Invesco’s global market strategist Brian Levitt discusses key market drivers for 2026 and reveals the best investment for the new year on ‘Barron’s Roundtable’.
CEO of Tesla Elon Musk is sounding the alarm over rising silver prices as China prepares to impose new export restrictions on the precious metal.
Musk was responding to a post on his social media platform
“This is not good. Silver is needed in many industrial processes,” said the Tesla CEO.
Silver prizes have soared to record high prices this year after being designated a critical mineral by the U.S. government amid supply shortages and rising demand from both industrial users and investors. The metal is used in several industries, including electronics, medicine and renewable energy.
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Tesla CEO Elon Musk warned that China’s export restrictions on silver could pose a problem for industries that rely on it as an input. (Chesnot/Getty images)
Silver prices in 2025 are up more than 142% since Monday after starting the year at just under $30 an ounce. iShares Silver Trust, the largest exchange-traded fund linked to silver, has mirrored the metal’s gains.
The spot price for silver briefly hit 1 highest ever from $83.62 per ounce during Monday’s trading session, before falling to $75.32.
“This morning’s price decline, which follows record highs, is mainly due to traders taking profits before the end of the year,” said ActivTrades analyst Ricardo Evangelista. “Cautious optimism from the US administration about progress in Ukraine peace talks also represents a mild headwind.”
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The silver price rose to record highs, but fell due to profit taking at the end of the year. (Michael M. Santiago/Getty Images)
David Meger, director of metals trading at High Ridge Futures, noted that the profit-taking is driving the pullback from “spectacularly high levels,” adding: “I believe the underlying fundamentals of (silver) supply constraints remain factors in the market, and we still have a positive outlook out to 2026.”
Precious metals such as silver and gold also contribute to the The rise of the S&P 500 to new highs as the calendar turns to the new year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GLD | SPDR GOLD SHARES TRUST – USD ACC | 398.61 | -18.11 |
-4.35% |
| SLV | ISHARES SILVER TRUST – USD ACC | 66.05 | -5.08 |
-7.14% |
| SPY | SPDR S&P 500 ETF TRUST – USD DIS | 680.59 | +4.12 |
+0.61% |
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The price of silver has soared due to increasing supply and demand problems. (Getty Images)
“If stocks want to end another year of double-digit gains on a high note, they will likely have to do a lot of the heavy lifting,” said Chris Larkin, managing director of trading and investing at Morgan Stanley’s E*Trade. “But precious metals can also play a key role.”
“Mining stocks were a big part of the S&P 500’s push to new highs last week, and they have followed record rallies in the metals. If gold and silver end 2025 at record highs, the S&P 500 may have a better chance to do the same,” Larkin explains.
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Reuters contributed to this report.
