Silver is ending 2025 with a headline-grabbing move: the metal is flirting with (and in some sessions briefly clearing) the $70-per-ounce milestone for the first time, as a rare mix of safe-haven demand, rate-cut expectations, a softer U.S. dollar, and tight physical supply keeps momentum elevated. [1]
Silver price today at 10:46: the key snapshot traders watched
In a widely shared 10:46 update on December 23, spot silver was pegged around $69.2 per ounce, with the move linked to cooling U.S. inflation signals and a weaker dollar backdrop that has improved the appeal of dollar-priced precious metals. [2]
Real-time feeds around the same window showed silver in the high-$69s with a wide intraday range—highlighting how quickly price can swing when liquidity thins into year-end and momentum traders crowd the same breakout levels. [3]
The big headline: silver breaks into the $70 zone
By later in the day, Reuters reported spot silver scaled $70, trading around $70.06 at one point (after touching an intraday record around $70.18). The move was attributed to strong industrial and investment demand, tightening inventories, geopolitical tensions, and expectations that U.S. interest rates could fall further, which typically supports non-yielding assets like precious metals. [4]
A separate Reuters market update captured the same story in sharper relief: silver not only hit $70—it printed a higher record near $70.66, then pulled back below $70 as the U.S. dollar firmed after stronger-than-expected U.S. growth data, reminding traders that breakouts can be volatile even in powerful uptrends. [5]
What’s driving silver’s surge on Dec. 23, 2025
Several forces are converging—and silver, because it is both a precious metal and a high-utility industrial input, tends to “overreact” compared with gold when those forces align.
1) Rate-cut expectations and falling yields are back in focus
Silver’s rally has been repeatedly linked to markets pricing in more U.S. easing ahead. Lower yields reduce the “opportunity cost” of holding metals and often pressure the dollar, creating a two-part tailwind for silver. [6]
2) Physical tightness and inventory stress are no longer niche stories
A major theme across Dec. 23 coverage: available supply looks constrained. In India-focused reporting, a note cited falling inventories across key hubs (including London, China, and the U.S.) and improving ETF flows—signals that the squeeze is not purely speculative. [7]
Mining-focused analysis also pointed to dislocations across major trading hubs following a notable short squeeze in October, with material reportedly “stuck” in New York as markets await policy clarity that could reshape trade flows. [8]
3) Industrial demand is accelerating—especially in solar, EVs, and data centers
Investopedia’s Dec. 23 explainer emphasized silver’s dual identity: investors buy it as a store of value, but manufacturers also buy it for fast-growing end markets like solar panels, EVs, and data centers—a demand mix that can amplify price spikes when supply is tight. [9]
4) Geopolitics and tariff risk are adding a “risk premium”
Reuters tied part of the precious-metals bid to geopolitical stress, including heightened tensions involving Venezuela and broader trade-policy uncertainty—factors that can increase safe-haven flows while also complicating commodity logistics. [10]
5) “Price discovery” psychology: once $70 is in play, the market changes character
Cross-market commentary (and simple market structure) matters here: $70 is a round-number “line in the sand” that draws trend-followers, options hedging, and short covering. That can keep volatility elevated even if the fundamental story remains supportive. [11]
Forecasts and analyst calls circulating on Dec. 23, 2025
With silver already up dramatically in 2025, the forecasting debate has shifted from “can it rally?” to “how far can it go—and how violent will the pullbacks be?”
Near-term targets: $72 and $75 enter the conversation
- Reuters quoted a market strategist flagging $75 as a next major objective—while also warning that year-end profit-taking could trigger pullbacks along the way. [12]
- LiveMint cited a technical view that if bullish momentum persists, $72 becomes a key upside target, while $64.50 is an important support zone to watch if volatility returns. [13]
2026 outlook: banks versus technical models
A widely read Dec. 23 outlook from IG framed silver as being in “price discovery territory,” supported by a structural supply deficit and accelerating industrial demand—conditions that can keep the upside skewed even after a huge year. [14]
IG also summarized the range of forward expectations:
- Major-bank average forecasts: roughly $56–$65 for 2026
- Technical-model upside: stretching toward $72 and even $88, especially if the gold/silver ratio compresses further [15]
Technical analysis today: the $70 battleground and the levels that matter
Technical analysts largely agree on one point: $70 is the “decision level.”
- Economies.com described silver consolidating intraday and “preparing” to test $70 as a primary resistance, with momentum signals improving after earlier overbought pressure eased—an argument for continued strength if buyers defend pullbacks. [16]
- The same stream of technical coverage framed the broader setup as a continuation of a bullish trend structure (supported by trendline behavior and momentum indicators), consistent with the market’s repeated attempts to “reclaim” $70 after spikes and pullbacks. [17]
Practical takeaway for readers:
If silver holds above the upper-$60s during dips, momentum strategies tend to stay engaged. But if price decisively loses the mid-$60s (a zone highlighted as support in local-market commentary), the market may shift from “buy the dip” to “reduce risk,” at least temporarily. [18]
What this means for investors and consumers right now
Silver’s late-2025 surge is not just a chart story—it can spill into the real economy:
- Manufacturers exposed to silver inputs (electronics, solar supply chains) may face higher costs and more aggressive hedging activity. [19]
- Retail investors may see bigger price swings than they’re used to, because silver historically carries higher volatility than gold—especially around psychological levels like $70. [20]
The next catalysts to watch after Dec. 23
As the market heads into year-end and then early 2026, the silver narrative will likely hinge on a few recurring triggers:
- U.S. dollar direction: even a modest rebound can cap silver rallies short-term, as Reuters noted when strong U.S. data helped the dollar claw back losses and silver cooled from highs. [21]
- Rates and real yields: continued easing expectations can keep the “macro bid” under metals. [22]
- Policy and trade headlines: any move that changes the cost or friction of moving metal between hubs can exaggerate squeezes (or reverse them quickly). [23]
- Positioning and profit-taking: after a year where silver has more than doubled in many benchmarks, the market becomes vulnerable to sharp corrective breaks—without necessarily invalidating the longer-term bull thesis. [24]
Bottom line
As of Dec. 23, 2025, silver’s story is simple but powerful: the metal is in breakout mode, hovering in the high-$60s to around $70 and repeatedly printing new highs as macro tailwinds collide with supply tightness and industrial demand. The $70 level is the key psychological battleground; above it, targets like $72–$75 are increasingly discussed, while forecasts for 2026 span from more conservative bank ranges to aggressive technical projections. [25]
References
1. www.reuters.com, 2. baonghean.vn, 3. www.investing.com, 4. www.reuters.com, 5. www.reuters.com, 6. www.reuters.com, 7. www.livemint.com, 8. www.mining.com, 9. www.investopedia.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.reuters.com, 13. www.livemint.com, 14. www.ig.com, 15. www.ig.com, 16. www.economies.com, 17. www.economies.com, 18. www.livemint.com, 19. www.investopedia.com, 20. www.reuters.com, 21. www.reuters.com, 22. www.reuters.com, 23. www.mining.com, 24. www.reuters.com, 25. www.reuters.com
