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In this video, we examine what changed in 2025 and what those changes imply for the year ahead. The focus is not simply on price but on behaviour. Silver has broken out relative to equities and gold after more than a decade of stagnation, suggesting that last year was less an ending than the removal of a long-standing constraint.

We explore the structural realities of the silver market, including by-product supply rigidities, declining grades, and the limits of new mine development. We look at why industrial demand from solar photovoltaics, electric vehicles, data centres, and semiconductors is largely inelastic and continues to grow regardless of price.

The video also examines shifting trade and geopolitical dynamics, including changes in Chinese export behaviour, rising Indian demand, and the increasing importance of physical delivery through futures exchanges. Alongside this industrial story runs a monetary one, as silver begins to be treated once again as money in an environment of rising debt, strained bond markets, and fragile policy credibility.

This is not a forecast built around precise price targets. It is an assessment of the forces likely to shape silver in 2026 and why the conditions that drove its performance in 2025 remain firmly in place.

Video Length: 00:09:46

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