Given the surge in silver prices, you might assume that silver demand was strong last year.

It wasn't.

In fact, demand fell slightly.

So, how in the world did silver explode to record highs?

In this episode of the Midweek Memo podcast, host Mike Maharrey digs deep into the recently released silver market data for 2025, explaining exactly what drove silver prices higher and why there is still plenty of upside remaining.

He also shares some gold news that would have sounded ridiculous just a few years ago.