Silver swung sharply on Monday, erasing earlier losses of 5% to return to the key level of around $80 per ounce, moving back toward its record amid geopolitical uncertainty. President Donald Trump said that peace talks with Ukrainian President Volodymyr Zelenskiy have seen “significant progress,” although a final agreement could take weeks. Zelenskiy noted that the framework is largely settled, with US-Ukraine security guarantees fully agreed, but key issues, such as control over the Donbas region, still need resolution. Adding to geopolitical risks are ongoing tensions in the Middle East and rising friction between the US and Venezuela. Silver is on track for roughly a 166% gain in 2025, supported by speculative inflows, lingering supply disruptions following an October short squeeze, central-bank buying, ETF inflows, and expectations of US rate cuts, with markets increasingly pricing in further easing in 2026.
