Silver’s late‑2025 surge has turned the once “quiet” precious metal into the main story of global commodities. On 5 December 2025, spot silver is trading in the high‑$50s per ounce, less than a whisker away from fresh all‑time highs, after effectively doubling in price this year. JM Bullion
Below is a detailed, SEO‑optimized look at today’s silver price, what’s driving the rally, and how banks and analysts see 2026 and beyond.
Key takeaways
- Silver price today (Dec 5, 2025): Around $58 per ounce, with live spot quotes near $58.3–$58.4 and recent intraday moves between roughly $57 and $59. JM Bullion
- Massive 2025 rally: Silver is up about 100% year‑to‑date, outpacing gold’s ~60% gain and sitting close to record highs above $59/oz hit earlier this week. Investopedia
- Structural deficits: The silver market is on track for a fifth consecutive supply deficit, with estimates of cumulative shortfalls running into hundreds of millions of ounces since 2020. Reuters
- Green demand boom: Record industrial demand—especially from solar panels and electric vehicles—is a key driver of the rally and is expected to keep growing through 2030. Reuters
- Diverging forecasts for 2026: Major banks now cluster around $50–$65/oz for 2026, while some Indian and precious‑metal specialists see potential toward $75–$100/oz in bullish scenarios. Others warn of possible pullbacks into the $40s. Money Metals Exchange
Silver price today, 5 December 2025
Live spot data from major bullion dealers and market aggregators show silver trading just under recent record highs:
- JM Bullion: Live spot $58.38/oz at 06:01 a.m. ET, up about 1.9% on the day at that time. JM Bullion
- TradingEconomics: Daily price around $58.27/oz, up 2.05% from the previous close, 21% over the past month and 88% versus a year ago. Trading Economics
- Intraday moves: A fresh Indian market analysis notes spot silver trading around $57.14/oz earlier today, down about 2.3% intraday after profit‑taking on the back of an eight‑day surge. Business Standard
In other words, silver is consolidating in the high $50s, just below this week’s all‑time highs above $59/oz in futures trading. Investopedia
How we got here: a rally that doubled silver in 11 months
Silver’s current bull market began in October 2023 and has gone from impressive to extraordinary:
- Reuters calculates that spot silver has climbed from $20.67/oz (3 October 2023) to a record $54.38/oz by mid‑November 2025—an astonishing 163% gain. Reuters
- The Silver Institute notes a separate record high of $54.48/oz on 17 October 2025, underscoring how frequently silver has been setting new peaks. The Silver Institute
- This week, silver futures briefly broke above $59/oz for the first time ever, taking 2025 gains to roughly 100%and leaving gold—up around 60%—firmly in second place. Investopedia
Short‑term price action has been extremely volatile. An Indian technical note points out that since 21 November, silver has rocketed more than 21% from about $48.64 to peaks near $59, before pulling back slightly today as traders lock in profits. Business Standard
The big three drivers: industrial demand, structural deficits, and easy money
1. Industrial and green‑energy demand
Unlike gold, the majority of silver demand is industrial, and that slice keeps growing:
- LSEG data cited by Reuters show industrial demand at 689.1 million ounces in 2024, up from 644 million the year before. Reuters
- Of that, a remarkable 243.7 million ounces went into solar panels, up from 191.8 million a year earlier and more than 150% above 2020 levels. Reuters
- The Silver Institute forecasts total global demand around 1.2 billion ounces in 2024, its second‑highest level on record, driven largely by industrial offtake. The Silver Institute
The trend looks structural rather than cyclical. The International Energy Agency expects around 4,000 GW of new solar capacity between 2024 and 2030, while annual additions may rise toward 1,000 GW by 2030, keeping solar’s silver usage on an upward path. Reuters
At the same time, electric vehicles are becoming an increasingly important factor. A clean‑energy analysis this week notes that a single EV can use up to 50 grams of silver, roughly twice that of a conventional car, and that automotive silver demand could triple by 2030. Carbon Credits
2. Structural supply deficits and tight inventories
Multiple data sets now agree: silver has been in a persistent supply deficit for years.
