.
3) Interest-rate expectations still matter—even when silver looks “in its own world”
Silver is a non-yielding asset. Lower expected real rates and easier monetary conditions can reduce the opportunity cost of holding it.
JM Bullion’s commentary explicitly points to a post–Fed rate-cut environment as a supportive backdrop for silver, combining industrial and investment demand themes. [9]
BullionVault also framed this as a “Fed-cut week” setup for markets, listing a heavy calendar of central bank decisions and U.S. data that can reprice the dollar and yields—both key inputs into precious metals trading. [10]
Record highs and the $65 question: where silver stands after last week
Silver’s latest push is happening just days after it notched fresh all-time highs.
Reuters noted that spot silver reached a record high of $64.65 on Friday, and on Monday remained close enough to keep the market fixated on whether $65 is next. [11]
Meanwhile, Investing.com’s 52-week range also showed the top end near $64.67, reinforcing how tight the market is to the highs in widely used data feeds. [12]
In practical trading terms, that means silver is in a zone where:
- Breakouts can accelerate quickly (momentum traders pile in), but
- Failed breakouts can reverse sharply (late buyers get trapped and liquidate).
The biggest silver news on Dec. 15: India pension reform adds a new demand story
One of the most concrete, policy-driven demand headlines hitting the tape today is coming from India.
India opens the door to gold and silver ETFs inside pension allocations
FXStreet reported that Indian regulators revised rules to allow pension funds to invest in gold and silver ETFs, creating a new investment channel that could add incremental institutional demand over time. [13]
Key details highlighted in today’s coverage:
- For government-sector pensions, the regulator created a new subcategory that permits gold and silver ETF investments, with aggregate precious metals exposure limited to 1% of total AUM. [14]
- For private-sector pension programs, gold and silver ETFs may be included up to 5% of AUM, according to FXStreet’s summary of the rule change. [15]
The Economic Times similarly described the PFRDA’s updated investment framework for India’s National Pension System (NPS), noting the inclusion of gold and silver ETFs among expanded options and describing a combined exposure cap in the same neighborhood of 5% for certain categories. [16]
How big could this be?
A separate market commentary published today on Kitco said India’s $177 billion National Pension System will now be allowed to invest in gold and silver ETFs, potentially unlocking around $1.7 billion in precious-metals demand. [17]
That’s not a guarantee of immediate buying pressure—but in a market already dominated by momentum and tightness narratives, even the possibility of structurally higher institutional allocation can become a powerful catalyst.
The U.S. “critical minerals” factor: silver gets an official strategic label
Beyond daily price action, the market has also been digesting a U.S. policy shift that can influence longer-term supply-chain behavior and investor positioning.
In an official release dated November 7, 2025, the U.S. Department of the Interior said the final 2025 List of Critical Minerals added 10 new minerals—explicitly including silver. [18]
This matters in two ways:
- Narrative: “Critical mineral” status reinforces the argument that silver is increasingly strategic—not just monetary.
- Policy direction: While the list itself doesn’t automatically change supply, it can shape federal focus, permitting priorities, and industrial policy around domestic sourcing.
It’s another reason silver’s 2025 move is being discussed less like a typical precious metal rally—and more like a cross between a strategic material story and a momentum trade.
Silver forecasts and analyst calls for the rest of 2025 and early 2026
With silver sitting near record highs, forecasts are splitting into two camps: “room to run” and “too far, too fast.”Today’s research notes capture both.
Bullish case: $65 soon, then $70 early next year?
Reuters quoted RJO Futures senior market strategist Bob Haberkorn saying silver is leading precious metals and suggesting the market could be trading north of $65 by year-end, with a path to $70 in early Q1 2026. [19]
That aligns with what many trend-followers are watching: the market is close enough to $65 that a decisive break could pull in systematic flows and short-covering.
Momentum case (with a warning label): “Buy dips,” but expect extreme swings
FXEmpire’s Christopher Lewis described silver as extending a powerful rally toward $65, driven by momentum and heavy volume, arguing dips may remain attractive while cautioning that volatility risk is elevated. [20]
He also warned—plainly—that silver can drop sharply in short periods, making risk control essential in a market that can move several percent in an hour. [21]
Caution case: “Overexcited” and potentially overpriced in the short term
A Kitco “Gold SWOT” market commentary today said silver’s move has been amplified by ETF inflows, momentum trading, and aggressive options activity—while also flagging rising “blow-off-top” risk. [22]
The same piece cited Marex Group arguing the silver market has become “overexcited,” suggesting prices may be about 15% too high in the short term and due for consolidation or a pullback. [23]
In other words: even bullish analysts are increasingly pairing upside targets with language that signals late-cycle price behavior.
What to watch next: the data and central bank calendar that could move silver
Silver traders are heading into a dense macro week where the U.S. dollar, real yields, and risk sentiment could swing quickly.
Here are the key catalysts highlighted in today’s reporting:
- Reuters said traders are awaiting U.S. jobs and retail data (scheduled Tuesday in that report) and noted markets were pricing a 78% chance of a rate cut in January 2026, citing the CME FedWatch Tool. [24]
- BullionVault outlined major central bank events: Bank of England and European Central Bank meetings on Thursday, followed by the Bank of Japan on Friday, plus U.S. CPI on Thursday and additional U.S. employment figures earlier in the week. [25]
If yields rise or the dollar strengthens, silver can cool quickly—even in a strong structural uptrend. Conversely, if data supports a softer-rate narrative, silver’s breakout attempts can intensify.
Bottom line: silver is near $64—one of the most pivotal zones of the year
At 3:30 p.m. ET on Dec. 15, 2025, silver is effectively trading at the intersection of:
- Record-high territory (with $65 acting as the next psychological trigger), [26]
- Evidence of unusually heavy futures activity across the U.S. and China, [27]
- Fresh demand narratives, including India’s pension-rule expansion and visible ETF growth, [28]
- Rising short-term risk warnings about overheating and the potential for violent reversals. [29]
Silver may ultimately break cleanly above $65—or it may pause and consolidate after an extraordinary run. But either way, the market is signaling that silver isn’t trading like a quiet “secondary metal” anymore.
This article is for informational purposes only and does not constitute investment advice.
References
1. www.jmbullion.com, 2. www.jmbullion.com, 3. www.investing.com, 4. www.reuters.com, 5. www.jmbullion.com, 6. www.bullionvault.com, 7. www.bullionvault.com, 8. www.bullionvault.com, 9. www.jmbullion.com, 10. www.bullionvault.com, 11. www.reuters.com, 12. www.investing.com, 13. www.fxstreet.com, 14. www.fxstreet.com, 15. www.fxstreet.com, 16. m.economictimes.com, 17. www.kitco.com, 18. www.doi.gov, 19. www.reuters.com, 20. www.fxempire.com, 21. www.fxempire.com, 22. www.kitco.com, 23. www.kitco.com, 24. www.reuters.com, 25. www.bullionvault.com, 26. www.reuters.com, 27. www.bullionvault.com, 28. www.fxstreet.com, 29. www.fxempire.com
