ZHAOU

The recent surge in silver prices is very real and dramatic. As of late January 2026, spot silver has climbed above $100 per ounce (with futures touching around $104–108 in some contracts), marking a continuation of massive gains—silver rose roughly 145–150% in 2025 alone and has added another 25–50%+ year-to-date in 2026 depending on the exact date.This isn't some hidden conspiracy driving the move upward; if anything, longstanding claims in precious metals communities have centered on suppression of silver prices (not pumping them). For decades, theories (backed by some regulatory settlements) have accused large banks of manipulating silver downward via futures market practices like spoofing, naked shorting, and benchmark rigging. Major banks paid over $1 billion+ in fines in earlier years for such behavior in precious metals markets. Many in the silver community argue this kept prices artificially low for years to benefit paper derivatives traders and industrial users (electronics, solar, etc.).What's happening now appears to be the unwinding or breaking of that dynamic:
Persistent structural deficits — Silver has been in a supply deficit for several years, with mining output flat-to-declining while industrial consumption (solar panels, EVs, electronics, AI-related tech, medical) explodes.Massive physical demand — Record COMEX deliveries, strong buying from Asia (India/China), retail stackers, and even some state-level players treating silver as a monetary/strategic asset outside the USD system.Macro tailwinds — Geopolitical tensions, inflation fears, central bank gold buying spillover, "sell America" sentiment among investors, and a flight to hard assets amid uncertainty about fiat currencies, tariffs, and debt levels.Short squeeze elements — Bullion banks' historically large short positions in futures have faced pressure as physical buyers force delivery, leading to forced covering that amplifies the rally.
The price action looks like a classic catch-up move after prolonged suppression, similar to (but not identical to) past episodes in commodities when artificial caps fail. Claims of a new "conspiracy to pump" silver seem thin right now—the momentum is coming from fundamentals + short covering, not coordinated manipulation upward.That said, parabolic moves like this always carry big risks: corrections can be brutal when leverage unwinds or when industrial demand softens. If you're positioned in silver (physical, miners, ETFs), the old mantra applies—be careful, don't get greedy, and consider taking some profits on the way up if you've seen multiples.The real "conspiracy" angle historically pointed the other direction: keeping silver cheap for decades. Now that the lid seems off, the scramble for real metal is driving prices higher. Whether it sustains to $150, $200+ (some optimistic forecasts even higher) or pulls back sharply depends on how these supply/demand imbalances evolve in 2026.