📈 Gold and silver are on the rise, the real story is in the Comex trading volume

On Wednesday, silver rose above $66 per ounce, reaching a new historical high. After the mixed jobs report in the U.S., investors turned to alternative assets.

Silver's performance in 2025 has been extraordinary, with an increase of nearly 130% since the beginning of the year—significantly more than gold.

In November, U.S. unemployment reached 4.6%, the highest since 2021. This strengthened expectations that the Fed could cut interest rates in 2026. As a result, gold and silver are increasingly preferred as a hedge against economic slowdown and currency depreciation.

The surge in silver is not only due to financial reasons, but also a significant supply shortage. There has been a continuous deficit in the global market for the past five years. Mine production has stagnated at around 813 million ounces annually, while industrial demand is rapidly increasing.

The most important thing is that trading in silver and gold in the futures market has come very close. The volume of silver futures has reached approximately 145,000 contracts, while gold's is about 200,000. Historically, this is quite unusual as silver trading is generally much lower than gold.

In short: silver is not only approaching gold in price but also in market significance.