Silver prices rose to record levels last week, surpassing $80 an ounce, after China said it plans to restrict silver exports in 2026.
The price of silver has skyrocketed over the past week, reaching an all-time high of $83.62 per ounce on December 28.
Silver prices rose for much of 2025, reaching a ten-year high of $44.86 per ounce in September. For comparison, the average silver price in 2024 was $28.27 per ounce.
The upward trajectory has accelerated over the past week, with the price of silver reaching $70 for the first time in history on December 23, before reaching $75 on December 26 and crossing the $80 threshold on December 28. According to reports from ReutersSilver is up 181% year to date.
Michael DiRienzo, president and CEO of the Silver Institute, said pv magazine that the price increase reflects strong fundamentals in the silver market, which is facing a structural shortage for the fifth consecutive year.
“Geopolitical and economic issues also play a role in the rush to acquire hard assets,” DiRienzo said. “Not to mention the classification of silver as a critical mineral by the United States, which has a Sec. 232 USTR investigation to determine whether tariffs could be imposed on certain silver products or on the metal as a whole.”
DiRienzo also pointed to China’s recent announcement that it plans to restrict silver exports for a year January 1, 2026, during which companies must apply for export permits.
“While China is a net importer – primarily of silver ore – it is also a major refiner and exporter of silver bars,” DiRienzo added. “In the near term, this development could further fuel the rally.”
Silver is a crucial mineral for the solar industry and rising prices have put pressure on the PV module market to curb its use. In September, research suggested that the global solar industry could be responsible 40% of global silver demand by the end of the decade.
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