Updated: 1:15 p.m. ET, Friday, December 19, 2025
Silver is ending 2025 with a bang — and a lot of volatility. By early afternoon in the U.S., spot-linked quotes had pushed deeper into the $67-per-ounce zone, extending a historic rally that has outpaced most major assets this year.
At 1:15 p.m. ET, retail spot feeds showed silver around $67.60/oz (ask), up roughly $1.97 on the day. [1]
That move came after a packed 24 hours of catalysts: softer inflation data reigniting Federal Reserve rate-cut expectations, a shifting central-bank backdrop globally, and renewed focus on silver’s tight physical market — a combination that traders and analysts increasingly describe as a “new regime” for the metal.
Silver price at 1:15 p.m. ET: where XAG/USD is trading right now
Here’s how the silver market looked around the 1:15 p.m. ET update time, based on widely-followed spot sources:
- JM Bullion live spot: Silver Ask $67.60, timestamped Dec. 19, 2025 at 13:16 EST (roughly 1:15 p.m. ET). [2]
- APMEX spot: $67.67/oz, showing +2.91% on the day, “Last Updated: 12/19/2025 1:07:35 PM ET.” [3]
- Investing.com (XAG/USD): 67.3285, up +2.81%, with a day’s range of 64.4935 to 67.4355 and a 52-week high near 67.4355. [4]
It’s normal to see slightly different readings across platforms at the same time. Reuters often references institutional spot pricing via market data feeds, while dealer sites frequently display bid/ask quotes that can differ from mid prices, especially in fast markets.
Today’s headline: silver hits record highs as the rally accelerates into year-end
In one of the most closely watched updates of the day, Reuters reported silver pushing to a new record intraday high of $67.20/oz and described the rally as being driven by investment demand and “supply tightness,” alongside rising expectations for U.S. rate cuts. [5]
Reuters also pegged spot silver up about 2.3% at $66.96/oz at the time of its report, putting the metal on track for a weekly gain of roughly 8% and underscoring just how explosive the final stretch of 2025 has become. [6]
The bigger picture is even more striking: Reuters said silver has surged about 132% in 2025, dramatically outpacing gold’s gains this year. [7]
What’s driving silver today: Fed cut bets, inflation cooling, and the “money + metal” trade
1) Rate-cut expectations are back in focus
The precious-metals complex tends to benefit when markets believe interest rates are headed lower — because gold and silver don’t pay yield, and lower rates reduce the “opportunity cost” of holding them.
Reuters pointed to U.S. inflation data showing consumer prices rising 2.7% year-on-year in November, below expectations cited in the report, reinforcing the idea that the Fed could continue easing. Reuters added that traders were betting on at least two 25-basis-point cuts next year, according to LSEG data. [8]
2) ETF flows and retail participation are amplifying momentum
Silver’s move isn’t only macro. Reuters quoted market strategists highlighting the role of ETF flows and retail speculation in driving price action — a key reason silver often moves faster (and more violently) than gold. [9]
3) Physical market tightness remains the “silent driver”
A separate Reuters analysis earlier this week framed silver’s surge as a “perfect storm,” noting persistent supply deficits, strong demand expectations tied to AI data centers, solar, and EVs, and a market structure that can tighten quickly when inventories get strained. [10]
That same Reuters report also highlighted concerns about tight liquidity in the London spot market earlier in 2025, and described how trade/tariff worries helped pull metal into the U.S., complicating global availability. [11]
Macro backdrop on Dec. 19: BOJ, the dollar, and yields are moving — yet silver still climbs
While the silver story is dominating precious metals today, it’s happening against a broader global macro reset.
Reuters’ global markets wrap noted that the Bank of Japan raised rates and signaled further tightening, while the U.S. dollar strengthened against the yen and global bond yields moved higher. [12]
Typically, a firmer dollar and rising yields can be headwinds for metals. But silver’s ability to rally anyway is part of what’s making today’s move stand out: it suggests demand is outweighing classic macro gravity, at least for now.
