Elon Musk has warned that the recent spike in silver prices could have significant impacts on industries that rely on the metal. Silver reached $79 an ounce last week, its highest level ever, driven by supply concerns and increased investor demand for safe-haven assets.
As posted on X:
"This is a bigger deal than it may seem. Starting January 1, 2026, China will restrict silver exports. To export silver, companies will now need government licenses."
Musk replies on X:
"This is not good. Silver is needed in many industrial processes."
Silver is used extensively in electrification, solar panels, electric vehicles, and data centers. Musk highlighted its importance for industrial processes, noting that high prices could pose challenges for manufacturers.
Other precious metals have also surged. Gold is up more than 70% in 2025, trading above $4,500 an ounce, while platinum reached a record $2,338 an ounce, supported by supply constraints and investment demand.
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