- The Silver Institute’s latest surveys show four consecutive annual physical deficits through 2024, with a 148.9 million‑ounce shortfall in 2024 alone and a cumulative deficit of around 678 million ounces between 2021–2024. The Silver Institute
- LSEG’s methodology puts the 2024 deficit even higher, around 501.4 million ounces, underscoring just how tight the market looks under different analytical lenses. Reuters
- Metals Focus, cited by Money Metals, projects 2025 will be the fifth straight structural deficit, with demand outpacing supply by about 95 million ounces, taking the five‑year cumulative deficit to roughly 820 million ounces. Money Metals Exchange
Because most silver is produced as a by‑product of mining other metals—like copper, lead, zinc and gold—supply doesn’t simply surge when the price rises. Reuters notes that even if new copper and gold projects come online, expanding silver output is a lengthy process, and some existing mines are expected to shut down by 2030, potentially reducing annual production to around 901 million ounces from about 944 million today. Reuters
Inventory and financing data confirm the squeeze:
- Business Standard reports global silver ETF holdings at 839.54 million ounces as of 3 December, the highest since mid‑2022 and up over 17% year‑to‑date. Business Standard
- Eligible COMEX inventories have dropped about 7.3% from early‑October peaks as metal has been shipped to London to meet demand. Business Standard
- One‑month LBMA silver lease rates—a proxy for how tight physical metal is—are sitting around 5.7%, dramatically above their typical 0.3–0.5% range, even after easing from a spike in October. Business Standard
All of this supports the narrative summarized by one analyst: the problem isn’t that metal is in the “wrong warehouse”—it’s that there isn’t enough metal, period, so users must draw down above‑ground stocks, likely at higher prices. Money Metals Exchange
3. Fed policy, dollar weakness and safe‑haven flows
Macro conditions have given silver an extra push:
- A recent Indian market note highlights that the U.S. Dollar Index has fallen from about 100.4 to just under 99since late November, while the market still assigns an ~87% probability to a Federal Reserve rate cut in December. Business Standard
- Easier policy expectations and lower real yields make non‑yielding assets like silver and gold more attractive, especially when investors are nervous about equities or sovereign debt. Investopedia
- Political and geopolitical uncertainty—from war in Ukraine to tensions in Venezuela—have further increased the appeal of precious metals as hedges. Business Standard
Reuters also points out that the latest leg higher in both gold and silver was “supercharged” after Donald Trump’s return to the U.S. presidency, which stirred expectations of more aggressive monetary easing and fears over U.S. fiscal and monetary stability. Reuters
Technical picture: key silver levels to watch right now
Short‑term technical analyses published today and yesterday broadly agree that silver remains in a bullish trend but is vulnerable to sharp swings.
Support zones
- Economies.com notes that silver’s latest intraday gains came after prices held above a key support at $56.55, with the metal trading along its main uptrend line and above its 50‑period moving average, while momentum indicators turned up from oversold levels. Economies
- FXLeaders highlights another important intraday support around $57.50, where buyers have consistently stepped in. FX Leaders
Resistance and breakout targets
- The same FXLeaders report describes resistance near $58.90, suggesting that a break above that zone could open the way toward $60.33 and then $61.78 if bullish momentum persists. FX Leaders
- Business Standard’s technical outlook points to a former “double‑top” resistance around $54.50 that has now been broken; as long as prices stay above $54, dip‑buying is seen as the favored strategy with upside targets at $62–$65over the coming weeks and months. Business Standard
Gold–silver ratio
On a relative basis, the gold–silver ratio (ounces of silver per ounce of gold) has been moving steadily in silver’s favor. The Silver Institute notes that the ratio fell from over 107 in April 2024 to about 78 in October 2025, signaling that silver has been outperforming gold during this cycle. The Silver Institute
2025–2026 forecasts: from cautious $40s to “super‑bull” $100 calls
Near‑term (next few months): can silver sustain the breakout?
