Silver Price Today at 10:14 a.m. EST (26.12.2025): Silver Breaks $75/oz as Rate-Cut Bets and Supply Tightness Fuel a New Record Run

Silver is trading at historic levels today, with spot prices holding in the mid-$75 range in late-morning U.S. dealing. Around the time you’re reading this (10:14 a.m. EST), the latest New York spot quote available from Kitco showed silver at $75.32 bid / $75.44 ask at 10:09 a.m. EST, up about 4.83% on the day, after touching an intraday high of $75.67. APMEX’s live spot page also showed $75.63/oz with a timestamp just after 10:08 a.m. ET—underscoring how tight the market is and how quickly pricing is updating across feeds. ^[1]

The bigger headline: silver has decisively pushed above $75 per ounce for the first time, extending what has become one of the most dramatic precious-metals rallies in decades. Reuters reported spot silver pushing through $75 overnight, with a record print above $75.14 early in the session, while broader reporting today put the peak closer to the mid-$75s as the rally intensified. Silver futures were also printing fresh highs in early U.S. trading, according to Investopedia’s market roundup. ^[2]

Why silver is surging today

Today’s silver move isn’t about one single catalyst—it’s the convergence of macro, positioning, and real-world supply constraints. In today’s coverage, several drivers keep coming up:

Interest-rate expectations: markets are still pricing in further easing ahead, which tends to support non-yielding assets like precious metals. ^[3]
A softer U.S. dollar: the dollar has been under pressure this week, improving affordability for non-U.S. buyers of dollar-priced metals. ^[4]
Thin year-end liquidity: with multiple global markets closed for holidays, moves are being amplified. ^[5]
Structural supply deficits and tightening inventories: a theme that has increasingly dominated the silver narrative through 2025. ^[6]
Safe-haven and “currency debasement” hedging demand: analysts cited strong flows into precious metals amid debt and currency concerns. ^[7]

UBS analyst Giovanni Staunovo summed up the tone in Reuters coverage: the “prospect of lower U.S. interest rates” remains supportive, while “low liquidity is amplifying the volatility” across precious metals. ^[8]

Silver’s record prints: what the tape is saying at 10:14 a.m. EST

Even by silver’s standards, today’s action is extreme:

Spot price (New York): ~$75.3–$75.4/oz range on leading retail/market feeds around 10:10 a.m. EST. ^[9]
Day’s range (Kitco spot): roughly $71.89 low to $75.67 high at 10:09 a.m. EST—an unusually wide band for a single session. ^[10]
Psychological breakout: Reuters highlighted that crossing $75 is a major milestone, reflecting a market that is both supply-constrained and momentum-driven. ^[11]

It’s also important context for anyone reading “silver price today” headlines: different outlets may cite slightly different highs because they’re referencing different timestamps (overnight vs. U.S. morning) and sometimes different benchmarks (spot vs. futures). Today, the common thread is that silver is firmly in record territory above $75 and volatility is elevated. ^[12]

The macro backdrop: a weaker dollar and rate-cut expectations

Silver’s rally is happening as the U.S. dollar softens into year-end. Reuters’ global markets wrap noted that the dollar index was headed for its weakest weekly performance since July, as investors debated the path of Fed policy into 2026 and awaited developments around the next Fed chair nomination timeline. ^[13]

For precious metals, that combination matters:

Lower expected rates reduce the “opportunity cost” of holding assets like gold and silver that don’t yield interest.
A weaker dollar tends to support demand globally because it lowers the local-currency price for non-U.S. buyers. ^[14]

This is one reason silver is rising alongside gold and other precious metals rather than moving alone. Reuters’ precious-metals coverage today framed the rally as broad-based across the complex—gold, silver, platinum, and palladium—helped by policy expectations and geopolitical uncertainty. ^[15]

Supply deficit: the fundamental story that won’t go away

Silver’s 2025 story increasingly looks like a multi-year supply squeeze colliding with modern industrial demand.

The Silver Institute’s 2025 market view has emphasized that the market is on track for a fifth consecutive annual deficit, estimated around 95 million ounces in 2025, with a cumulative deficit of almost 820 million ounces for 2021–2025—a statistic often cited to explain persistent tightness. ^[16]

On the supply side, the same report expects global mined silver supply to be roughly flat in 2025 at 813 million ounces, with only modest contributions from primary silver mines (a large share of supply is produced as a byproduct of other metals). ^[17]

That “byproduct” reality is a big deal: when silver is mostly mined alongside copper, lead, zinc, and gold, silver supply doesn’t always respond quickly to higher silver prices, because production decisions are often driven by the economics of the primary metal. ^[18]

Industrial demand: solar, electrification, and the AI buildout

Silver sits in a unique place among precious metals because it is both a monetary-style asset and a heavily used industrial input.

Reuters’ broader analysis has pointed to industrial demand themes including the expansion of AI-related infrastructure and electrification as part of the 2025 rally narrative. ^[19]

Solar remains one of the most discussed demand channels. Reuters noted the scale of global solar buildout expectations and the implication that solar alone can drive a meaningful increment of silver demand over time, even as the industry tries to “thrift” silver (reduce silver content per panel). ^[20]

At the same time, the Silver Institute has highlighted that very high prices can push end users toward thrifting and substitution, and even projected a modest decline in 2025 industrial demand—suggesting the market is now in a phase where tightness and demand growth are real, but not limitless. ^[21]

Safe-haven flows are back in focus

Today’s precious-metals surge is also being framed as a hedge trade.

