Silver is giving traders a classic late-December mix of headline-grabbing highs and sudden pullbacks, as thin holiday liquidity collides with powerful macro tailwinds.
At 10:33:33 AM ET on December 24, 2025, the silver spot price (ask) was $71.22 per troy ounce, with a bid of $69.74, according to APMEX’s live spot feed. The same update showed a 24-hour change of -$0.51 (-0.71%), underscoring how quickly prices are swinging even after a year of extraordinary gains. [1]
Silver price at 10:33: what the market is saying right now
The 10:33 AM ET snapshot matters because it captures silver after the morning’s price discovery phase—when new records were set—and during the period when profit-taking and reduced participation often amplify intraday reversals.
- Spot silver (10:33 AM ET): $71.22/oz (ask) [2]
- Bid/ask spread widened vs. “normal” conditions, consistent with year-end liquidity thinning (a theme echoed across multiple analyst notes and market coverage today). [3]
Even with the pullback from the highs, silver remains firmly above the psychological $70 level—an area many desks now treat as a new “line in the sand” for sentiment.
Today’s biggest headline: silver hits a fresh all-time high near $72.70
Earlier on December 24, silver hit an all-time high of $72.70/oz, as a broad precious-metals surge pushed gold, silver, and platinum into record territory. Reuters reported silver was up 1.3% at $72.32/oz around 12:20 GMT, highlighting how strong momentum was during the European trading window. [4]
But by the U.S. morning, the tone shifted from “straight up” to “two-way risk.” A separate Reuters report carried by Channel NewsAsia described metals “taking a breather” after the record run, noting silver was down 0.8% at $70.86/oz during U.S. hours—exactly the kind of reversal traders watch for when positioning is crowded and liquidity is thin. [5]
Translation for readers: the market is still bullish on the bigger narrative, but it’s increasingly jumpy about the near-term pace.
What’s driving silver on Dec. 24: rate cuts, the dollar, and holiday liquidity
Multiple forces are converging behind today’s moves—and importantly, they’re the same forces that have powered silver’s outsized 2025 performance.
1) Fed-cut expectations are back in the driver’s seat
The core macro link is straightforward: lower expected interest rates reduce the opportunity cost of holding non-yielding assets like precious metals. Reuters explicitly tied the rally to expectations of additional U.S. rate cuts next year. [6]
FXEmpire’s Dec. 24 market note leaned into the same idea, saying markets are increasingly pricing multiple Fed cuts in 2026—supportive for both gold and silver—while flagging that holiday-thin trading can magnify the price action. [7]
2) A softer U.S. dollar is adding fuel
Reuters also pointed to a falling U.S. dollar among the “solid fundamentals” supporting the precious-metals complex. [8]
A weaker dollar typically supports dollar-priced commodities, including silver, because it can make them cheaper for non-U.S. buyers and tends to align with easier financial conditions.
3) Safe-haven demand and geopolitics are in the mix—again
Reuters framed today’s record-setting move in precious metals as being supported by safe-haven demand alongside rate-cut expectations. [9]
Meanwhile, FXOpen’s analysis (published via ActionForex) pointed to a combination of geopolitical tension and holiday-thin liquidity as accelerants—specifically noting reports of increased U.S. military presence near Venezuela and warning that thin markets are prone to abrupt swings. [10]
4) ETF demand and momentum positioning are reinforcing the trend
ActionForex also highlighted ETF buying and retail participation as part of the upside engine. [11]
This matters because silver can behave like a “turbocharged” precious metal: when flows are positive, the market’s smaller size can turn incremental demand into outsized moves.
How strong is the 2025 silver rally?
By almost any measure, silver’s 2025 performance has been historic.
- FXStreet’s daily pricing update put silver at $71.66/oz earlier today and said prices were up 148.02% year-to-date. [12]
- Reuters described silver as up more than 150% year-to-date, driven by strong investment demand, rising industrial use, and silver’s inclusion on the U.S. critical minerals list. [13]
- Channel NewsAsia (citing Reuters) pegged year-to-date gains at 147%, emphasizing that the rally is rooted in “strong fundamentals” even as price action becomes choppier. [14]
The small differences between 147%, 148%, and “more than 150%” reflect timing and data-feed methodology—not a disagreement about direction. The shared point is that silver has dramatically outperformed.
