Silver missed the Black Friday sale memo and hit a new all-time high of US$56.86 an ounce.
The price of the white metal rose after CME Group (NASDAQ:CME) halted trading on the COMEX on Friday (Nov 28) citing “cooling issues” at its CyrusOne data center located in a Chicago suburb.
“On November 27, our CHI1 facility experienced a chiller plant failure, affecting multiple cooling units,” a CyrusOne spokesperson told CNBC in an email. “Our engineering teams, along with specialized mechanical contractors, are working on site to restore full cooling capacity. We have successfully restarted several chillers at limited capacity and deployed temporary cooling equipment to supplement our permanent systems.”
The CME Group X post shows that as of 5:46 a.m. PST, all markets were open and trading.
All CME Group markets are open and trading is taking place.
– CME Group (@CMEGroup) 28 November 2025
The outage is one of the longest for CME Group in years, according to Reuters.
Some traders are taking the disruption as a reminder of the market’s strong reliance on systems that don’t always run perfectly. However, others have pointed out that less activity in the US due to the Thanksgiving holiday on Thursday (November 27) may have helped mitigate the impact of the disruption.
“If there was ever going to be a rough day, today would probably be a good day for it,” Joe Saluzzi, co-manager of Themis Trading in Chatham, New Jersey, told the news outlet.
chart through investment news network,
Silver price chart, November 27 to 28, 2025.
While silver has been known to lag behind gold before outperforming, it is now ahead of its peer metal in terms of percentage gains – silver is up nearly 84 percent year-to-date, while gold is up nearly 58 percent.
Gold was also on the rise on Friday and broke above US$4,200 an ounce for the first time since mid-November, but remains below its all-time high of around US$4,400 set in October.
Silver’s rally this year has been driven by various factors.
As a precious metal, it is influenced by many of the same factors as gold, but its October price surge, which took it above the US$50 level, was also driven by a lack of liquidity in the London market.
Although that issue appears to be resolved, a new situation has recently emerged – Bloomberg reported on Tuesday (Nov. 25) that Chinese silver stockpiles are now at their lowest level in a decade following massive shipments to London.
Tariff concerns and silver’s new status as a key mineral in the US also provide support heading into 2025.
The industrial side of the white metal shouldn’t be forgotten either – according to the Silver Institute, industrial demand for silver is set to reach a record 680.5 million ounces in 2024 due to uses in grid infrastructure, vehicle electrification and photovoltaics. Total silver demand through 2024 was down 3 percent year-over-year, but still exceeded supply for the fourth consecutive year, resulting in a deficit of 148.9 million ounces for the year.
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Watch five experts share their views on the silver landscape.
Time will tell what happens next for silver, but some experts believe it will outperform gold in 2026.
Jay Martin of VRIC Media said, “Sure money is made in the gold sector, but bigger money is made in the silver sector – this has proven true in the last few precious metals cycles. I believe it will be true in this sector as well.”
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