Spot silver soars past $84: a historic rally driven by risk aversion sentiment

January 12, 2026, the global financial markets witnessed a historic moment: the spot silver price briefly surged above $84/oz during trading, setting a new all-time high.

Meanwhile, spot gold also broke the $4,600 mark for the first time, with intraday gains expanding to 2%. This is an unprecedented situation in the precious metals market.

As silver prices hit a record high, investors’ attention is focused on this metal that combines industrial and financial attributes. Silver prices hovered around $29.50 at the beginning of 2025, and now the increase has exceeded 150%.

01 Record Breaker

On the morning of January 12, 2026, a shocking number flickered on the financial market data charts: the spot silver price briefly rose to $84.02/oz during trading, surpassing the intra-day high set two weeks earlier, with a single-day increase of an astonishing 5%.

On the same day, COMEX silver also surged over 5%, approaching the $84 level.

This breakout was not an isolated phenomenon; the overall precious metals market was showing a hot trend. Gold also first broke above $4,600 on the same day, setting a new all-time high.

Looking back at the evolution of silver prices, this explosion was foreshadowed. On December 28, 2025, silver reached a high of $83.62/oz. From breaking $70 for the first time on December 23 to surpassing $80 on December 28, the silver market took only five days.

02 Triple Driving Forces

The strong performance of silver prices is backed by a “perfect storm” composed of multiple factors. Foremost is the change in the macro policy environment.

Recent data released by the U.S. Department of Labor shows that in December 2025, only 50,000 new jobs were added, below economists’ expectations and slightly lower than the previous month’s 56,000.

This data increased market expectations of a rate cut by the Federal Reserve, boosting safe-haven demand.

Geopolitical risks are also significant. The instability in Iran and potential U.S. responses further strengthened the safe-haven attributes of precious metals.

Starting January 1, 2026, China implemented a one-year silver export restriction requiring relevant companies to apply for export licenses. As one of the world’s major silver refining and exporting countries, this policy directly impacted global silver supply.

03 Demand Explosion Under the Green Energy Transition

Unlike gold, which is almost purely a financial asset, silver has extensive industrial applications. This dual identity provides a different logical support for the current price increase compared to traditional precious metals.

Modern TOPCon solar cells require 50% more silver than older models. Some studies predict that by 2030, the global solar industry could account for 40% of total silver demand.

The AI revolution is also driving increased silver demand. High-performance data centers and semiconductor manufacturing highly depend on silver’s excellent electrical conductivity. As global AI infrastructure accelerates, demand for silver in this field will continue to grow.

The electric vehicle sector is also a significant growth point for silver consumption. From battery components to charging infrastructure, the EV ecosystem is becoming an important driver of silver demand.

04 Market Views and Price Outlook

Faced with the rapid rise of silver, market opinions are notably divided. According to recent surveys, 57% of retail investors believe silver prices will break $100/oz by 2026.

Most retail investors see silver as an important tool to hedge against inflation and currency devaluation, supporting their optimistic outlook.

However, institutional investors are more cautious. Some major banks forecast that the average silver price in 2026 will fall back to around $60.

This divergence reflects the complexity of the current silver market, with fundamentals supporting prices and concerns about bubbles coexisting.

BMO Capital Markets forecasts an average price of $56.30 for silver in 2026, believing current levels are unsustainable.

The gold-to-silver price ratio is also an important indicator. Some analysts suggest that silver may still be undervalued relative to gold. As market sentiment shifts, the gold/silver ratio could move toward 40, a change historically often accompanied by significant silver price increases.

05 Investment Paths and Platform Dynamics

For investors looking to participate in the silver market, diversified investment options have already formed. From physical silver (bars, coins) to exchange-traded funds (ETFs), and stocks of mining companies, each approach has its characteristics and risks.

On the Gate platform, trading of precious metals derivatives and related crypto assets is also active.

As an important venue for digital asset trading, the Gate platform’s native token GateToken (GT) has recently shown stable performance. As of January 12, 2026, GT closed at $10.33, with a daily trading volume exceeding 2.65 million.

Investors on the Gate platform can access various investment opportunities related to precious metals, including tokens linked to physical assets and digital assets associated with mining companies.

The Gate platform offers not only trading functions but also market analysis and educational resources to help investors better understand current trends and opportunities in the precious metals market.

Future Outlook

The strong rise in silver prices seems far from over. As inventories at major global exchanges continue to decline, and silver futures open interest hits record highs, more capital is flowing into this ancient yet modern market.

In the early hours, traders remain glued to silver charts on their screens, where the demand curve of the green energy revolution intersects with traditional safe-haven sentiment, creating an unprecedented investment opportunity.

Silver, a metal once used as currency by civilizations, is redefining its value and significance in modern society under the push of the green energy revolution.