Silver technical outlook for Dec. 24: overstretched momentum, but bulls still in control
Today’s analysis across major trading and research sites converges on one theme: silver is strong, but increasingly overbought, and the next move may be a consolidation or correction before any renewed push higher.
ActionForex / FXOpen: upside breakout, but RSI overbought
FXOpen’s technical note (published on ActionForex at 09:35 GMT) said silver cleared $70 quickly after breaking $60 earlier in December and reached $72 today, extending a rally that began in autumn. The analysis cautioned that with the RSI in overbought territory and price near the upper edge of a steep channel, silver looks vulnerable to a corrective pullback—while still noting holiday dynamics could attempt to push price toward $80. [15]
FXEmpire: key levels to watch — $70.65 support; $73.80–$75.30 targets
FXEmpire’s Dec. 24 forecast described silver consolidating near the low $72 area after the rally, highlighting:
- Support around $70.65 (a former breakout zone)
- Upside targets in the $73.80 to $75.30 range if momentum persists and liquidity remains thin [16]
Reuters via CNA: $75/oz “by the end of the year” as an upside target
Reuters coverage carried by Channel NewsAsia quoted Kitco’s Jim Wyckoff saying the next upside target for silver is $75/oz by year-end, while noting that technicals remain bullish even as the market cools. [17]
Putting those together: the market’s near-term debate is less about whether the trend is up, and more about whether silver needs a reset first—and where buyers show up if it dips.
Gold/silver ratio check: what it suggests about relative value
FXStreet reported the gold/silver ratio at 62.59 today, down from 62.88 the prior day. [18]
A falling gold/silver ratio typically means silver is outperforming gold (or falling less when gold weakens). In a year where silver has already outpaced gold dramatically, the ratio is one of the quickest “health checks” traders use to judge whether silver’s leadership is continuing or fading.
What to watch next: the catalysts that could move silver into year-end and early 2026
With December 24 trading conditions distorted by the holiday calendar, the next moves may come from a short list of macro triggers and positioning shifts:
- U.S. rates narrative (again): Any repricing of 2026 Fed cuts can move silver quickly—especially if it hits the dollar and real yields at the same time. [19]
- Liquidity conditions: Multiple analysts have stressed that thin holiday markets can exaggerate both breakouts and pullbacks. [20]
- Follow-through above/below $70: Whether silver holds above key breakout levels (like the ~$70.65 zone cited by FXEmpire) is likely to shape the next wave of technical buying or selling. [21]
- Geopolitical headlines: Today’s record run has been consistently linked—at least in part—to safe-haven demand amid geopolitical tension. [22]
Bottom line for Dec. 24 at 10:33
Silver is still trading in rare air, but today’s price action is a reminder that record highs don’t move in straight lines—especially on Christmas Eve.
- At 10:33 AM ET, spot silver printed $71.22/oz (APMEX). [23]
- Earlier in the session, silver hit $72.70/oz—a fresh all-time high (Reuters). [24]
- Forecasters and technicians are watching $70–$70.65 as a key support zone and $73.80–$75 as the next upside band, with some commentary extending as far as the $80 area in thin markets. [25]
Silver’s long-term story remains bullish in the eyes of many analysts, but the short-term setup is increasingly defined by overbought signals, profit-taking risk, and holiday liquidity—a combination that can produce sharp moves in both directions.
References
1. www.apmex.com, 2. www.apmex.com, 3. www.actionforex.com, 4. www.reuters.com, 5. www.channelnewsasia.com, 6. www.reuters.com, 7. www.fxempire.com, 8. www.kitco.com, 9. www.reuters.com, 10. www.actionforex.com, 11. www.actionforex.com, 12. www.fxstreet.com, 13. www.reuters.com, 14. www.channelnewsasia.com, 15. www.actionforex.com, 16. www.fxempire.com, 17. www.channelnewsasia.com, 18. www.fxstreet.com, 19. www.reuters.com, 20. www.actionforex.com, 21. www.fxempire.com, 22. www.reuters.com, 23. www.apmex.com, 24. www.reuters.com, 25. www.fxempire.com
