Silver just ripped through $63 an ounce, rising roughly a dollar a day over the last week and over 20 percent in a month, in what traders are now calling a historic squeeze. Spot prices have more than doubled in 2025 alone, jumping from around $29 at the end of last year to the low‑60s now, while gold’s monster run is actually lagging behind silver’s percentage move.
The move has completely torched the forecast crowd from earlier in the year. As recently as this spring and summer, big‑name shops and metals analysts were talking about silver maybe grinding into the $50s by the late 2020s, with “stretch” targets in the $70–80 range closer to 2030. Instead, the metal blew through $60 in December 2025, years ahead of schedule, while the same people who said “be patient” now scramble to explain why their 2028–2030 targets are already on the board. Everyone is wishing they had seen this coming. 2x your money in one year, who wouldn’t take that?
A big part of the squeeze is old‑fashioned: wrecked currencies, governments hooked on deficits, and a Fed that everyone knows will cave and cut again. On top of that, you’ve got tech demand exploding and a lot of burned crypto holders deciding they trust metal in a vault more than a token on an exchange, so the bid under silver is coming from both factories and people who are done gambling on Bitcoin as “digital gold.”