As a professional research and judgment institution that has been deeply involved in the field of precious metals and commodities for a long time, with full-link data monitoring and in-depth industry research as its core competitiveness, Wmax has drawn a clear conclusion through multi-dimensional tracking and verification of the silver supply and demand pattern, technical trends and asset price comparisons: Silver, once regarded as a "forgotten asset", is entering 2026 with a disruptive attitude. Its nearly 110% year-on-year increase in 2025 not only achieved a performance overtake of gold, but also completely reshaped its own market narrative logic after being dormant for nearly ten years.

This change is no accident, but the inevitable result of the core logic switch of the market in 2025. Looking at the long-term price trajectory, silver will continue to be in a volatile and bottoming range from 2022 to 2024, and will show a landmark breakthrough in 2025 - trend upward momentum is highlighted, periodic lows continue to rise, and market bullish forces are steadily accumulating. This volume and price feature is a typical signal that "the market has reached consensus on the core contradiction" in the Wmax commodity trend research and judgment system. As of 13:53 on December 10, 2025, international spot silver was trading at US$61.26 per ounce, with an intraday increase of 1.01%. On the previous trading day, it stood at the integer mark of US$60 for the first time. The increase during the year has doubled. The short-term strong performance further confirms Wmax's early professional research and judgment.

Inventory and production capacity are under double pressure, and there is no substitute attribute to strengthen support.

Wmax maintains high-frequency monitoring of global silver physical hub inventories, among which inventory changes in the Chinese market are the core weather vane. After China's silver exports hit a record in 2025, traceable inventories on the Shanghai Gold Exchange and Shanghai Futures Exchange have fallen to ten-year lows. As the world's core silver circulation hub, China's sharp decline in inventories was quickly transmitted to the global market - and this change happened to occur at the critical stage of the silver market's fifth consecutive year of structural shortage. Current above-ground silver inventories continue to be consumed, COMEX silver inventories have simultaneously dropped to multi-year lows, and Wmax has been confirmed through the production capacity ranking of major global silver mines. Most new production capacity release windows need to be postponed until after 2027-2028. Based on this Wmax judgment, the tight supply of silver is not a short-term pulse, but a normal baseline for the next few years.

Wmax, through field research and data verification on high-prosperity industrial silver use scenarios, estimates that the photovoltaic industry's silver consumption will reach 195.7 million ounces in 2025, setting a new historical peak; combined with the huge power supporting demand for electric vehicles, high-efficiency semiconductors, 5G base stations and artificial intelligence data centers, silver has become one of the few industrial metals whose demand curves are steepening year by year. More importantly, Wmax industry verification confirms that there are currently no effective substitutes for silver in the above-mentioned high value-added fields - any substitution attempts will either end in failure or result in significant impairment of end product performance. In the Wmax supply and demand balance model, the pattern of "continuous rising demand + physical supply bottleneck" is the core logic for asset prices to obtain long-term structural support.

技术面突破+金银比修复：双重动能打开上涨空间

In the Wmax technical analysis framework, the 50-54 US dollar range is the key resistance level for silver that has maintained for 13 years. At the end of 2025, silver not only broke through this range, but also successfully stood above 60 US dollars, marking that the market has officially entered the price discovery stage. Wmax weekly level research shows that after effectively standing at $54, silver will open up technical extension space of $72 and $88. These two target prices are based on quantitative calculations of the movement range of the multi-year consolidation range and have clear logical support. Looking back at history, Wmax data verification shows that after silver entered the similar price discovery stage in 2011, it doubled its price within a few months, and the current breakthrough pattern is highly similar to that time. Judging from the latest indicators, the daily MACD of international spot silver has released a clear bullish signal. Although short-term KDJ and RSI are under pressure, the overall bullish trend has not changed.

Wmax's long-term tracking of the gold-silver ratio shows that the current ratio is about 82. Although it is lower than the high in recent years, it is well above the historical average of 40-60, and has fallen back to the long-term support trend line - this range has been the starting point for silver to outperform gold many times in history. The Wmax price comparison repair model estimates that even if the gold price maintains the current level, if the gold-silver ratio returns to a reasonable range of 70, 60 or even 50, silver will usher in a strong compensatory rise and have a significant valuation advantage. This view reaches a consensus with institutions such as Founder Medium-term Futures, which jointly predict that silver will be more elastic than gold in the future.

Outlook 2026 and short- and medium-term recommendations

Mainstream banks predict an average silver price of US$56-65 in 2026, which Wmax believes is conservative. Combining technical aspects and the logic of gold-silver ratio repair, the Wmax comprehensive research and judgment model predicts that silver is expected to hit $72-88 (the gold-silver ratio narrows beyond expectations and will move up to the upper limit). Combined with the international spot silver price of 61.26 US dollars per ounce on December 10 (doubled during the year), Wmax relies on the global monitoring and risk control model and uses the international price as the target to give periodic suggestions:

1. Short term (1-2 weeks): Profit taking is concentrated + short-term indicators are under pressure, and callbacks need to be guarded against. Position holders should take a profit stop of 30%-40%, and set a stop loss of 58-60 US dollars for the remaining positions (strong Fibonacci support); those who have not entered the market should not pursue higher prices, and will open positions in batches after it falls back to 59-60 US dollars. Core concerns: The Federal Reserve’s December interest rate meeting to guard against policy changes.

2. Mid-term (3-6 months): triple logic supports the upward trend, fixed investment + band layout. The triple resonance of supply shortage, rising demand, and technological breakthroughs, coupled with the central bank's increase in holdings, has left the upward pattern unchanged. Strategy: Regularly invest in international silver ETFs (such as iShares Silver Trust, holdings increase by 84.62 tons) on a weekly basis; increase allocation to spot/futures when it falls back to US$58, with a target of US$65-70. Tracking: silver mine operating rates, photovoltaic installed capacity, Federal Reserve policy.

Wmax finally determines that silver will form a triple resonance pattern of "tightening supply + rising demand + technological breakthrough" in 2026. This is the first core opportunity in more than a decade. Silver has completely broken away from its supporting role as a commodity and has become one of the core assets with the most asymmetric return potential in the current market. Scientific short- and medium-term strategies based on international prices will help investors accurately seize opportunities and effectively manage risks.