Silver has created a new milestone and is trading at record highs. For the first time since 2011, silver has exceeded $40 and reached a new intra-day high of 40.75 on September 1, 2025. Over the last year, silver has increased by more than 40%.
The bull run in Silver seems to have picked up steam, particularly in the last two days of the trading session. From $38.76 on August 29 (Friday), silver trades at $40.75 on September 1, jumping almost 5% in two trading days!
Demand For Silver
3 key developments may just have ignited the demand for gold’s close cousin, 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 was expected to see an enhanced level of interest in Silver. FE Online first reported it here.
Kitco, last week, reported that the Saudi Central Bank’s 13F filings with the Securities and Exchange Commission show the central bank bought 932,000 shares of iShares Silver Trust (NYSE: SLV) in the second quarter, valued at $30.578 million.
Also, according to Kitco, only Russia has publicly said that it is an active buyer in the silver market. Last year, the Russian government announced that it was considering investing $535.5 million over the next three years to replace its precious metal reserves, which include silver and platinum-group metals.
Silver Price Outlook
The demand-supply situation of silver points towards support in prices. The demand for silver is expected to surpass the supply in 2025, potentially sustaining the price for the fifth consecutive year.
The price of silver in comparison to gold indicates how expensive one metal is over another. Gold price today is $3,470 and Silver price today is $40.40 – a ratio of 85. Historically, this ratio has been around 70 for gold and silver.
This shows there’s more space for the silver price to move up, provided the gold price remains stagnant or falls.
Factors Influencing Gold, Silver Prices
Some recent trends that can shape gold, silver prices include Trump’s tariff trades, US Fed rate cuts, and other uncertainties around geopolitics. The rising industrial demand for Silver certainly points towards support that can take prices higher.