Silver has closed 2025 as the best-performing asset after a historic 26% surge in December. Yet market participants warn that this rally is not a replay of the Hunt brothers' blow‑off in 1980 or the QE panic in 2011. Back then, with leverage removed, the price could fall back because the metal was available. Today, silver is in a persistent deficit, experiencing surging industrial demand and a tightening geopolitical grip on physical flows. Deficits Make It Different In 1980, the Hunts used leverage to ...