Global precious metal markets saw a strong surge at the end of 2025, with futures and spot silver prices soaring. In Shenzhen Te Li Shui Bei Jewelry Building, the largest gold and jewelry production base in China, silver bars and silver sheet materials were grabbed in a frenzy, sparking discussions across social media platforms. Industry insiders warned that the more frenzied the silver bull market becomes, the more people will end up in tears.
In late December, many bloggers in mainland China posted videos of people rushing to buy silver at Te Li Shui Bei Jewelry Building in Shenzhen even in the wee hours of the night.
In the field of physical silver investment and trading, “silver sheet” commonly referred to as silver plate, silver brick, silver ingot, or national standard silver plate, serves as raw material for silver; while “silver bars” are investment bars, processed into finished products, both being high-purity silver products.
On December 26, 2025, the global precious metal market witnessed a strong rally, with both futures and spot silver prices surpassing $75 per ounce. Notably, spot silver hit a record of $75.62 per ounce, marking a staggering 161% increase year-on-year. The price of gold also surged, reaching a record high of $4533.14 per ounce for spot gold, while futures gold reached $4559 per ounce. Other precious metals also saw price hikes, with spot platinum rising to $2448.25 per ounce, hitting historical highs.
On December 27, at Te Li Shui Bei in Shenzhen, there were reports of customers increasing the purchase price for silver bars, leading to delays in deliveries by businesses, resulting in heated arguments and attracting a crowd.
On the late evening of December 27, silver prices surged again, with an intraday increase of over 10%, breaking the $79 per ounce mark to reach a historic high. Silver has become one of the strongest commodity performers in 2025.
According to data from JM Bullion, as of the early hours of December 29, spot silver prices had climbed to around $80.30 per ounce.
This record-breaking surge in precious metals indicates accelerated capital inflows into physical assets and hedge markets as the year comes to a close. Silver has emerged as a front-runner in the precious metal market this year.
It is generally believed that this surge is driven by multiple factors such as supply shortages, industrial demand, speculative funds pouring in, geopolitical tensions, and expectations of a rate cut by the Federal Reserve.
Industry experts note that this year has seen unprecedented price surges in global precious metals – gold, platinum, and silver have all hit spectacular historic highs. For Chinese retail investors, with limited investment options domestically and restricted information flow, blind following or irrational buying behaviors are more likely to occur.
On December 28, a blogger mentioned, “In simple terms, it’s just regular people seeing speculation opportunities.”
A Chinese blogger stated that a nationwide craze for silver has emerged, spreading to rural areas where farmers and elderly people have also begun to rush for silver, priding themselves on acquiring a silver bar each. However, he cautioned that mass silver hoarding poses significant risks.
The uncontrolled frenzy for precious metals among Chinese investors has prompted extreme responses in the investment sector. China’s only fund dedicated to silver, the UBS SDIC Silver Futures Fund LOF, had to suspend Class C fund subscriptions starting from December 29, after issuing multiple risk warnings that went unheeded.
An industry expert, who goes by the pseudonym “Wang Si You Qian” in a video analysis, stated that the more frenzied the silver bull market becomes, the more people will end up in tears. She explained that silver possesses both financial and industrial qualities, enhancing its scarcity. However, a large portion of physical silver is not stockpiled in the industrial sector but is concentrated in the hands of speculative institutions and retail investors. Many perceive the silver surge as driven by the boom in industrial demand, but in reality, it is the speculative market that is escalating faster.
“Think about it, there’s so much silver in the market: needed by factories, investment institutions, and retail investors. On the surface, everyone is scrambling, so prices naturally rise. The issue is, factories buy silver for actual use, while investment institutions and retail investors buy it to sell later. These two behaviors are completely different,” she remarked.
The expert expressed that the silver bull market’s end could lead to a stampede scenario, where all speculators rush to exit simultaneously without anyone willing to absorb the selling pressure. She concluded with a foreboding statement, “Remember this: silver is not gold; it can make you quick money but also quick losses. The worst scenario is holding onto it expecting continuous growth like gold and realizing no one is there to bail you out once the bull market ends.”
One netizen commented, “While you speculate on gold and silver, I’ll stock up on food and oil, let’s see who wins in the end?” “Buy early or late, but always dumping in at the peak, how many people will be harvested this time, only veteran stock traders can comprehend, insanity will lead to cruelty afterward!” Another message read, “When others get greedy, danger is imminent. A wise man doesn’t stand under a perilous wall.”