Silver has set a new all-time high and appears to be making another attempt to break free from the current trading range.
For the first time in history, silver prices surpassed the historic mark of $50 per ounce in October 2025. Later prices retreated to lower levels of around $47.
Silver currently trades at its all-time high price of around $55.55, up over 15% in the last month and a staggering 92% so far this year.
How Silver Price Moved This Week
Source: Trading Economics
Gold, Silver Price Comparison
While gold stole the spotlight in 2025, it is silver that has gained more than the yellow metal. Compared to gold, silver has moved sharply higher over the last 12 months.
Gold is up by 59% while silver has jumped nearly 82%. Even in 2025, so far gold has gained 60%, while silver is already up 92%.
Both gold and silver have garnered significant attention as investment options amid geopolitical risks and economic uncertainty. In the past five years, both metals have increased by over 130%, reflecting a growing interest in precious metals.
Gold-Silver Ratio
In early 2025, gold was valued higher than silver. But the big rally in silver during the year has made it less expensive compared to gold.
The gold-silver ratio explains how expensive one asset is in comparison to the other. The gold-silver ratio indicates the number of ounces of silver it takes to buy one ounce of gold.
In January 2025, the ratio was over 100, while today, when gold trades around $4,207 and silver trades at $55, the gold-silver ratio at the end of November 2025 has fallen to just under 77.
The ratio is still above the long-term average of 70. This means silver has potential for further gains if gold prices remain stable or decrease.
Silver Market
Silver squeeze is for real, supporting higher prices. China’s silver exports reached an all-time high of more than 660 tonnes in October, while Chinese inventories fell to their lowest level in ten years as a result of large shipments to London brought on by a supply squeeze.
Silver market is expected to remain in deficit in 2025, marking the fifth consecutive year. Recent conditions have led to a significant liquidity squeeze, causing lease rates to soar and a high volume of deliveries into CME vaults due to tariff concerns in the US.
Silver has been officially classified as a critical mineral by the US government. These changes occur amid heightened macroeconomic and geopolitical risks, prompting investors to increase their allocations to precious metals for better portfolio diversification.
Macros Influencing Demand
Silver trades around record high prices amid growing expectations that the US Federal Reserve will cut interest rates further. The US Fed FOMC meeting is scheduled for December 9-10, where Fed chief Powell is likely to announce this year’s third rate cut of 25bps.
Three additional rate cuts are expected by the end of 2026, which could potentially give a further boost to silver prices. Overall, expectations of lower interest rates and tighter physical conditions have increased demand for this precious metal.