Silver prices have surged significantly this year, reaching record highs and outperforming gold, driven by robust industrial demand, anticipated US rate cuts, and global supply concerns. China's upcoming export restrictions on silver, effective January 1, 2026, are expected to further tighten global supplies. The metal has experienced a structural deficit for seven years due to its nature as a by-product of other metals, contributing to its strong rally. International prices are nearing $30 per ounce, while domestic futures have hit an all-time high.