In Reuters’ global wrap, MUFG’s Soojin Kim pointed to heavy central bank purchases, ETF inflows, and investor concerns about currency debasement and global debt as key supports for the metals complex. ^[22]

That matters for silver because it is a smaller market than gold; in thin conditions, incremental flows can have outsized impact—one reason why silver can rise faster than gold in risk-on phases and also spike during hedge-driven rushes. Reuters’ commentary about liquidity amplifying volatility fits this dynamic closely. ^[23]

How investors are getting exposure to silver right now

With silver at all-time highs, many readers searching “silver price today” are also asking the practical question: how is silver actually traded?

Reuters published a handy overview today, highlighting five main channels:

Over-the-counter (OTC) physical trading in London (the largest physical marketplace), backed by bullion in major vaults.
Futures—notably on CME’s COMEX and the Shanghai Futures Exchange.
ETFs backed by vaulted metal (Reuters noted iShares Silver Trust as the largest, holding about 529 million ounces worth roughly $39 billion at current pricing).
Bars and coins sold through dealers and retailers.
Silver mining equities, which add company-specific risks to metal exposure. ^[24]

That mix is crucial in 2025 because demand is not coming from just one place: flows can move from futures to ETFs to physical (and back) depending on volatility, margin conditions, and investor psychology.

Technical picture: bullish momentum, but “overbought” warnings are everywhere

On technicals, the signal is broadly bullish—but increasingly stretched.

Investing.com’s technical dashboard for XAG/USD showed “Strong Buy” signals across indicators and moving averages on Dec. 26, with pivot levels clustering around the mid-$75 area. ^[25]
Reuters also noted signs of overbought conditions in the silver market during this year-end surge, in part reflected in the compressed gold/silver ratio compared with earlier in 2025. ^[26]
Independent market commentary echoed the same theme: momentum is strong, but elevated RSI readings suggest silver is vulnerable to sharp pullbacks if liquidity returns and profit-taking accelerates. ^[27]

In plain English: the trend is up, but the path is unlikely to be smooth, and the higher silver goes, the more “air pockets” become possible.

Forecasts and outlook: what analysts see for 2026 after the 2025 breakout

With silver already trading above $75 today, forecasting has become tricky: some widely cited 2026 “average price” calls now look conservative compared with today’s spot levels—yet they still offer a useful baseline for how institutions were thinking before this late-year acceleration.

Here’s what’s prominent in current coverage and recent institutional notes:

Macquarie (via Reuters, Dec. 22): expects silver to average $57/oz in 2026, citing the persistent supply-demand deficit and strong import demand (including India’s seasonal demand). ^[28]
Bank of America (via Reuters, Oct. 13): raised its 2026 outlook to $65/oz, with an average of $56.25, while also warning of near-term correction risk. ^[29]
IG’s 2026 outlook (Dec. 2025): said the average of major banks places silver in the $56–$65 range for 2026, while noting technical-model scenarios can extend higher (toward $72 and $88) if the trend persists and ratios compress. ^[30]
Reuters’ year-end framing (Dec. 26): cites ongoing support from physical demand and persistent geopolitical/monetary uncertainty, with “major banks forecasting further gains into 2026.” ^[31]

The key takeaway for readers: forecasts are splitting into two camps—“average price” projections that assume some normalization after a huge 2025 run, and more trend-following models that treat the breakout as the start of a longer bull phase.

Risks to watch: volatility, liquidity snapback, and policy surprises

Silver’s explosive upside comes with equally notable risks—many of which are being flagged in today’s reporting:

Thin liquidity can exaggerate both rallies and reversals (especially in holiday conditions). ^[32]
Momentum-driven markets can correct sharply, even when fundamentals remain strong—Reuters has repeatedly warned about silver’s volatility during this run. ^[33]
Fed path and dollar direction remain central: if easing expectations get pushed out, or real yields rise, precious metals can cool quickly. ^[34]
Industrial thrifting/substitution accelerates at high prices: even bullish supply narratives can face demand elasticity when prices surge too far, too fast. ^[35]

What to watch next for “silver price today” readers

If you’re tracking silver into the U.S. afternoon and into year-end, the most actionable checklist looks like this:

Dollar and yields: continued dollar weakness tends to support silver; a reversal can cap it quickly. ^[36]
Liquidity returning after holidays: moves may become less “gappy,” but corrections can also become more organized as more participants return. ^[37]
ETF flow and positioning signals: the silver market is sensitive to incremental flows, and institutional participation has been an important part of the story. ^[38]
Supply/inventory headlines: the multi-year deficit narrative remains the backbone of the bull case—and any sign of easing tightness could shift sentiment fast. ^[39]

Bottom line: At 10:14 a.m. EST on 26.12.2025, silver is firmly in record territory above $75, powered by a rare mix of macro tailwinds (rate-cut expectations and a softer dollar), safe-haven flow narratives, and a supply-deficit story that has been building for years—while thin year-end liquidity is making every move bigger than usual. ^[40]