Silver prices are closing out the week with fresh record momentum. Around 4:49 PM ET on Friday, December 19, 2025, spot silver (XAG/USD) was trading around the $67-per-ounce zone, with widely followed retail and market feeds showing quotes roughly in the $67.1–$67.4/oz range in late New York trading. [1]
That late-session strength follows a day in which Reuters reported spot silver up 2.6% near $67.14/oz, after touching a new record high around $67.45/oz. Silver is now up about 8.4% on the week and roughly 132% year-to-date, decisively outperforming gold in 2025’s precious-metals surge. [2]
Silver price today (4:49 PM ET): the key numbers traders are watching
Because silver trades globally and prices vary by venue (spot vs. futures vs. OTC) and by data feed, “the” silver price can differ slightly depending on where you look. Here’s what the market looked like into the late U.S. afternoon on 19.12.2025:
- Spot silver hovered near $67/oz in late New York hours, with real-time screens around $67.17/oz at one point and retail spot quotes near $67.38/oz shortly before 5 PM ET. [3]
- Intraday range: roughly $64.49 to $67.46 (a very wide band for a single session, underscoring how fast this market is moving). [4]
- Record reference: Reuters put the session record near $67.45/oz. [5]
For quick mental conversions at around $67.3/oz, that equates to approximately $2.16 per gram and $2,164 per kilogram (rounded).
What’s driving silver on 19.12.2025: rate-cut bets meet a tight physical market
Friday’s price action reflects a powerful mix of macro tailwinds and metal-specific scarcity narrative.
1) Markets are leaning into Fed cuts after softer inflation and a cooler jobs backdrop
Reuters highlighted that the latest U.S. macro signals have reinforced expectations for easier monetary policy: U.S. consumer prices were reported up 2.7% year-on-year in November, below economists’ forecasts, while the unemployment rate rose to 4.6% (the highest since September 2021, per Reuters). In parallel, traders continued to price at least two 25-basis-point cuts next year, according to LSEG data cited by Reuters. [6]
That matters because precious metals don’t pay interest—so when markets expect rates and yields to fall, the “opportunity cost” of holding metals often drops.
Finimize captured the same theme: softer U.S. data kept rate-cut hopes alive across precious metals, adding fuel to silver’s breakout. [7]
2) ETF flows and retail speculation are amplifying the move
Silver’s rally isn’t just a macro trade—it’s also being driven by the mechanics of a thinner market. Reuters quoted strategists pointing to ETF flows and retail speculation as key forces behind silver’s sharp outperformance. [8]
Finimize similarly described a setup where momentum, ETF inflows, and retail positioning collide with limited available supply, pushing the metal to record territory. [9]
3) Silver has been leading gold—an unusual but important tell
Reuters noted that while gold and silver are typically tightly linked (often with gold leading), silver has been leading recently, and that kind of spread can trigger rotation and rebalancing flows between the two metals. [10]
FXStreet’s pricing snapshot earlier in the day also showed the gold–silver ratio hovering in the mid-60s (a sign of silver’s strength versus gold compared with much of the last decade). [11]
Technical analysis (19.12.2025): $68 comes into view, but “overbought” alarms are getting louder
With silver printing new highs, the market is increasingly split between:
- trend-followers focused on breakout continuation, and
- risk managers looking at stretched technicals and warning signals.
FXStreet levels: resistance near $68, supports down at $67 and $64.50
FXStreet’s technical view described silver pulling back modestly but remaining bullish, with:
- upside attention on $68.00 as the next psychological area, and
- nearby support around $67.00, with deeper support referenced near $64.50 (the session low area highlighted in the analysis). [12]
Investing.com: “Strong Buy” trend signals… with overbought oscillators
Investing.com’s technical dashboard showed a Strong Buy posture across multiple timeframes, while also flagging classic overbought-style readings (e.g., an RSI near the high-60s and momentum indicators elevated). [13]
Barron’s warning: “historic deviations” from moving averages
Barron’s added a more cautionary headline: silver (tracked via the iShares Silver Trust) was described as far above key moving averages—levels a research firm called “historic deviations” that have, in past cycles, sometimes preceded drawdowns of 20%+. [14]
Investing.com analysis: “blowoff zone” risk as prices stretch far above the 200-day
An Investing.com analysis published on Dec. 19 argued silver’s vertical move is pulling the metal into a potential “blowoff” setup, highlighting that silver had stretched dramatically above its long-term trend (200-day moving average) and warning against chasing rallies at extreme distances from trend. [15]
The takeaway: the trend remains up, but the market is now priced for continued good news, and the room for sharp corrections is rising.
