Silver hits record above $66 as ETF buying surges

Silver set an all‑time high near $66.50 per oz. (about C$90 per oz.) on Wednesday, extending a month‑long surge as investors poured into exchange‑traded funds and bet on further United States rate cuts.

Spot prices jumped as much as 4% intraday before easing, while gold edged up toward $4,330 per oz. (about C$5,850). Platinum and palladium also advanced.

“Silver prices have reached new record highs as investors continue to pile into ETFs at the same time as physical availability in the industrial space is still tightening,” BMO Capital Markets analyst Helen Amos wrote in a note, adding that momentum could keep prices buoyant even if fundamentals look stretched.

Fresh U.S. labour data released Tuesday showed the unemployment rate climbed to 4.6%, the highest since 2021, boosting expectations of additional Fed rate cuts. London-based broker SP Angel’s John Meyer said the softer U.S. jobs print helped ignite the move across precious metals.

“Precious metals are on the move again,” he wrote, pointing to platinum around $1,959 per oz. and palladium near $1,709 per oz. as the complex tracked silver higher.

Gold’s slower climb and a shrinking gold‑to‑silver ratio underline silver’s outperformance. BMO estimates the ratio has fallen to about 68, its lowest level in nearly five years, as the white metal’s rally accelerated over the past month.

Behind the record

Fresh U.S. data showed the unemployment rate rising to 4.6%, the highest since September 2021, reinforcing expectations for additional rate cuts next year and boosting appetite for non‑yielding assets, Reuters reported. After the Federal Reserve delivered its third rate cut last week, markets are pricing two more in early 2026, Reuters said.

Gold ETFs took in money for a sixth straight week and that silver funds also saw fresh buying, led by European inflows, BMO said. The bank highlighted an estimated 7.8 million oz. increase in silver ETF holdings and noted that one‑month platinum lease rates have risen while silver lease rates hovered near 6.5%.

Recent geopolitical events have reinforced gold’s and silver’s safe‑haven nature. analysts said. President Donald Trump this week ordered a blockade of sanctioned oil tankers, heightening U.S.–Venezuela tensions.

Despite the breakout, BMO remains wary about durability. “Previous silver price spikes of similar magnitude (in 1980 and 2011) were ultimately short‑lived,” Amos wrote, though she acknowledged that retail participation could push prices higher in the near term. The bank prefers gold over silver and the platinum‑group metals into 2026 as industrial deficits narrow.

Marex analyst Edward Meir sees $70 per oz. as the next short‑term target for silver, Reuters reported, while DHF Capital’s Bas Kooijman said expected Fed easing could continue to underpin gold.

Policy ease

Weaker U.S. labour data typically supports easier monetary policy, which has historically lifted precious metals, SP Angel noted.

BMO, which this week raised its gold price forecast to $4,600 per oz. by the second quarter of next year on the back of further Fed cuts and resilient Chinese demand, cautioned that silver and platinum have “overshot fundamentals.” This reflects a broader debasement trade and tariff uncertainty around U.S. critical minerals, BMO said.

With files from Jackson Chen.

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