Silver Prices Surge to 14-Year High Amid Supply Concerns, US Tariffs

Silver prices have surged to a 14-year high, recently closing at $39.33 per ounce, driven by unprecedented physical demand, critically low inventories, and geopolitical tensions such as the U.S. imposing tariffs on silver imports from Mexico and the EU. The delivery of nearly 2 million ounces of physical silver daily on COMEX matches global production, highlighting a looming supply squeeze as industries and investors compete for limited resources. Production reports from Juanicipio, a major silver mine operated by Fresnillo plc and MAG Silver, show strong silver and polymetallic outputs, supporting the tight supply narrative. Investor interest is further fueled by silver's growing role in renewable energy and industrial use, while speculative capital inflows and short-selling pressures add volatility to the market. On the corporate front, Silver47 Exploration Corp. is progressing with a merger to become a U.S.-focused silver company with enhanced drilling capabilities, signaling optimism in junior silver mining ventures. Additionally, Canadian company Silvercorp Metals is exploring mining opportunities in Kazakhstan, indicating ongoing international interest in silver and precious metals mining.