Silver Prices Tripled in a Year: What Triggered It?

World silver prices have again drawn global market attention after fluctuations over the past year. The precious metal even briefly traded above $100 per troy ounce in 2026, before a sharp drop on 30 January.

Although it corrected, silver’s price performance over the past year remains relatively strong. It has risen more than threefold and even outpaced gold’s gains. By comparison, gold rose about 90% over the same period. The surge in silver prices has also pushed the gold-to-silver ratio to a new low.

Quoting Yahoo Finance, on Friday (6 March 2026), Chris Mancini, associate portfolio manager of Gabelli Gold Fund, said the gold-to-silver ratio is currently around 48. That is lower than the long-term average of around 65, and approaching historically low near 30.

“If the ratio falls to 30, silver could reach around $170 per troy ounce, assuming gold at $5,100 per troy ounce,” Mancini said.

The jump in silver prices over the past year has not been without macroeconomic factors.

Analysts see the rise triggered by shifts of investors away from dollar-based assets, rising geopolitical tensions, and global economic uncertainty.

“It’s not just about silver, but the broader economic and political conditions,” said Christian. He noted economists’ concerns are rising amid a weakening labour market, persistent inflation, and the negative impacts of tariffs and trade restrictions.

The situation is not only in the United States but also affects the global economy.

In an unsettled market, investors typically seek alternative assets such as gold and silver. The precious metals are often viewed as a safe haven, instruments that tend to be more stable when stock and bond markets are volatile.

These metals are used in a wide range of products, from solar panels, smartphones, televisions, semiconductors, to data centres for artificial intelligence (AI).