Why is silver going up?

What's been moving silver lately

As of October 22, 2026

Silver has been falling, not rising. It settled at $57.42 an ounce in New York futures trading on October 21, about 13% lower than a month earlier and half its 2026 high settlement of $115.08 on January 26. It traded above $121, a record, on January 29. On October 22 it fell to a three-month low near $55.

Silver's run into January was one of the fastest in its history: a squeeze on the metal in London's vaults, U.S. tariff fears that pulled silver from London to New York, worries about the Federal Reserve, and a wave of buying by individuals and funds. Analysts quoted by Reuters at the time called it a frenzy.

It fell nearly 30% on January 30, the day President Trump nominated Kevin Warsh to lead the Fed. Since then the forces that hit gold, an oil shock from the U.S.-Iran war and rising interest rates, have hit silver harder. About half of silver goes into industry, and the Silver Institute expects solar panels to use less silver this year, as FXStreet reported.

The Fed raised rates on September 16, and silver slid again. On October 14 it fell about 5.5% after consumer prices for September came in 3.7% higher than a year earlier, raising the odds of more hikes.

What makes silver go up

• Gold rising. Most of what moves gold, such as interest rates, the dollar, and fear, moves silver too, usually harder. Silver's market is far smaller than gold's, so the same money moves its price further.
• Industrial demand. More than half of silver goes into industry: solar panels, electronics, electric cars. A strong economy and a fast solar buildout lift demand.
• Shortfalls in supply. The Silver Institute has reported demand above mine output plus recycling every year since 2021. Most silver is mined as a byproduct of copper, lead, zinc, and gold, so mines can't simply produce more when the price rises.
• Investors. Buying of coins, bars, and silver funds (ETFs) adds demand on top of industry's.
• Catching up to gold. When silver looks cheap next to gold (a high gold-to-silver price ratio), some investors buy silver expecting the gap to close.

The same forces work in reverse: see why silver goes down.

What it means if you're selling

We buy metal; we don't forecast prices, and nothing here is investment advice. What we can tell you is how the price reaches your payout. We pay 95% of the silver value for sovereign coins like Silver Eagles and 90% for 90% U.S. silver coins. Coins and bullion are priced at the Kitco bid when we verify your package, so a move in the price before then moves your payout with it. Our bids page shows today's numbers live.

Sources for the recent moves

• Federal Reserve statement, September 16, 2026.
• Reuters via The Business Standard, speculative frenzy catapults silver above $100, January 24, 2026.
• The Silver Institute, global silver investment to remain strong in 2026, 2026.
• The National, gold plummets and dollar strengthens on Trump's Fed chair nomination, January 30, 2026.
• FXStreet, silver hits a fresh three-month low after the CPI, October 14, 2026.
• FXStreet, silver plunges to a three-month low as rate-hike bets intensify, October 22, 2026.

Prices above are New York futures settlement prices; the live price at the top of this page is the Kitco bid.

Metal prices: Why is gold going up? · Why is gold going down? · Why is silver going down? · Why is platinum going up? · Why is platinum going down? · Why is palladium going up? · Why is palladium going down? · Gold price history · Silver price history · Gold-to-silver ratio · What is the spot price? · All guides

We pay top dollar for silver, at published rates set before you sell.