Silver prices climbed to their highest point ever on Monday, surpassing a record that had stood since the era of the Hunt brothers' infamous attempt to corner the market in 1980. Silver futures settled at $50.13 a troy ounce, up nearly 7% in a single day and edging past the previous nominal high of $48.70, the Wall Street Journal reports. Adjusted for inflation, however, the 1980 peak would equate to over $200 today.
This new milestone comes amid unusual market dynamics. Silver has surged 73% in 2025, outpacing gold's 56% rise and the stock market's gains. The rally is being fueled by strong demand from investors seeking safety amid inflation and economic uncertainty—plus growing industrial appetite, notably from solar panel manufacturing. Silver inventories have been drawn down sharply, especially in London, as traders scramble to secure supply and hedge against potential US tariffs.
Some of the demand spike is linked to a shift from gold, which also hit a record high Monday, surging to more than $4,100 an ounce, Reuters reports. Silver is now seen as the more accessible precious metal, drawing in both investors and jewelry buyers. At the same time, concerns about shortages have led to hoarding, and the US government is considering whether to classify silver as a critical mineral, raising the specter of new tariffs.
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The Hunt brothers' enormous bet on silver inspired the comedy Trading Places, the Journal notes, and things didn't end any better for them than they did for the movie's Randolph and Mortimer Duke. After the brothers failed to meet a margin call on "silver Thursday" in March 1980, markets panicked, the value of their holdings dropped, and trading rules were changed to prevent a repeat. They ended up bankrupt after a market manipulation lawsuit years later. Bloomberg has much more on the brothers here.
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