Key Takeaways:
COMEX Silver prices rallied 3.2% to close at $28.15 per ounce on April 14, 2026, as traders priced in a looming supply shock.
The move was underpinned by growing concerns over a dual threat to supply: a global shortage of sulphur, a key element in refining, and market chatter of a potential export ban by China.
While the broader metals complex found support from a weaker U.S. Dollar, silver's outperformance was notable. The gold-silver ratio, a measure of how many ounces of silver are needed to buy one ounce of gold, tightened to 82, down from a high of 90 earlier in the year. COMEX registered silver inventories have also declined by 15% in the last quarter, according to exchange data.
The potential for a sustained rally in silver could increase input costs for key industrial sectors like solar panel and electronics manufacturing, which account for over 50% of silver demand. Gold, by comparison, saw a more modest 1.1% gain, closing at $2,320 per ounce. The next key data point for the market will be China's trade balance figures, due next week.
This article is for informational purposes only and does not constitute investment advice.
