Silver Surges Past $66/oz, New All‑Time High Driven by Weak US Jobs Data and Rising Industrial Demand

Silver Breaks Above $66 An Ounce, Sets Fresh Record as Jobs Data Triggers Risk-On Move

Silver traded beyond $66 per ounce on Wednesday, marking a new all-time intraday high as markets digested a mixed U.S. payroll report. Investors shifted toward alternative assets in search of higher returns amid ongoing economic uncertainty.

The November labor figures showed the unemployment rate rising to 4.6%, the highest as 2021, even as job creation beat expectations. The surprise mix of data reinforced the appeal of silver as a hedge and a diversified holdings option in volatile markets.

analysts say the rally is supported by a tight supply backdrop and robust industrial demand. Sectors such as solar energy, electric vehicles and data centers are fueling higher consumption of the metal, underscoring silver’s role beyond conventional jewelry and investment use.

Technical Snapshot: What Traders Are Watching

In the four-hour view, prices navigated a prior consolidation around $57.65 before breaking higher to around $66.72, with a potential move toward $69.79 if momentum persists.After reaching $66.51 in the latest impulse, a mild pullback to roughly $64.64 could occur before the uptrend resumes. The MACD indicator supports a bullish tone, with its signal line above zero.

On the hourly chart, silver completed a rise to about $65.30 and has since formed a new trading range near that level. A fresh breakout has pushed prices to $66.51, while a pullback to about $65.65 could precede another leg higher. A break below $65.65 might open the door to a deeper correction toward around $60.85. Conversely, a rebound from $65.65 would bolster the case for advancing toward $66.72. The Stochastic oscillator remains above the 80 level, signaling upside momentum that could persist, albeit with caution for overbought risks.

Market Takeaway

Silver’s surge reflects a blend of constricted supply, solid industrial demand and the metal’s appeal as a safe-haven proxy in uncertain times. While the near-term path remains upward, the market shows signs of overextension, making a short-term pullback plausible. Watch for support around $65.65; a break beneath could signal a deeper correction,while continued strength could target the $66.72 level and beyond to $69.79.

traders should stay mindful of macro risk, shifting yields, and evolving demand from technology and energy sectors that can alter silver’s trajectory in the months ahead.

Key Levels At A Glance

Metric	Current Insight
Spot price	Above $66 per ounce, fresh record noted
Near-term resistance	$66.72 to $69.79 levels
Near-term support	$65.65; deeper support around $60.85
Timeframe focus	H4 breakout momentum; confirmation on H1
Contributing demand drivers	Solar, electric vehicles, data centers; industrial usage

Disclaimer: This market view reflects analysis and is not financial advice. Markets can move quickly, and past performance is no guarantee of future results.

Two Quick Questions for Readers

1) Do you view silver more as a hedge against economic risk or as a growth asset tied to industrial demand in the coming year?

2) Which sectors do you expect to most influence silver demand next year, and why?

Share your thoughts in the comments below and join the conversation.

have thoughts to add? Tap to comment and compare notes with other readers.

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article.### Market Reaction to Weak US Jobs Data

• Non‑farm payrolls miss expectations – The U.S. Labor Department reported a decline of 55,000 jobs in October 2025, far below the consensus forecast of +150,000.
• Unemployment rate edges up – The official rate rose to 4.2 %, the highest level since mid‑2023, signaling a slowdown in hiring momentum.
• Investor sentiment shifts – Lower payroll numbers weakened the USD, reduced immediate pressure for rate hikes, and nudged capital toward real assets, especially precious metals.

Result: Silver futures on the COMEX jumped 3.8 % in a single session, breaching the $66 /oz threshold and setting a fresh all‑time high.

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Why Industrial Demand Is Propelling Silver

Sector	2025 Demand Growth	Key Drivers
Solar photovoltaics	+12 % YoY	Declining panel costs, new utility‑scale projects in the Southwest, and U.S. Inflation Reduction Act subsidies that require higher silver content per watt.
Electric vehicles (EVs)	+9 % YoY	Advanced thermal management systems and next‑gen battery packs using silver‑based conductors for faster charge cycles.
Electronics & IoT	+7 % YoY	5G rollout and edge‑computing devices demand high‑conductivity silver for printed circuit boards and connectors.
medical imaging	+4 % YoY	Expanded use of silver‑based conductive inks in portable X‑ray and diagnostic equipment.