Short‑range outlooks published today and this week tend to lean bullish but warn about volatility:
- Mirae Asset Sharekhan (via Business Standard) expects silver, having cleared the $54.50 ceiling, to extend gains toward $62–$65, supported by ETF inflows, tight inventories, and an anticipated Fed rate cut. Business Standard
- FXLeaders sees a constructive setup as long as $57.50 holds, with a potential breakout above $60.33 if current momentum continues. FX Leaders
- A separate Elliott‑wave‑driven analysis on FXStreet talks about an “ongoing impulsive rally” that still points to higher extensions, albeit via choppy, overlapping waves typical of late‑stage bull markets. FXStreet
At the same time, some commentators are openly asking whether silver is “set up to crash like 1980 and 2011”—two famous blow‑off tops that quickly reversed. A long‑form piece at Money Metals revisits those episodes but concludes that this cycle looks different: instead of spiking through $48 and collapsing, silver has consolidated above that level for weeks, which the author sees as a bullish base, not a double top. Money Metals Exchange
That article leans firmly positive, arguing that:
- The true breakout may not arrive until early 2026.
- If silver mirrors gold’s post‑2024 path, a move toward $100/oz by mid‑to‑late 2027 is possible in an extended bull‑market scenario. Money Metals Exchange
Big‑bank and institutional 2026 forecasts
A late‑November round‑up from London dealer Gerrards Bullion pulls together the latest 2026 targets from several major institutions and research shops: Gerrards Bullion
- Bank of America: Raised its 2026 silver outlook to around $65/oz, citing structural deficits and robust industrial demand. From a notional $51 starting point, that implies about 27–30% upside.
- UBS: Now projects $52–$55/oz for 2026, with a specific call for $55 by mid‑2026 and a chance of testing $60 if conditions stay tight.
- Deutsche Bank: In a report summarized by Investopedia, DB expects silver to average about $55/oz next year, up from roughly $38 so far this year, and sees ETF holdings rising to 1.1 billion ounces by 2026, a new record. Investopedia
- HSBC: Has nudged its 2026 average from around $33.96 closer to $44.50, with a broad trading band of roughly $40–$55—leaving room for sizeable corrections from current prices. Gerrards Bullion
- Citigroup: More cautious in the near term, Citi recently cut its target from $55 to $42, arguing that lower market uncertainty could see silver consolidate or retrace into the low $40s before any renewed advance. Gerrards Bullion
- Commerzbank: As quoted in Indian coverage, expects only a “moderate” rise to about $59 in 2026, suggesting much of the good news is already priced in. The Economic Times
- TD Securities: Bucking the broader precious‑metals optimism, TD’s latest outlook sees gold climbing toward $4,400/oz but silver slipping back to the “mid‑$40s” in 2026, arguing that platinum‑group metals may lead the next leg higher instead. Kitco
Super‑bull and regional views
Overlaying the bank consensus is a cluster of more aggressive bullish calls:
- Gerrards’ round‑up references a “metals supercycle” scenario that envisions silver reaching around $60 by 2026, which is now only a modest step above current prices. Gerrards Bullion
- Fund manager Larry Lepard, quoted in the same piece, sees potential for $75/oz by mid‑2026, with scope for $80–$90/oz by year‑end if the bull market accelerates. Gerrards Bullion
- In India, Motilal Oswal strategist Naveent Damani expects domestic silver to hit ₹200,000 per kg in Q1 2026 and around ₹240,000 by year‑end, implying a dollar price near $75/oz based on current exchange rates. The Times of India
On the other side, some analysts continue to frame recent gains as a potential late‑cycle blow‑off, pointing to the speed of this year’s doubling and the historical precedent of sharp post‑bubble declines. That said, the most detailed critiques—like the Money Metals article—still conclude the setup is more likely a consolidation than a crash, given today’s structural deficits and stronger underlying demand. Money Metals Exchange
India’s unique role: record prices and massive selling into strength
The global story has had particularly dramatic consequences in India, one of the world’s largest silver markets:
- A Times of India report today says around 100 tonnes of old silver were sold in just one week, an amount that would normally take several months to surface. The Times of India
- Domestic prices hit a record ₹178,684 per kg before easing slightly, prompting households to cash in long‑held silverware and utensils to meet wedding‑season and festive expenses. The Times of India
- Even after the pullback, prices remain about 20% above recent lows, and many local analysts now see the ₹200,000/kg milestone as a realistic near‑term target, with some projecting ₹240,000/kg by late 2026. The Times of India
Indian behavior illustrates a key dynamic in any commodity bull market: as prices spike, scrap supply increases, temporarily easing tightness but also confirming just how high prices have moved relative to household budgets.
