Daybreak Inside the metal market’s most surprising meltdown
Oct 15, 2025
The global silver crunch is reshaping markets and driving up prices. India’s jewelry sector is feeling the pinch, with paused orders and ETF freezes. Silver's critical role in technology, AI, and clean energy is pushing demand to new heights. However, production struggles due to silver being a by-product of other mining processes limit supply increases. The U.S. is stockpiling silver amid geopolitical concerns, further impacting prices and availability. Analysts predict tight supply and higher prices could persist until 2028.
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Hunt Brothers' 1980 Silver Squeeze
- In 1980 the Hunt brothers bought nearly one third of all privately owned silver and drove prices from $6 to $50 per ounce.
- Tiffany's publicly condemned their hoarding as unconscionable and highlighted the social harm of price manipulation.
Technology Is Driving Structural Silver Demand
- Modern demand for silver is driven by electronics, renewable energy, AI, and EVs, making it vital beyond jewelry.
- Solar panels alone could consume nearly all annual supply within 25 years, stressing finite production.
Silver Supply Can't Be Rapidly Scaled
- About 70% of silver is a by-product of copper, lead, or zinc mining, so primary silver output cannot be quickly scaled.
- Supply has lagged demand for four years and may continue into 2025, delaying market relief.