Silver prices have reached a new all-time high in the international market
Silver prices have reached a new all-time high in the international market. On January 7th, the price of silver touched a record high of $83.62 per ounce. Since the beginning of 2026, silver prices have surged by approximately 15%. According to brokerage firms and industry reports, persistent supply shortages, robust industrial demand, and a favorable global macroeconomic environment have fueled this rally.
Analysts at Axis Securities say that silver is currently being supported by strong industrial consumption and continuous investment through ETFs. They believe that the steadily increasing demand from sectors such as solar power, electric vehicles, electronics, and auto components has kept silver in the spotlight, especially at a time when many countries are rapidly moving towards an energy transition.
In India, the government’s plan to rapidly expand solar capacity has also boosted domestic silver consumption. The increasing use of silver in the manufacturing of solar panels has further strengthened its demand.
The supply situation remains quite tight. Several brokerage reports cite data from the Silver Institute, which indicates that the global silver market is in a structural deficit for the fifth consecutive year. This means that demand continues to outstrip supply.
Approximately 70% of silver production comes as a byproduct of other metals. This makes it difficult to rapidly increase production, even with rising prices. Furthermore, declining ore grades at mines, limited recycling, and stagnant mine output have further constrained availability. Silver stocks in major markets such as London, China, and the US are also reportedly near multi-year lows.
After a prolonged period of outflows from ETFs, investment demand has now shown signs of improvement. According to Axis Securities, silver ETFs have witnessed inflows in recent months, offsetting the earlier selling pressure. Geopolitical uncertainty and high global debt levels are also attracting investors to safe-haven and industrial assets like silver.
