$Silver (LIST2093.US)$ is not just glittering – it's surging. The white metal rocketed to $36.27 an ounce Thursday, a level last seen in 2012, and gold bull Peter Schiff says it's just warming up.

I love the smell of a precious metals rally in the morning. Gold is above $3,400, but silver and platinum are up 4%. Not only is silver above $35, it's about to take out $36, trading at its highest level since Dec. 2012. This train has left the station and there's no stopping it!

— Peter Schiff (@PeterSchiff) June 5, 2025

"This train has left the station and there's no stopping it," Schiff posted on X, noting silver's push to $36 and a 4% jump in early action.

While gold flirted with $3,400, it was silver that stole the spotlight, driven by a perfect storm of weak U.S. economic data, rising geopolitical tensions and intensifying expectations of a Fed rate cut in September.

The latest ADP private-sector-payrolls report showed the weakest job growth since March 2023, and the ISM Services PMI fell into contraction territory for the first time in nearly a year – fueling bets that the Fed will have little choice but to ease.

But it's not just macro softness driving this surge. The market is also reacting to Washington's tariff thunderclap – doubling import duties on steel and aluminum to 50%.

That's raising fears of another trade slugfest just as investors react to a market-moving call between U.S. President Donald Trump and Chinese President Xi Jinping.

For silver, which straddles the line between precious metal and industrial workhorse, this is jet fuel. Whether it's flight to safety or hedging against inflation and trade turmoil, demand is coming from all corners.

For those seeking exposure to this breakout, silver miners like $First Majestic Silver (AG.US)$, $Pan American Silver (PAAS.US)$ and $Wheaton Precious Metals (WPM.US)$ are catching bids alongside the metal.

If Schiff's right and the rally's just beginning, silver bugs may have a lot more to smile about this summer.