SINGAPORE — The gleaming glass displays at local bullion shops are looking a little sparser than usual this January. As silver prices continue their historic ascent, smashing through the US$80 per ounce milestone, a buying frenzy has gripped Singapore, leaving dealers struggling to keep physical stock on the shelves and waitlists stretching into the second quarter of the year.¹

While gold often steals the headlines, 2025 was the year silver truly outshone its "yellow cousin," gaining over 160% in value. Now, in the opening weeks of 2026, the momentum shows no signs of slowing down.

A Supply Chain in Gridlock

The current shortage isn’t just about high demand; it’s a "perfect storm" of supply constraints. Starting January 1, 2026, China—which controls nearly 70% of the world's refined silver supply—implemented strict new export licensing rules. These restrictions have effectively cut off hundreds of smaller exporters, sending shockwaves through the global market.

In Singapore, the impact is immediate. Retailers who used to receive orders within a week are now telling customers to wait until March for 1kg silver bars.

The "Poor Man’s Gold" No More

Historically, silver has been dubbed the "poor man's gold," an accessible entry point for retail investors. However, with the Gold-Silver Ratio narrowing significantly—falling to around 58:1 from highs of over 80—investors are no longer viewing it as a second-tier asset.

Why the Price Won't Quit

Beyond its role as a store of value, silver is a critical component in the "green economy." Solar panel manufacturing has created a structural deficit where demand has outpaced mine supply for five consecutive years.

Additionally, amidst global currency volatility and debt concerns in major economies, silver is being treated as "hard money."

What’s Next for Investors?

While technical indicators like the Relative Strength Index (RSI) suggest silver is currently "overbought" and due for a short-term cooling period, the structural shortage remains. Dealers are advising caution for newcomers, urging them to look past the "silver fever" and focus on long-term wealth protection rather than speculative flipping.