Silver Surges Back Above $80 Again As Physical Tightness Persists

We just finished watching a historic move for the silver price in 2025, but a couple of days into the new year, so far there has been little evidence that the rally is over.

The silver futures have soared again over the past two days, and are now back over the $80 level at $81.25.

Meanwhile, the gold futures continue to rally as well and are up $54 to $4,506 today.

In terms of the spread between New York and London, after going back into backwardation over the past week, they’re currently trading at just about even now.

The primary note to pass along today is that, much as expected, the consequences of silver being listed as a strategic metal, and also China’s January 1st policy to limit silver exports, are now kicking into effect.