Silver Price Today, December 9, 2025: Spot Silver Smashes $60 Record as Fed Decision Looms

Silver just made history.

On December 9, 2025, the spot silver price burst above $60 per ounce for the first time ever, capping a stunning rally that has roughly doubled the metal’s value in 2025 and left even gold behind. Major outlets from Reuters and Bloomberg to the Financial Times, Mining.com and The Washington Post all confirm that silver is now trading in uncharted territory. ^[1]

Below is a detailed look at today’s silver price (9 December 2025), the drivers behind the move, and what the latest forecasts and analyses say about where silver might go next.

Silver price on 9 December 2025: key numbers

While quotes vary slightly by data provider and time of day, today’s picture is clear: silver is at a record.

Spot price (late U.S. session, Dec 9, 2025): around $60–$61 per troy ounce. Trading Economics data shows silver at about $60.62/oz, up roughly 4.3% versus Monday. ^[2]
Intraday high: Reuters reports spot silver spiking to about $60.74/oz, a fresh all‑time high. ^[3]
Earlier in the day:
- During Asian trading, silver was seen near $58/oz, extending an already strong uptrend. ^[4]
- At 8:15 a.m. ET, Fortune pegged the price around $58.60/oz, already above Monday’s level. ^[5]
Short‑term performance: The move above $60 represents a 4–5% single‑day jump on many feeds. ^[6]
Year‑to‑date: Multiple analyses (FT, Washington Post, Bloomberg, Mining.com and others) agree that silver has roughly doubled in 2025, while gold is “only” up about 60%. ^[7]

In other words: 9 December 2025 is now the day silver finally broke the $60 barrier.

What’s driving today’s record silver price?

Today’s move builds on themes that have been intensifying all year: rate‑cut optimism, a structural supply deficit, booming industrial demand, and a weaker dollar.

1. Fed rate‑cut expectations and lower real yields

Markets are fixated on the Federal Reserve’s policy meeting that concludes tomorrow.

Reuters notes that traders see roughly an 87% probability of a 25‑basis‑point rate cut, with some analysts already talking about silver trading over $70/oz in the first half of 2026 if cuts continue. ^[8]
Lower interest rates tend to reduce the appeal of interest‑bearing assets and weaken the dollar, which typically supports precious metals like silver and gold. ^[9]

Today’s breakout above $60 is happening against this backdrop of anticipated easier monetary policy, which makes non‑yielding real assets more attractive.

2. A structural silver supply deficit and inventory squeeze

The rally is not just about macro policy – it’s also about not enough metal.

Mining.com highlights that silver’s surge past $60 is fueled by a supply crunch, including a historic squeeze in London in October and Chinese inventories at their lowest in a decade. ^[10]
The Financial Times similarly frames today’s move above $60 as part of a severe global supply squeeze, with demand from both industrial users and investors outstripping available metal. ^[11]
A recent IndexBox silver‑market study, citing Sprott Asset Management, describes a “global silver deficit” and a “dislocated” market where flat mine supply can’t keep up with investment demand, implying prices may need to “correct higher” over time. ^[12]

Silver mining is complicated by the fact that much of the world’s silver comes as a by‑product of other metals (like lead, zinc or copper). That means supply doesn’t ramp up quickly, even when prices spike. ^[13]

3. Surging industrial demand: solar, EVs, AI and more

Unlike gold, silver sits at the intersection of precious metal and industrial workhorse.

The Silver Institute and analysts quoted by Reuters point to solar panels, electric vehicles, EV charging infrastructure, data centers and AI chips as major sources of rising demand through at least 2030. ^[14]
The Washington Post reports that industrial demand for silver has climbed roughly 18% over the past four years, with electric vehicles and AI‑related electronics among the biggest new consumers. ^[15]
GoldSilver and other research outlets note that industrial uses now account for over half of global silver demand, with solar technologies alone increasing their silver usage sharply in recent years. ^[16]

That means silver benefits both from economic fear (as a safe haven) and from technological expansion, a dual identity that today’s analysts argue makes this rally more structurally supported than some past spikes. ^[17]

4. Dollar weakness, tariffs and the “debasement trade”

Macro politics and currency trends are another key piece of the puzzle.

