Silver $XAG is currently experiencing a bullish trend, trading near all-time highs. On January 13, 2026, silver rose to 85.64 USD/t.oz, marking a 0.57% increase from the previous day. This comes after a significant surge of 33.72% over the past month and a remarkable 187.00% increase compared to the same time last year.
Several factors are contributing to this upward momentum:
Safe-haven demand: Growing concerns over the US Federal Reserve's independence, geopolitical tensions, and renewed trade fears are driving investors towards safe-haven assets like silver. Escalating protests in Iran and threats of new tariffs also contribute to increased global risk premiums.
Monetary policy expectations: Weaker US job creation has reinforced expectations for Fed rate cuts, which tends to trigger demand for precious metals. Lower real yields and policy uncertainty create a constructive environment for silver.
Inflationary pressures: Stubborn inflation, potentially fueled by tariffs, remains above the Fed's 2% target, making assets like silver more attractive.
Supply and demand dynamics: Global demand for silver has exceeded mine supply for five consecutive years, contributing to tight supply.
Technical analysis indicates a strong uptrend, with silver trading decisively above all major Exponential Moving Averages (EMAs). While some analysts suggest a potential for short-term consolidation or even an "early bearish continuation phase" after a dramatic upside move, the overall momentum remains strong.
Looking ahead, analysts anticipate silver to continue its strong performance. Trading Economics models expect silver to trade at 81.80 USD/t.oz by the end of this quarter and estimate it to reach 88.63 in 12 months. Some forecasts even target $100 to $125 for silver this year, citing the supply deficit and real demand. However, some experts also caution that the market may be stretched after such a vertical move, and a meaningful correction could be a risk.
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