The “tight supply” narrative isn’t going away—here’s why it matters
Silver’s surge in 2025 has been powered by more than just macro. The bigger story is that silver is behaving like a hybrid asset:
- precious-metal hedge when policy uncertainty rises, and
- industrial input when electrification, solar, EVs, and data infrastructure expand.
Reuters’ broader “perfect storm” framing earlier this week emphasized supply deficits, strong investment demand, and industrial demand tied to technology and electrification as central reasons the market has repriced so violently in 2025. [16]
Critical-minerals status adds political and strategic relevance
Another pillar supporting the “structural” narrative: the U.S. Geological Survey’s final 2025 List of Critical Minerals explicitly added silver among 10 new minerals, describing the list as a national-economic and supply-chain risk assessment. [17]
While a designation doesn’t instantly create new mines or inventories, it can reinforce the idea that silver is not just a trading vehicle—it’s a strategic material.
Forecasts and outlook: where analysts see silver headed into 2026
Forecasts are diverging sharply—partly because silver is famously volatile, and partly because “the next move” depends on whether 2026 looks more like:
- a soft-landing / easing cycle (supportive for metals), or
- a growth slowdown / liquidity shock (which can hit silver hard despite long-term fundamentals).
Here are the most prominent forecast themes circulating into Dec. 19:
Base case: $70 becomes the magnet level
Reuters’ “perfect storm” piece reported that some analysts see potential for silver to climb further, with expectations in the market that prices could reach around $75/oz by end-2026. [18]
A Nasdaq/Investing News Network outlook also described a “conservative” $70-range view for 2026 from one commentator, while noting Citi’s view (as cited there) also points toward upwards of $70 in 2026 scenarios. [19]
Bull case: $100 isn’t off the table (but it’s a high-volatility bet)
The same Nasdaq/INN outlook summarized more aggressive projections that put $100 silver on the map in 2026 under a strong demand-and-scarcity regime (paired with continued investment inflows). [20]
Cautious case: silver underperforms gold in 2026
Not everyone is buying the “straight line up” story. Reuters reported Morgan Stanley’s view that gold could still rise in 2026 (to $4,800/oz by Q4 in their outlook) but that silver may underperform, with 2025 likely representing the peak supply-deficit year and solar installations expected to cool in 2026. [21]
Bank-style positioning views: $60 is still in the conversation
An Investing.com report about UBS said the bank raised its outlook and expects silver around $60/oz in 2026, with a possible (but not necessarily sustainable) spike toward $65/oz. [22]
Across these forecasts, one point is consistent: range-of-outcomes is unusually wide, which is exactly what traders should expect after a year when silver is up well over 100%.
The bottom line for Dec. 19: silver is strong, stretched, and headline-sensitive
As of 4:49 PM ET on 19.12.2025, silver is sitting near record territory around $67/oz, powered by a combination of Fed-cut expectations, ETF and retail-driven demand, and an ongoing story of tight supply and strategic relevance. [23]
But the same forces that fuel upside momentum also raise downside risk. Multiple analyses published today emphasize that silver is entering a zone where overbought conditions and “too-far-too-fast” price extensions can trigger sudden pullbacks—even if the longer-term bull case remains intact. [24]
If you’re tracking the silver market into the close of 2025, the highest-impact drivers remain:
- incoming U.S. inflation and labor data shaping the Fed path, [25]
- ETF flows and positioning that can accelerate moves, [26]
- and whether silver can hold the breakout zone near $67 while the market tests $68 and the psychological $70 beyond. [27]
References
1. www.investing.com, 2. www.reuters.com, 3. www.investing.com, 4. www.investing.com, 5. www.reuters.com, 6. www.reuters.com, 7. finimize.com, 8. www.reuters.com, 9. finimize.com, 10. www.reuters.com, 11. www.fxstreet.com, 12. www.fxstreet.com, 13. www.investing.com, 14. www.barrons.com, 15. www.investing.com, 16. www.reuters.com, 17. www.usgs.gov, 18. www.reuters.com, 19. www.nasdaq.com, 20. www.nasdaq.com, 21. www.reuters.com, 22. www.investing.com, 23. www.reuters.com, 24. www.barrons.com, 25. www.reuters.com, 26. www.reuters.com, 27. www.fxstreet.com
