Silver’s latest surge has pushed the white metal intouncharted territory, as political drama around the Federal Reserve, tightermarket rules and mounting supply tensions converge to send prices throughanother record. Wednesday trading saw silver power to a new all‑timehigh of around $92 an ounce, building on a dramatic move the previous day that alsopulled gold to fresh peaks and amplified debate about how far thisprecious‑metals cycle can run.Silver Extends Record-Breaking RunSilver traded around $88 on Tuesday, up about 3% onthe day and above the previous record just over $86 set on Monday.The latest move capped a sharp rally that began latelast year and accelerated after Federal Reserve Chair Jerome Powell disclosedthat the U.S. Department of Justice had served him subpoenas related to themultibillion‑dollar renovation of the Fed’s headquarters and his testimony onthe project.In case you missed it: UK Watchdog Extends Consumer Duty Lens from CFDs to “Complex” Exchange Traded ProductsThe Justice Department’s criminal investigation intoPowell and the renovation of the Fed’s Washington headquarters has injectedrare personal jeopardy into U.S. monetary policy.Powell confirmed in a video statement that he hadreceived subpoenas threatening criminal indictment and described the move as“unprecedented action” that must be seen in the context of what he calledongoing political pressure on the central bank.CME Tightens Margins After Wild SwingsThe speed of the move forced exchanges to respond.Late Monday, CME Group adjusted margin requirements on precious‑metalscontracts, shifting from fixed dollar amounts to a percentage of eachcontract’s notional value.With silver trading above $90 per oz right now, up another 5% tonight, I thought I would share an interesting chart showing the different silver mining stocks.These are all of the silver mining stocks that call themselves "silver miners". but it shows what percentage of their… pic.twitter.com/L8KwSMDOMA— Wall Street Mav (@WallStreetMav) January 14, 2026The operator framed the change as part of a normalvolatility review aimed at keeping collateral in line with risk, but the timinghighlighted concern over the scale of intraday swings in both silver and gold.At the same time, according to EuropeanBusinessMagazine,consumption in sectors such as solar power, electronics, photonics and electricvehicles has expanded steadily. Manufacturers value silver for its conductivityand reliability, and many applications offer few immediate substitutes atscale.Analysts argue that this industrial pull has turnedsilver from a pure monetary hedge into a critical input for energy transitionand digital infrastructure, which keeps physical demand robust even whenfinancial flows waver.The rally has also exposed gaps between differentparts of the market. Spot prices for physical silver have tracked higher thanthe net asset value of some exchange‑traded funds, reflecting timingdifferences and liquidity frictions between physical inventory andexchange‑listed products.XAGUSD Technical AnalysisSilver’s 14‑day RSI is sitting deep inoverbought territory around the mid‑70s after the spike toward 90–91, confirming strong upside momentum but also flaggingelevated risk of a momentum pause or shake‑out rather than a fresh “value” entry. On the intraday daily chart, the immediate level to to watch is $81, which act as the near-term support level. If the price goes beyond this level, the next support level to watch is at $71. ‘Resource Nationalism’ Reshapes Metals FlowsCNBC has spotlighted another theme that now sitsalongside safe‑haven flows and industrial deficits: “resourcenationalism.” Over the past two years, major powers have leaned moreaggressively on control of key commodities as a tool of economic influence. TheUnited States escalated tariffs and other trade barriers, while China respondedwith tighter export controls on strategic materials, including rare earths and,in late 2025, silver.‘Resource nationalism’ could propel gold to $5,000 and silver to $100 this year, investors say https://t.co/OzT1iivZd7— CNBC International (@CNBCi) January 14, 2026China’s decision to restrict silver exports landed ina market that already relied on the metal for high‑tech applications andindustrial production. The move reframed silver not only as a financial assetbut also as a strategic resource in the evolving trade confrontation betweenWashington and Beijing.In parallel, political flashpoints — from Russia’sfull‑scale invasion of Ukraine to debates over Venezuelan oil and even talk inWashington about asserting more control over Greenland — reinforced the sensethat supply chains sit inside a broader geopolitical contest.For retail traders, the challenge is less about identifying the target and more about execution: sizing, drawdown tolerance, and timing entries in volatile conditions. These execution-level questions are increasingly being addressed in live environments, including trader-focused sessions at Dubai’s Trading Festival, where strategies are dissected beyond headline price targets.Ambitious Targets for $100 SilverAgainst this backdrop, some money managers see scopefor much higher prices in the near term. Several investors argue that the samecombination of geopolitical tension, trade friction and constrained supply thatdrove record gains in 2025 remains in place or has intensified.Forecasts of $5,000 gold and $100 silver this yearrest on a few linked assumptions: that central banks maintain a dovish tilt,that rate‑cut expectations remain in play, and that political shocks keepinvestors on edge. The Powell investigation has raised fresh questionsabout the relationship between politics and monetary policy in the UnitedStates. Concern that the Fed could face direct political interference, or thatits leadership could change course under pressure, feeds into a wider debateabout long‑term inflation risks and the credibility of U.S. institutions.From @WSJopinion: DOJ’s criminal subpoena to Fed Chair Jerome Powell is a self-defeating fiasco. Picking a fight with the Fed—and the bond market—over an issue that voters will find confusing and irrelevant is lawfare for dummies.https://t.co/aRvWbY7f5G— The Wall Street Journal (@WSJ) January 13, 2026Comments from some officials and market participants highlight unease overwhether rate‑cut cycles and unconventional measures will ultimately erode thepurchasing power of the dollar.In response, a group of global central bankers,including the heads of the European Central Bank and the Bank of England,publicly expressed support for Powell and the Fed. Geopolitics, Deficits and What Comes NextFor now, the forces pushing silver higher show littlesign of easing. Geopolitical friction between the United States and China stilldrives policy choices around trade and access to strategic resources.You may also like: Prop Firm TradersYard Adds Futures Challenges, CEO Says “FX-Style Rules Confuse Traders”Supply deficits in the silver market persist, whileindustrial demand continues to rise in sectors that underpin long‑term energyand technology trends. The ongoing reassessment of central bank independence,triggered in part by the Powell probe, keeps safe‑haven demand alive.That mix leaves investors watching several levers atonce: the path of rate decisions, any shift in export controls, and whetherpolitical tensions ease or intensify. If central banks stay dovish andgeopolitical risks remain elevated, both silver and gold could retain strongsupport even after setting new records. This article was written by Jared Kirui at www.financemagnates.com.