The Washington Post emphasises a weaker U.S. dollar, weighed down by steep tariffs, rising debt and lingering inflation concerns, as a core driver of the current precious‑metals boom. ^[18]
As confidence in fiat currencies wobbles, investors increasingly treat silver (and gold) as a hedge against “currency debasement”, rotating out of cash into tangible assets. ^[19]
Silver’s recent addition to the U.S. Geological Survey’s critical minerals list has stoked fears of future tariffs, pushing more metal toward U.S. inventories and adding to global market frictions. ^[20]

This combination of policy uncertainty, trade tensions and currency worries helps explain why silver, historically more volatile than gold, has become the high‑beta play on macro stress.

5. Investor flows, ETFs and speculative momentum

Finally, the human factor: fear of missing out and big capital flows.

FXEmpire and other trading desks note that ETF buying has tightened supply, with funds like the iShares Silver Trust (SLV) seeing triple‑digit percentage gains and heavy inflows. ^[21]
Deutsche Bank, cited by Investopedia, says industrial availability is at its tightest on record and projects record silver ETF holdings of around 1.1 billion ounces in 2026. ^[22]
Economic Times and social‑media trackers show soaring retail interest, with search volume, message‑board activity and retail platform traffic all jumping as silver breaks one all‑time high after another. ^[23]

Put together, that’s a classic recipe for parabolic price action: structural tightness meets aggressive investor demand.

How unusual is today’s move? Historical context

To understand just how extreme $60 silver is, it helps to zoom out.

Before 2025, silver’s previous major peaks were near $50/oz in 1980 and 2011. Today’s print well above $60 is a decisive break to new territory.
Saxo Bank recently noted that with a month left in the year, silver was already up about 94% in 2025, even before this week’s surge. ^[24]
Several outlets now describe 2025 as the strongest 12‑month silver rally since the late 1970s, eclipsing the spikes in 2008 and 2020. ^[25]

In simple terms: this is not a normal year for silver. It’s closer to a once‑in‑a‑generation repricing — though that doesn’t mean prices can’t still swing violently in both directions.

What analysts are saying on December 9, 2025

Today’s commentary from banks, brokers and commodity specialists clusters around a few themes:

Industrial demand will anchor prices at higher levels.
City Index analyst Fawad Razaqzada told Reuters that investors expect strong industrial demand “for years to come,” helping justify higher prices. ^[26]
The supply deficit may not be solved quickly.
Sprott’s Maria Smirnova, quoted by Reuters and in separate market commentary, argues that unless the structural deficit is fixed, silver has “only one way to go,” at least over the medium term. ^[27]
Price targets above $70 are entering mainstream discussion.
Reuters cites RJO Futures’ Bob Haberkorn suggesting silver could trade above $70/oz in the first half of 2026 if the current trend persists. ^[28]
But volatility and pullbacks are expected.
Economic Times stresses that the move has become “parabolic” by some traders’ standards and highlights past episodes where 30–50% corrections followed similar vertical rallies. ^[29]
IndexBox also reminds readers that in October 2025 silver saw one of its sharpest one‑day drops in years, even within an overall uptrend. ^[30]

The consensus isn’t that silver will go up in a straight line — it’s that the floor is probably much higher than it used to be, even if the ceiling is anyone’s guess.

Silver price forecasts for 2025, 2026 and beyond

Forecasts published in late 2025 show a remarkably wide range, reflecting how unusual this market is.

Short‑term and algorithmic forecasts

Crypto‑style quantitative models at CoinCodex see December 2025 silver trading in a band of roughly $53–$61/oz, with an average around $56–57 and a modest further upside into early 2026 (their 30‑day projection points toward the low 60s). ^[31]

These models were built on historical volatility, so today’s extreme surge already pushes the top of their predicted range.

Bank and research‑house targets

Recent round‑ups of institutional forecasts show broadly bullish but more conservative expectations:

UBS: sees silver moving toward the mid‑$50s by mid‑2026, having raised its medium‑term target from the low‑$40s as the deficit and demand picture became clearer. ^[32]
Bank of America: projects silver around $65/oz by 2026, with an average near $56/oz under its base‑case scenario. ^[33]
Deutsche Bank: expects silver to average about $55/oz in 2026, up from the high‑$30s level that prevailed before the current breakout, and forecasts record ETF holdings. ^[34]
Citi (via forecast round‑ups): sees scope for a pullback toward the low‑$50s once today’s squeeze eases, but still above pre‑rally norms. ^[35]

In other words, many banks assume silver won’t stay at $60+ forever, but will likely settle at a much higher plateauthan in recent years.

