Silver prices surged into uncharted territory Tuesday, briefly breaking above US$70 per ounce for the first time ever before easing slightly later in the session.
According to market data, spot silver crossed the US$70 threshold shortly after 13:14 GMT (8:14 a.m. EST) on Dec. 23, peaking near US$70.18 per ounce as the rally extended. Using the exchange rate at the time (about 1.36 Canadian dollars per U.S. dollar), that intraday peak worked out to roughly $95.45 per ounce in Canadian funds. By mid-day trading, prices had slipped modestly back below US$70, though silver continued to trade near historic highs.
The move marks a major milestone for the metal, surpassing previous nominal highs set during the 1980 Hunt Brothers spike and the 2011 precious-metals rally, when silver topped out just below US$50 per ounce.
For Canadian buyers, the breakout has been amplified by currency effects. With the Canadian dollar trading weaker against the U.S. dollar, silver priced near US$70 has translated into the mid-$90 range in Canadian funds, sharply increasing intrinsic values across bullion, circulating coinage and proof issues.
Analysts point to a combination of factors behind the rally, including strong industrial demand tied to electrification and renewable energy, sustained investment interest, tightening inventories and expectations of further U.S. interest-rate cuts. Silver’s dual role as both a precious and industrial metal has made it particularly sensitive to shifts in economic outlook and supply constraints.
The impact is already being felt across the collecting and bullion communities. Rising melt values are pushing more lower-grade silver coins into the scrap stream, while premiums on bullion-related material remain elevated. Dealers also report increased volatility, with sharp intraday swings becoming more common as global markets react to economic data and currency movements.
Gold has also been setting fresh highs in Canadian-dollar terms, trading around $6,100 per ounce today, reinforcing the broader precious-metals strength.
Whether silver can sustain prices near the US$70 level remains an open question. The metal has a long history of powerful rallies followed by abrupt pullbacks. Still, the brief move above US$70 underscores the strength of the current advance and signals that silver has entered a new price environment, both globally and in Canadian dollars.