Silver technical analysis: momentum is strong — but the market is stretched
Even bulls are watching the tape carefully here. With prices printing record highs and sprinting into the upper $60s, silver is trading in a zone where:
- Breakouts can feed on themselves (trend-followers pile in),
- But pullbacks can be sharp (profit-taking hits thin liquidity).
Investing.com’s XAG/USD page explicitly flags silver as trading near its 52-week high, and shows just how wide today’s move has been with a $64.49–$67.44 range. [13]
FXStreet’s daily “silver price today” update also reflects the speed of the move: the outlet recorded silver at $65.76/oz earlier in the day and noted a 2025 gain above 127% (their measurement), with the gold/silver ratio around the mid-60s. [14]
That ratio matters because a falling gold/silver ratio often signals silver is outperforming gold — a common feature of late-stage precious-metals rallies.
Silver forecast and outlook: can silver reach $70 next?
Forecasts are starting to cluster around a key psychological level: $70/oz.
A widely circulated FXEmpire metals note published today said silver “tests new highs” with the gold/silver ratio pulling back below 65, adding that silver has “a decent chance” to test $70 ahead of the New Year. [15]
In the slightly longer-term view, Reuters cited market strategists earlier this week suggesting silver could climb toward $75/oz by the end of next year — while also warning that silver’s historic volatility leaves it vulnerable to steep corrections, often moving 2x to 2.5x the percentage change of gold in big swings. [16]
A “new macro regime” for silver? Analysts say the narrative is shifting
One of the most interesting themes emerging in today’s research is that silver may be trading less like a simple inflation hedge — and more like a hybrid asset reflecting both:
- monetary policy expectations, and
- structural industrial demand tied to electrification and technology.
In an FXStreet analysis published today, the author argued that as inflation stabilizes and central banks shift from shock-mode to transition-mode, commodities are differentiating — and silver sits at the center because it blends “monetary sensitivity” with “real economy exposure.” [17]
That framework helps explain why silver can rally even when the day’s crosswinds (yields, the dollar) aren’t perfectly supportive.
What to watch next: the catalysts that could move silver after today’s surge
With silver now trading in a record zone, the next moves may depend as much on positioning and liquidity as on fundamentals — especially heading into the holiday period.
Key things traders are monitoring:
- Fed messaging and rate-cut pricing: any pushback from officials could cool the rally; confirmation could extend it. [18]
- ETF flow data and speculative positioning: continued inflows can keep momentum alive; reversals can accelerate pullbacks. [19]
- Dollar and real yields: today showed silver can outrun them, but sustained dollar strength and higher yields still matter over time. [20]
- $70 as the next headline level: multiple daily forecasts are now framing this as the near-term magnet — and the near-term risk point if the market fails to hold gains. [21]
Bottom line
As of the 1:15 p.m. ET window on December 19, 2025, silver is firmly in the record $67 range, powered by a rare alignment of rate-cut optimism, ETF-driven investment demand, and a market increasingly preoccupied with supply tightness. [22]
The same forces pushing silver higher also raise the stakes: when silver is strong, it can be very strong — but when momentum flips, moves can be fast.
If you want, I can adapt this into a tighter Google Discover style (shorter paragraphs, more scannable bullets) or expand it into a longer “week-in-review” feature that tracks silver’s path from $65 to $67+ with a cleaner timeline of the day’s key news catalysts.
References
1. www.jmbullion.com, 2. www.jmbullion.com, 3. www.apmex.com, 4. www.investing.com, 5. www.reuters.com, 6. www.reuters.com, 7. www.reuters.com, 8. www.reuters.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.reuters.com, 13. www.investing.com, 14. www.fxstreet.com, 15. www.fxempire.com, 16. www.reuters.com, 17. www.fxstreet.com, 18. www.reuters.com, 19. www.reuters.com, 20. www.reuters.com, 21. www.fxempire.com, 22. www.jmbullion.com