More aggressive bullish scenarios

Some specialists and hedge‑fund managers are openly discussing $75–$100 silver if current trends continue:

Investor Larry Lepard told Investing News Network he sees $75/oz by mid‑2026 and $80–$90/oz by year‑end 2026 as realistic, with $100/oz possible over a longer horizon if deficits persist. ^[36]
Several long‑term scenario analyses compiled by GoldSilver cite targets ranging from the high‑70s to triple‑digit prices in aggressive “tight supply + monetary stress” cases, though they stress that these upper ranges are highly speculative. ^[37]

How do these forecasts stack up against today’s reality?

Interestingly, older long‑horizon models built years ago, such as LongForecast’s projection of $57–$70 for December 2025, now look surprisingly close to where the market has actually landed, even though they couldn’t foresee the exact path. ^[38]

But every forecaster, from banks to quants, adds the same caveat: silver is extraordinarily volatile, and any number you see on a forecast table is not a guarantee.

What this means for investors (not financial advice)

For traders, stackers and long‑term allocators, today’s breakout above $60 raises some obvious questions.

1. Is silver in a bubble, or repricing to a new normal?

The evidence points to both structural and speculative forces:

Structural: multi‑year supply deficits, booming industrial demand, Fed policy shifts, and a weaker dollar. ^[39]
Speculative: record ETF inflows, surging retail interest, aggressive momentum trades and short covering. ^[40]

That mix suggests that while today’s exact price may not be permanent, silver could be transitioning into a higher long‑term trading range than in the 2010s and early 2020s.

2. How might people choose to get exposure?

Common channels (each with different risks and costs) include:

Physical bullion (coins and bars) – no counterparty risk, but storage and premiums matter.
ETFs and ETPs that track the silver price – more liquid, but reliant on fund structure.
Mining stocks – often more volatile than silver itself, as miners are leveraged to price changes and operational risks. ^[41]

This article cannot tell you what to buy or sell. Any decision should factor in your own risk tolerance, time horizon and local regulations, ideally with independent financial advice.

3. What could derail the rally?

Key downside risks analysts are watching include:

A more hawkish‑than‑expected Fed, which could keep real yields higher and support the dollar. ^[42]
Demand shocks, such as slower growth in EVs or solar, or technological shifts that reduce silver intensity. ^[43]
A supply response if higher prices make new deposits economical or encourage by‑product producers to maximise silver recovery. ^[44]

Given how quickly silver has doubled this year, most professionals emphasise risk management: they expect deep pullbacks to be part of the journey, even if the long‑term story remains positive.

FAQ: Silver price on 9 December 2025

What is the silver price today, 9 December 2025?

By late U.S. trading on December 9, 2025, spot silver is around $60–$61 per ounce, with intraday highs reported near $60.7/oz – the highest level ever recorded. ^[45]

Why did silver hit a record high today?

Because several powerful forces aligned at once: expectations of Fed rate cuts, a global supply deficit, booming industrial demand from solar, EVs and AI, dollar weakness, and a wave of investor and ETF buying. ^[46]

How does today’s price compare with past peaks?

Before 2025, silver’s big peaks near $50/oz in 1980 and 2011 defined the upper range. Today’s move above $60/oz is a clean break into new territory and comes after a year in which silver has roughly doubled, far outpacing gold’s ~60% gain. ^[47]

Will silver reach $70 or even $100?

No one knows for sure, but:

Some futures strategists now talk about $70/oz in 2026 as a realistic possibility. ^[48]
Bank forecasts cluster more cautiously around $55–$65/oz for 2026. ^[49]
A few bullish commentators argue that $75–$100/oz could emerge later this decade if deficits and macro stress persist. ^[50]

These are scenarios, not guarantees. Silver is famously capable of both spectacular rallies and brutal crashes.

Is this a good time to buy silver?

That depends entirely on your personal situation, risk tolerance and goals. Today’s price reflects an unusual mix of strong fundamentals and intense speculative momentum, and future returns could be highly volatile. This article is for information only and is not financial advice; consider speaking with a qualified adviser before making large or leveraged bets on any single asset.

Silver’s record price on 9 December 2025 marks a turning point for the metal — from a chronically overlooked “poor man’s gold” to one of the most closely watched assets in global markets. Whether this proves to be the start of a long‑lived new era or the top of a spectacular spike, one thing is certain:

For silver, 2025 will be remembered.