Speculative frenzy catapults silver above $100 per ounce

Silver prices vaulted above $100 an ounce on Friday, extending a remarkable 2025 surge into the new year as retail investor and momentum-driven buying added to a prolonged spell of tightness in physical markets for the precious and industrial metal.

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Hopping onto the coattails of far more expensive gold, technical analysts who study charts of past price moves to predict future movement said the rapid nature of silver's gains had positioned it for a major correction.

"Silver is in the midst of a self-propelled frenzy and with plenty of geopolitical risk to give gold added buoyancy, silver is benefiting, even now, from its lower unit price," said StoneX analyst Rhona O'Connell.

"Everyone, it seems, wants to be involved but it is also flashing amber wealth warnings," she added. "As and when cracks start to appear they could easily become chasms. Buckle up."

Spot prices for silver, used in jewellery, electronics, solar panels, as well as an investment, were last up 5.1% at $101 per troy ounce on Friday.

The price has gained 40% since the beginning of 2026 after rallying by 147% in 2025. Gold hit a record high of $4,988 per ounce on Friday.