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3. +114% in 2025: Silver Breaks Free and Takes Center Stage

Silver has delivered a historic performance in 2025. Since the beginning of the year, the white metal has surged by more than 114 percent, reaching an all-time high of 64 dollars per ounce. For the first time in years, silver is no longer following gold’s lead. Its rise has clearly outpaced gold, whose price has increased by around 60 percent, after a long period during which silver remained in the background.

This rally has pushed silver’s total market value beyond 3.5 trillion dollars, an unprecedented level. Behind the numbers lies a deeper shift in the market. Supply has failed to keep pace with demand for the fifth consecutive year. At the same time, industrial consumption has surged and now accounts for 59 percent of global demand, while investors continue to channel funds into silver-backed exchange-traded funds.

A Market Under Strain

The imbalance is increasingly visible. In 2025, global silver supply reached 1,031 tonnes, while demand climbed to 1,148 tonnes, leaving a shortfall of 117 tonnes. Industrial use alone absorbed 677 tonnes, reflecting silver’s growing role in modern technologies. Jewelry demand accounted for 196 tonnes, while nearly 204 tonnes were purchased for investment, particularly in the form of bars and coins.

Rising Expectations and Bolder Forecasts

As tensions build, expectations are turning increasingly optimistic. BNP Paribas now forecasts silver at 100 dollars per ounce by the end of 2026. Some analysts argue that silver could gradually shed its long-standing reputation as “the poor man’s gold.” Others are asking a more provocative question. Is silver on its way to becoming the new gold?

Technical indicators add to this narrative. Several market specialists believe silver prices are no longer facing traditional resistance levels but are instead positioned for acceleration. The 50-dollar-per-ounce threshold has long served as a historical reference point. In 1980, silver traded at around 50 dollars when gold stood at 850 dollars. In 2011, silver reached the same level as gold, which climbed to 1,920 dollars. Today, silver is holding above that threshold, while gold has moved beyond 4,000 dollars.

A Persistent Physical Shortage

For years, silver’s advances were capped by the limited availability of physical inventories. That constraint has not disappeared. The market remains structurally undersupplied, with part of the demand being met through short-term transactions involving silver that is already pledged or reused multiple times and therefore absent from truly available stocks.

Many analysts believe that once the $50 level is firmly established, silver could enter a rapid and powerful upward phase, with price targets ranging between $ 70 and $ 80 per ounce over a relatively short period.