Silver Prices Surge Above $100/oz on Speculative Buying, Gold Rivals Record Highs

On January 23, silver prices climbed above $100 per troy ounce, driven by speculative retail investor activity and momentum trading. The surge follows a 40% gain since early 2026, after a 147% rally in 2025. Analysts warn of potential corrections as silver's rapid rise mirrors gold's record high of $4,988 per ounce. The precious metal's outperformance over gold has become stretched, with the silver-to-gold ratio dropping to 50:1 from 105:1 in April. Tight liquidity in the London silver market, exacerbated by U.S. tariff concerns, has fueled inflows into ETFs and small bars. However, limited refining capacity and structural deficits have constrained supply, leaving inventories at their lowest since March. Analysts expect profit-taking and easing physical market conditions to temper further gains.