Silver Breaks Records As Year-End Liquidity Thins
Silver extended its year-end surge Friday. Spot hovered around $74.46–$74.56 an ounce after touching roughly $75.14, a peak; the week opened near $67.17.
Key Points
- Silver traded near $74.5/oz after printing around $75.1, completing a seven-day run.
- COMEX volume and ETF metrics point to participation, not just a holiday quote.
- Daily and weekly technicals are stretched, so any reversal can be abrupt.
The move has been stepwise. Futures settles ran about $65.22 (Dec 18), $67.49 (Dec 19), $68.57 (Dec 22), $71.14 (Dec 23) and $71.89 (Dec 24) before the jump into the mid-$70s.
Traders cited momentum buying, year-end liquidity gaps, expectations for lower U.S. rates, a softer dollar tone, and tightening-inventory talk alongside industrial demand.
London’s benchmark window was absent: no LBMA metals prices were published on Dec 25 or Dec 26, pushing attention to futures and electronic venues.
On COMEX, a CME print showed silver around 74.780 with volume near 44,035. In the physical backdrop, LBMA data put London vault holdings at about 27,187 tonnes at end-November, up 3.5% month on month.
Fundamentals have also been used to justify the pace. The Silver Institute has said the market is on track for a fifth successive structural deficit, with 2025 demand projected around 1.12 billion ounces.
The U.S. has bolstered the narrative by listing silver as a critical mineral. The rally is showing up across key hubs. Watchers reported a spike in Shanghai Futures Exchange activity during the mid-December leg higher.
In India, MCX silver was reported around ₹2,32,741 per kilogram (about $2,590/kg), translating the surge into record benchmarks. ETF figures underline the financial bid.
The iShares Silver Trust listed about $38.16 billion in assets and roughly 528.78 million ounces (16,446.97 tonnes) held as of Dec 24.
That day’s share volume was near 58.8 million versus a 30-day average around 48.8 million. Flow trackers estimated net inflows of about $1.02 billion over five days and $2.31 billion over one month.
Technically, silver looks overheated: weekly RSI near 90, daily around 84, and 4-hour around 76.5, with MACD still positive.
Nearby reference zones sit around $73.27 and $72.7–$72.65; holding the low-$70s would support the trend, while a break could unwind fast.
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