Wow, Elon Musk just came out today, with a warning about silver prices. ‘This is not good’, which is a classic understatement for someone who uses millions of ounces per year…

 A surge in the price of silver to record highs this month has prompted a warning from Elon Musk that manufacturers could suffer the consequences.

Silver has risen sharply during December, part of a precious metals rally that also pushed gold and platinum to record levels on Boxing Day.

Analysts have attributed the jump in prices to expectations of US interest rate cuts by the Federal Reserve in 2026, leading to increased demand for hard assets that protect against inflation and currency debasement.

Gold bars.
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New restrictions on silver exports from China, which begin on 1 January, have created supply fears while geopolitical worries have lifted demand for safe-haven assets.

Silver hit $79 (£58) an ounce for the first time last Friday, a new peak, up from $56 at the start of December, and just $29 an ounce at the start of 2025.

“This is not good. Silver is needed in many industrial processes,” Musk posted on X.

Uses for the metal include in electrification, solar power panels, electric vehicles and data centres, all areas in which demand has been rising, eating into silver inventories.

But as well as industrial applications, silver has a role as a monetary metal – a store of value.

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