Silver Rises Over 120% YTD 
Published: 12-24-2025, 09:20 am | Updated: 01-02-2026, 01:30 pm
Silver is moving into one of the most unusual setups we’ve seen in decades — and according to Mike Maloney, the real story isn’t the price action. It’s the structural forces building underneath the surface.
In his latest market breakdown, Mike walks through the supply constraints, geopolitical pressures, and historical ratios that are all pointing to one conclusion: the opportunity forming in silver may be far bigger than most investors realize.
Below is a deeper look at the key points from the video.
Silver Is Now Only 11.8x Away From Its Inflation-Adjusted High
The video begins with a striking metric: silver is just 11.8x away from its inflation-adjusted all-time high when measured against M2 currency supply. That matters because Mike isn’t comparing silver to nominal prices — he’s comparing it to the money creation backdrop that ultimately determines real purchasing power.
In simple terms:
Silver hasn’t even begun to catch up to the amount of currency that’s been created.
Pair that with Mike’s expectation of a broader market correction by late 2026 — thanks to today’s “hyperbubble” environment — and the setup becomes difficult to ignore.
Global Silver Stockpiles Are Vanishing — And Nations Are Starting to Panic
The world is waking up to a reality Mike’s been warning about for years:
The era of abundant silver is over.
- China has already halted silver exports and imposed new licensing requirements.
- Countries that once sat on massive stockpiles — including the U.S. — now have essentially none.
- Governments are rediscovering the obvious: you can’t wage technological, monetary, or even conventional war without silver.
In an age defined by chips, solar panels, batteries, and high-tech infrastructure, silver isn’t just an investment metal — it’s a critical input for national survival.
And when nations compete for a finite resource, civilians typically get priced out first.
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Search Trends, Investor Behavior, and the Gold-to-Silver Ratio Are All Flashing the Same Signal
One of the more fascinating elements Mike highlights is a surge in retail curiosity:
“How to buy silver” recently hit a new all-time high on Google.
This isn’t noise — historically, spikes in search interest have lined up with major turning points:
- 2008 financial crisis
- 2011 silver peak
- 2020 pandemic volatility
And now, 2025.
Meanwhile, the gold-to-silver ratio continues to fall — a sign that silver is strengthening relative to gold. Mike’s long-term chart shows the ratio dropping below 65, with historical “normal” levels closer to 33–35 in eras when global stockpiles were abundant.
Today? Stockpiles are gone — yet the ratio is still historically high.
Mike believes the path back toward earlier ratios (and potentially beyond) suggests silver has a long runway ahead. In his words:
“Silver has a lot of opportunity. The higher this chart goes, the greater the opportunity.”
Could Silver Reach Triple Digits — or Even Quadruple?
Mike believes silver is destined for triple digits — and the data emerging in recent months has him wondering whether even four-digit silver is possible over the long term.
A dramatic reset of the gold-to-silver ratio could drive that outcome:
- A fall to 20:1 (consistent with historic peaks)
- Or even 10:1, which Mike says is “absolutely possible” in a major metals revaluation cycle
Combine that with a gold price that could be headed well beyond $8,000, and silver’s upside becomes exponential.
In Mike’s math, this creates scenarios where silver could outperform gold by 6x or more — even while gold itself is soaring.
This is the kind of compounding few investors are positioned for.
Big Money Is Quietly Positioning — and the Panic Buyers Haven’t Arrived Yet
One of the most telling datapoints Mike shares: a contact in Utah asking how to execute a $100 million silver purchase.
This isn’t speculative capital — this is the kind of institutional money that usually shows up before the public panic begins.
Mike warns that as the situation tightens:
- First silver becomes unobtanium
- Then it becomes unaffordium
That transition tends to happen fast.
Yet ironically, many smaller investors are selling into dips — exactly when disciplined stackers (and large buyers) are adding.
Mike even highlights a recent example: an investor who bought 350,000 ounces during a pullback and immediately saw an 8.6% rebound.
The pattern is old as markets themselves: Emotional sellers fuel the opportunity for unemotional buyers.
Watch Mike’s Full Breakdown
There’s far more in the video — including charts, ratios, historical parallels, and Mike’s personal buying strategy based on decades of research.
Watch the full market breakdown here
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People Also Ask
Will silver really hit triple digits by 2026?
Many analysts believe the setup for triple-digit silver is stronger than it’s been in decades. Mike Maloney explains why shrinking global stockpiles, rising industrial demand, and a falling gold-to-silver ratio create the right conditions for a major breakout. You can watch his full breakdown here for the complete analysis.
Why are global silver stockpiles running out?
Governments and industries have quietly drained silver reserves for years, especially for tech applications like solar, electronics, and military systems. Mike notes that even the U.S. once had a massive strategic silver stockpile — now completely gone. His video explains why this matters for future prices.
What does the gold-to-silver ratio tell us about silver’s future price?
The gold-to-silver ratio shows how many ounces of silver it takes to buy one ounce of gold. Historically, the ratio averaged around 30–35, but today it’s much higher, suggesting silver is undervalued. Mike’s long-term charts show why a move toward past ratios could signal explosive upside for silver.
Why are big investors buying large amounts of physical silver?
Institutional buyers are beginning to accumulate major positions — in some cases, even exploring $100 million purchases. This usually happens early in a metals cycle, before retail demand spikes. Mike discusses these moves in detail in his latest market update.
Is “junk silver” actually valuable?
Yes — despite the nickname, pre-1965 U.S. silver coins contain real silver content and often hold strong value during currency or financial crises. Mike emphasizes that this type of silver isn’t junk at all: it’s historic, recognizable money with practical utility. Learn more in the full video on GoldSilver’s YouTube channel.