– Silver’s unique properties – Highest electrical and thermal conductivity of all metals, excellent reflectivity, and anti‑microbial attributes make it indispensable for these applications.

• Supply constraints – Major mines in Mexico and Peru reported lower ore grades, tightening the physical supply side and reinforcing price momentum.

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Past Context: $66/oz in Outlook

1. Pre‑2020 baseline – Silver hovered around $18‑$20 /oz for most of the 2010s.
2. 2020 pandemic surge – prices briefly touched $30 /oz as investors chased safe‑haven assets.
3. 2022‑2024 volatility – Rates of 3‑5 % and inflation spikes pushed silver into the $28‑$35 /oz band, but supply‑demand imbalances kept upward pressure.
4. 2025 breakthrough – The combination of weak jobs data and robust industrial consumption finally propelled the metal past $66 /oz, doubling the 2020 high.

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Implications for Different Types of Investors

• Retail investors – Silver now offers a compelling hedge against both inflation and a slowing labor market. Positioning through spot purchases or low‑cost ETFs (e.g., SLV) can capture price gratitude while preserving liquidity.
• Institutional traders – futures contracts and options provide leverage; a 2‑month calendar spread capitalizing on the current upward bias may generate higher risk‑adjusted returns.
• Long‑term wealth planners – Allocating 5‑10 % of a diversified portfolio to physical silver (bars or rounds) adds a non‑correlated asset class,especially valuable when equity earnings are under pressure from weaker consumer spending.

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Practical Tips for Trading the New Silver High

1. Monitor US labor reports – Non‑farm payrolls, the unemployment rate, and average hourly earnings are leading indicators of potential price swings.
2. Track industrial demand metrics – Quarterly solar installation data, EV production numbers from Tesla, BYD, and emerging IoT device shipments give insight into underlying consumption trends.
3. Watch the USD index – A softer dollar typically bolsters silver; a sudden rebound in the DXY could trigger short‑term profit‑taking.
4. Set risk parameters – Use stop‑loss orders at 2‑3 % below entry when trading futures to protect against rapid corrections that historically followed sharp rallies.

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Case Study: solar Industry’s Direct Impact on Silver Prices (Q3 2025)

• Project – The 500 MW Desert Sunlight II solar farm in Arizona was commissioned in August 2025.
• Silver usage – Each megawatt of crystalline silicon PV requires roughly 20 kg of silver. The project alone added ~10 t of silver demand to the market.
• Price reaction – Within two weeks of the project declaration,spot silver rose 1.5 %, contributing to the broader uptrend that pushed the metal above $66 /oz.
• Takeaway – Large‑scale renewable projects create immediate, quantifiable demand spikes that can be anticipated and incorporated into trading strategies.

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Frequently Asked Questions (FAQs)

Q: Is the $66 /oz level sustainable?

A: Sustainability hinges on continued industrial demand and a prolonged softening of US labor data.As long as solar installations and EV production keep expanding, the price floor is likely to hold.

Q: How does silver compare to gold as a hedge in a weak jobs environment?

A: Silver benefits from the dual role of safe‑haven and industrial metal, offering higher upside potential than gold when industrial demand is strong. However, its volatility is also greater, requiring tighter risk management.

Q: What are the tax implications of holding physical silver versus ETFs?

A: In the U.S., physical silver is taxed as a collectible (maximum 28 % long‑term capital gains rate), whereas ETFs are treated as standard securities (15‑20 % depending on income level). International investors should consult local tax codes.

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Quick Reference Snapshot

• Current price: $66.12 /oz (COMEX, 21:06 UTC, 17 Dec 2025)
• Key catalyst: US non‑farm payrolls -55 k, unemployment 4.2 %
• Top demand drivers: Solar PV (+12 % YoY),EVs (+9 % YoY),Electronics (+7 % YoY)
• Supply outlook: minor mine output reductions in Mexico & Peru,projected 4 % deficit for 2025‑2026
• Strategic tip: Combine spot exposure with a 2‑month calendar spread to capture both price appreciation and term structure benefits.