SIL has experienced a breathtaking rally, ending 2025 with a near-150% gain and adding another 25% in the first two weeks of 2026. Spot levels briefly surpassed $93 per ounce before consolidating around $90. This momentum marks repeated record highs for the white metal and positions SIL as one of the top-performing commodities in recent memory.

Multiple structural factors continue to support SIL’s ascent. Federal Reserve interest rate cut expectations, a weakening U.S. dollar, rising global debt burdens and lingering inflation pressures have acted in concert. Geopolitical events — including the U.S. detention of Venezuela’s president and threats of intervention in Iran — have reinforced silver’s safe-haven status. At the same time, physical stockpiles in U.S. warehouses surged last year, disrupting normal global flows and creating supply tightness in London’s market.

Data from Vanda Research shows retail investors have poured $921.8 million into silver-linked ETFs over the past month, marking 169 consecutive days of positive inflows into the largest trust. According to Vanda, this represents structural accumulation rather than a speculative spike, with investors reallocating core portfolio assets into SIL. Such behavioral shifts suggest that silver is increasingly viewed as a staple macro trading asset rather than a fleeting trade.