Business Forum • 26 January, 2026 at 5:13 PM
Silver has recorded one of the most notable price performances on the commodities markets, rising from approximately $30 per troy ounce a year ago to $109 today.
The 260% increase in twelve months places silver among the best-performing assets of the past year.
This evolution is unfolding against a strong backdrop for the precious metals market. On January 26, gold reached $5,100 per troy ounce for the first time in history, breaking above the $5,000 level. The surge in gold prices has been driven by geopolitical uncertainty, investor outflows from government bonds and fiat currencies, and continued demand from central banks.
The current rally echoes the price records of the early 1980s, when silver reached $55-59 per ounce, nearly doubling in value within a year, while gold prices rose by approximately 60%. Adjusted for inflation, the 1980s peak would correspond to approximately $190 per ounce in today's terms, indicating that silver has not yet reached its previous real all-time high.
"Historically, silver prices have followed gold at a ratio of around 15:1. In this context, it is likely that over the next five years we could see silver prices reach or even exceed the $300 per ounce level," said Victor Dima, Treasury Manager at Tavex Romania.
One of the main reasons behind silver's price fluctuations is the relatively small size of the market. The total value of investments in silver is estimated at approximately $200 billion, while the gold market is valued at several trillion dollars. The global silver market has been in deficit for the fifth consecutive year, with a cumulative shortfall estimated at approximately 820 million ounces, while global production is increasing by only 1% per year.