Silver prices reached a record high of $58 on Tuesday, generating returns of 98% year-to-date. The metal even outperformed gold, which had delivered 60% gains YTD. The robust rally has made traders double their money in a year and is the top-performing asset in the commodity markets. The larger-than-life surge has put the metal in the must-buy category for 2026.

Why Are Prices Up?

Trading at historic highs, silver is up due to various reasons, including shrinking inventories, rising investor demand, and renewed concerns over supply, which pushed the metal to a new market peak. Precious metals are soaring in the charts, including silver, gold, diamond, and platinum. Even industrial-grade copper breached the $11,000 mark on Monday and is attracting heavy bullish sentiments due to renewed demand and less supply.

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Analyst Predicts Silver Bull Run Has Just Begun, Gives New Target of $95

Clem Chambers, CEO of Online Blockchain PLC, predicts that silver prices are on the way to $95. He explained that a deeper structural shift is underway in the commodity markets and could dominate the financial sector in the coming years. The growing demand for the metal for industrial and technological purposes has kept the commodity at the forefront.

“This is noise. This isn’t the real squeeze. Silver is going a lot higher. $95 is where I sell. People think this is the big move — it’s not. The real move is still coming,” Chambers told KitcoNews. “Silver doesn’t have big buffers. It tightens fast,” he said, explaining about its physical supply chain.

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He stressed that the growing demand for silver for industrial purposes would drive the next rally. The demand is high for solar manufacturing, electronics, and green-energy applications, among others. If Chambers’ price prediction turns out to be accurate, an investment of $1,000 could turn into $1,640.