After an astonishing 149% surge in 2025—far outpacing gold’s 67% gain—silver’s powerful rally has extended into January this year. A key question for investors now is what lies ahead for the white metal after such a vigorous advance.
This chart suggests that silver’s rally may not be over yet. Physical silver markets remain unusually tight: deep backwardation, elevated Shanghai physical premiums, extreme lease rates, and dwindling free-float warehouse inventories all point to acute scarcity of deliverable metal.
While near-term consolidation or pullbacks cannot be ruled out following the sharp rally, silver’s favorable market backdrop remains firmly in place. These conditions could continue to support prices and leave room for further upside.