Long‑term fundamentals: can silver stay elevated?
Beyond 2026, most research converges on a few core themes:
- Multi‑year deficits look likely.
The Silver Institute and Metals Focus both project ongoing structural shortfalls, with one estimate putting the cumulative five‑year deficit near 820 million ounces and another tallying combined deficits since 2010 at more than 580 million ounces. Money Metals Exchange - Industrial demand (especially solar) keeps climbing.
Forecasts suggest solar alone could add roughly 150 million ounces of annual silver demand by 2030, even as PV manufacturers work to reduce silver loading per cell in response to high prices. Reuters - Mines cannot ramp up quickly.
With most silver co‑produced alongside other metals and some major operations expected to close by 2030, LSEG data point to potential mine‑supply declines even at today’s elevated prices. Reuters - Monetary policy remains a wildcard.
Sprott, CME Group and others highlight that if central banks stay in an easing stance, and if real yields remain suppressed, precious‑metal demand from investors and central banks could remain a powerful tailwind. Sprott
Taken together, these factors explain why a growing number of analysts see elevated, but volatile, silver prices as a new normal—while still acknowledging the possibility of large interim drawdowns.
What this means for investors (not financial advice)
Given the speed and scale of the 2025 rally, any decision around silver now involves substantial risk. A few high‑level points frequently stressed by analysts:
- Volatility is extreme. Silver’s percentage moves are routinely larger than gold’s, both up and down. One Reuters analysis notes a prior cycle where silver surged 431% over roughly three years, only to experience equally dramatic declines afterwards. Reuters
- Consensus sees “high but choppy” prices. Most bank forecasts cluster around $50–$65/oz for 2026, implying that current levels are not wildly out of line with base‑case expectations—but with room for swings into the $40s on the downside and $70+ on the upside in more extreme scenarios. Money Metals Exchange
- Access routes matter. There are big differences in risk profile between physical bullion, ETFs, silver miners, and leveraged futures or options. Several research pieces this year emphasize that futures and highly leveraged positions can amplify losses dramatically during corrections, even if the longer‑term trend stays positive. Sprott
- Personal circumstances are key. Professional strategists consistently warn that silver should typically be a small, diversified allocation rather than a core holding, and that investors should consider their risk tolerance, time horizon, and currency exposure before committing capital. Gerrards Bullion
If you’re considering exposure, it’s generally prudent to consult a qualified financial adviser who can factor in your broader portfolio and local tax rules, rather than relying solely on headline forecasts.
Events to watch next
Short‑term, silver traders are laser‑focused on:
- U.S. inflation and growth data – including PCE, consumer‑spending figures, and JOLTS job openings. Business Standard
- The Federal Reserve meeting on 10 December, where markets widely expect a 25 bps rate cut; any surprise here could spark large moves across gold, silver, and the dollar. Business Standard
- Further updates from the Silver Institute and Metals Focus on 2025 demand and inventories, which will help confirm just how deep the deficit really is. The Silver Institute
- Industrial data, especially on solar installations and EV production, which feed directly into the demand outlook. Reuters
Given how tightly balanced the market now appears, surprises on either the macro or industrial side could lead to outsized price reactions.
Frequently asked questions
1. What is the silver price today (5 December 2025)?
Spot silver is trading in the upper $50s per ounce, with recent quotes around $58.3–$58.4, just shy of record highs set earlier this week above $59. JM Bullion
2. Why has silver doubled in 2025?
The key drivers are surging industrial demand (especially solar and EVs), multi‑year supply deficits, tight inventories and high lease rates, and a macro backdrop of rate‑cut expectations and dollar weakness that has boosted investor and ETF demand. Carbon Credits
3. Will silver hit $60–$65 soon?
Several technical and fundamental analysts think a push through $60/oz is possible in the near term, with targets between $60 and $65 if support around $56–$57.50 holds. However, the same reports emphasize high volatility and the risk of sharp corrections. Business Standard
4. Could silver crash like it did in 1980 and 2011?
Some commentators raise that possibility, but detailed studies comparing past cycles argue that today’s structural deficits and stronger industrial base make an identical crash less likely, even if sizable pullbacks into the $40s occur. No forecast is certain, and both bullish and bearish scenarios remain on the table. Money Metals Exchange
