Silver continues to shine in 2026...

Silver has come charging into 2026 with serious energy, and for once it feels like the metal that usually lives in gold’s shadow is finally enjoying its moment in the spotlight. Prices have been flirting with the £70 per ounce level, brushing close to record territory, and in recent months silver has comfortably outpaced gold. For many of us stackers, this rally has been fascinating to watch, not just because of the numbers on the screen, but because of what is happening underneath the surface.

This move higher has not come out of nowhere. For several years now the silver market has been running at a deficit, with more metal being used than mined. New production has struggled to keep up, and above ground stockpiles are far thinner than many people realise. When supply is already tight, even a small surge in demand can send prices moving quickly, and that is exactly what we are seeing play out again.

Investment demand has also come roaring back. More and more people are looking for something solid to hold as inflation, political tensions, and distrust in the financial system continue to grow. Paper silver products and ETFs are seeing strong inflows, which shows that silver is firmly back on investors’ radar. Even though paper products are not the same as holding physical metal, they are a clear sign that sentiment has shifted in silver’s favour.

Another factor quietly helping silver along is the changing relationship between gold and silver. The gold to silver ratio has been compressing, and historically when that happens silver often runs harder and faster than gold. This time feels no different. Silver has begun to move with a life of its own, attracting those who want exposure to precious metals but with a little more volatility and upside potential than gold typically offers.

Of course, whenever prices rise quickly the word bubble starts getting thrown around. Some short term traders are already warning about overheating and possible pullbacks, and they may well be right in the short run. No market moves in a straight line, and silver is famous for sharp corrections just when everyone starts feeling comfortable. But this does not feel like a rally built purely on hype. Tight supply, strong industrial demand, and renewed investor interest are real forces, not just speculation.

For physical stackers, this is where patience and perspective really matter. Silver has never been about chasing daily price moves. It is about slowly building a position in something tangible, outside the banking system, that you can hold in your own hands. Corrections will come, they always do, but they do not change why silver belongs in a long term stack.

One of the reasons I have always loved silver is how well it fits into a balanced portfolio. It behaves differently to shares, property, and even gold at times. Industrial use, monetary demand, and investor behaviour all pull on silver in different directions, which makes it a powerful diversifier when the wider world starts wobbling.

Where prices go next in 2026 is anyone’s guess. Some think we will chop sideways for a while, others believe the supply deficit alone could push silver much higher before the year is out. What feels clear is that this rally has solid foundations. It is not just excitement, it is the result of years of tightening supply and growing demand finally colliding.

For now, I am enjoying watching silver shine again. Whether prices sprint higher or take a breather, the long term case for holding physical silver has rarely looked stronger. And if nothing else, it is nice to see the white metal finally getting the respect it deserves