COMEX silver jumps 4% to $66.05 as supply deficit persists

COMEX silver rose 4.0% intraday to $66.05 per ounce on Aug. 10, extending a seven-session rally that has lifted the metal 10.4% from $58.19.

Spot silver traded at $66.60 per ounce, up $2.45 on the day, according to SD Bullion's live COMEX feed. The metal is up 67.5% over the past year and 175.4% over five years, while remaining 45.7% below the all-time high of $121.67 set on Jan. 29, 2026.

The rally is anchored in persistent supply deficits and record industrial demand. Global silver demand reached record levels in recent years, driven by solar photovoltaics, electronics, and electric vehicles, according to the Silver Institute's World Silver Survey. Most silver is mined as a by-product of copper, lead, zinc, and gold, making supply relatively inelastic to price signals.

Silver's 10.4% weekly gain outpaces gold and most base metals, reflecting the tightest supply-demand balance in the precious metals complex. The metal's 67.5% one-year appreciation compares with gold's more modest gains, and the gold-silver ratio — historically averaging between 50:1 and 80:1 — remains elevated, suggesting silver may have further room to run if industrial demand holds.

Supply Deficit and Industrial Demand

Silver's dual role as a monetary metal and industrial input has made it more volatile than gold, with industrial demand cycles moving the price sharply in both directions. The metal's 6-month decline of 20.5% from its January peak illustrates this volatility, while the 10.4% weekly rebound shows how quickly sentiment can shift when supply tightens.

In Canadian dollars, silver trades at C$91.69 per ounce, up C$3.21 on the day, according to Kitco's live price feed. The USD/CAD exchange rate is the second driver of the Canadian price, since global silver trades in U.S. dollars. Per-gram pricing in CAD stands at C$2.95, while per-kilo reached C$2,947.81.

Price Levels and Forward Outlook

Silver's per-gram price in U.S. dollars stands at $2.14, up $0.08, while per-kilo pricing reached $2,141.19, up $78.62. The metal's 10-year appreciation of 218.2% shows its long-term trajectory, though the 20.5% drawdown from the January all-time high shows the correction that preceded this week's rebound.

The next key test for silver will be whether industrial demand from the solar and EV sectors can sustain the current momentum. With supply constrained by by-product mining economics, any further demand acceleration could push prices toward the all-time high of $121.67, a level last seen on Jan. 29. Silver trades nearly 24 hours a day, with COMEX in New York serving as the primary price-discovery venue and the LBMA Silver Price providing a daily benchmark for institutional contracts.

This article is for informational purposes only and does not constitute investment advice.