JAKARTA -- Silver prices jumped as China plans to impose export restrictions on the metal from 1 January 2026.
Under the proposed rules, Chinese companies will be required to obtain regulatory approval before exporting silver.
As cited by Yahoo Finance, Elon Musk has weighed in on China's plan to restrict silver exports, highlighting the potential implications for industry.
On Saturday (27/12), Musk responded on X to a post by Jesse Peltan, which shared content from Bull Theory.
The post said China intends to introduce export restrictions on silver from 1 January 2026, requiring companies to secure licences from the government.
"This is not good. Silver is needed for many industrial processes," Musk wrote in response.
The export curbs highlighted by Musk refer to China's plan to implement an export licensing system for silver starting in 2026.
The policy is reported to be aimed at strengthening control over exports of strategic minerals and could, in practice, reduce global silver supply.
The move comes amid ongoing trade tensions between China and the United States.
Several analysts see the step as part of Beijing's broader strategy to tighten control over strategic commodities as leverage in trade disputes, as Washington and its allies continue to impose stricter technology restrictions and tariffs on Chinese products.
Silver is widely used across industries, including electronics, medical applications, and renewable energy. Its high electrical and thermal conductivity, as well as its chemical stability, make it a critical industrial resource.
Musk's remarks underline silver's importance in industrial supply chains and the potential consequences should China proceed with the restrictions.
Last week, China officially passed revisions to its Foreign Trade Law on Saturday (27/12), aimed at strengthening its ability to withstand trade conflicts while paving the way for an economy worth USD 19 trillion.
The revised law will take effect on 1 March 2026 and provides a stronger legal basis for the Chinese government to control export flows and safeguard economic stability.
As reported, silver prices surged 9% to hit a record high on Friday (26/12). The white metal, as cited by Reuters, reached an all-time high of USD 78.53 per troy ounce.
Other precious metals also strengthened on Friday. Spot gold climbed to a record high of USD 4,549.71 per troy ounce, while platinum touched a record USD 2,454.12 per troy ounce after rising 10%.
Spot palladium jumped more than 14% on Friday and was last traded at USD 1,924.03 per ounce.
Earlier, Robert Kiyosaki, author of Rich Dad Poor Dad, had warned of a major financial collapse, arguing that only a handful of assets, including silver, would hold their value. (DH/KR/ZH)