Silver appears to be entering its golden age. Silver has beaten gold in yearly gains as investors flock to precious metals during global uncertainty.
In the last 12 months, silver is up 44% as against a 41% return on gold.
Over the last month, the return on gold is 4.5%, while silver managed to nearly double the score at nearly 9%.
For the first time since 2011, silver has surpassed $40, trading at around $40.68 on September 3, 2025. Silver is $8 away from creating a new all-time high price. Silver’s all-time high price is $48.70 per ounce, set in 2011.
Historically, both gold and silver, the two precious metals, shine during periods of fear and economic uncertainty. Starting with the bull run in gold prices that started in late 2022, it was expected that sooner or later the silver would also catch up.
Factors at Play
A recent US proposal may significantly impact the price of silver. The U.S. Department of the Interior, through the U.S. Geological Survey, has proposed to add Silver to the List of Critical Minerals for the USA. This development by itself is expected to see an enhanced level of interest in Silver.
Reportedly, the Saudi Central Bank and the Russian government have shown a higher level of interest in the purchase of silver.
In 2025, it is anticipated that demand for silver will outpace supply, which could keep prices stable for a fifth year in a row.
The silver market has an annual turnover of about $30 billion. The small size of the market can significantly impact the price even if there’s a slight change in demand.
Silver Price Outlook
A study by DSP Mutual Fund indicated that silver outperformed gold in only 10 out of 26 years, but when both precious metals rally, then silver tends to significantly outperform gold.
Industry experts expect price corrections and consolidations in silver over the short term, but are hopeful of the long-term outlook.
Diversifying into both gold and silver is a better approach, particularly given the ongoing support from central banks and global trade uncertainties, which are expected to sustain the appeal of these precious metals.