Silver Inches Closer To $85: Campbell Says Don't 'Buy Fresh,' But Accumulate Dip As China Looks To Restrict Metal
Silver prices surged to a new record high, nearing the $85-mark on Monday before pulling back to trade near $80, as looming Chinese export restrictions ignite fears of a global supply shock.
Check out COMEX silver prices as tracked by SLV here.
‘Scary’ Phase Of The Rally
Despite the historic run—up over 25% in just ten days, Rose AI founder Alexander Campbell is urging caution for new entrants. In his latest market update on Saturday, Campbell warns that while the long-term thesis remains intact, the immediate setup is dangerous for those chasing the rally.
“I wouldn't buy fresh here,” Campbell advised, citing potential volatility from tax selling and recent margin hikes by the CME.
Instead, he suggests investors “accumulate in the coming drawdown,” viewing upcoming red candles as buying opportunities rather than panic signals.
See Also: Silver Prices Soar as China’s New Export Rules Take Effect—Elon Musk Says, ‘This Is Not Good’
China Weaponizes The Metal
The primary catalyst for the surge is China's imposition of export licensing on silver, effective Jan. 1st, 2026.
This move restricts flows from the world's massive net exporter, prompting Elon Musk to warn on X, “This is not good. Silver is needed in many industrial processes.”
The supply constraint is already visible in the physical market: while Western paper markets (COMEX) trade around $77–$80, physical silver in Shanghai has hit $91 per ounce, creating a massive arbitrage gap.
Margins And Long-Term Targets
To curb volatility, the CME raised silver margin requirements to $25,000 per contract. However, Campbell argues the “margin kill switch” is already exhausted, noting that leverage in the system is far lower than during the 2011 crash.
With solar and AI demand driving a structural deficit, long-term bulls remain unfazed. “Rich Dad Poor Dad” author Robert Kiyosaki celebrated the break above $80, asking if $200 is next.
While economist Peter Schiff declared this “historic bull market still has a long way to run.”
As of the publication of this article, Silver Spot US Dollar was 0.50% lower at $78.6150 per ounce. Its last record stood at $83.987 per ounce with an annual gain of 168.57% and 119.08% returns over the last six months.
Here is a list of physical silver and silver miner ETFs for investors to consider.
| Silver And Silver Miner ETFs | YTD Performance | One Year Performance |
| iShares Silver Trust (NYSE:SLV) | 164.09% | 169.09% |
| abrdn Physical Silver Shares ETF (NYSE:SIVR) | 164.56% | 169.73% |
| Global X Silver Miners ETF (NYSE:SIL) | 171.77% | 184.75% |
| Amplify Junior Silver Miners ETF (NYSE:SILJ) | 185.17% | 205.81% |
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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