Silver surges to record high. Why more upside is ahead
Silver steals the spotlight, more upside on the cards
Silver has been gold’s “ugly stepsister” but it's having its main character moment. The metal just hit a historical record high, moving above US $52.50 an ounce, up 78% this year, outshining gold and most global assets. Where gold also hit a new record high overnight, US$4,100, up 57% year-to-date.
Silver is NOT gold’s understudy, it’s the headline act. Between the green-energy revolution, AI-driven demand, and monetary easing, both metals are shining.
This season, silver is seriously taking the crown. What's driving it higher?
1 – AI and the electric revolution - solar panels, EVs, and data-centres. Industrial demand accounts for around 60% of silver
2 – Safe-haven appeal: With the Fed poised to cut rates later this month, investors are piling into precious metals that typically rally after rate cuts.
3– Short squeeze: A wave of short-covering in London sent prices up 20% in just four weeks. Forcing them to close positions and effectively buy the silver metal.
4 – Structural tailwinds: Years of under-investment have created a multi-year supply deficit. This keeps upward pressure on prices.
Demand will probably continue to outstrip silver supply and push up its price
According to the World Silver Survey 2025, industrial use now accounts for about~59% of silver demand, driven by green energy, EVs, and electronics, while investment, jewelry, and silverware make up ≈41%. There are persistent supply deficits and that will probably continue to support long-term price strength. According to World Silver Survey (2025 edition)
– Industrial demand hit a record 680.5 million oz in 2024, continuing a multi-year rise.
– Total silver demand in 2024 was ~1.16 billion oz, slightly down (~3 %) year over year, largely due to weakness in investment demand.
– Investment (coins, bars, ETFs, etc.) fell — coin & bar demand dropped to ~190.9 million oz in 2024, a 5-year low.
– Jewelry / silverware demand remained modest; jewelry fabrication was ~208.7 million oz in 2024.
– The silver market recorded a supply deficit of 148.9 million oz in 2024 — demand exceeds supply. See chart below ***
My take? Yes silver is volatile and more volatile than gold. But given the world is chasing clean-energy metals, needed for AI, and investors are seeking inflation and geopolitical protection. And there is limited supply. Silver is stepping into its golden era and looks poised for further upside. So...If you don't have a position or holding in gold or sliver and you want to add some hot sauce to your portfolio, you could consider buying silver if you wanted to. Or gold for that matter.
"Hi-ho silver away!". Stocks and ETFs to watch
– Global X Silver Miners ETF ( $Global X Funds Global X Silver Miners Etf (Post Rev Spl (SIL.US)$ ) is ↑ 137% YTD. This is the world's biggest silver ETF.
– iShares Global Silver and Metals ETF ( $Ishares Inc Msci Global Silver Miners Etf (SLVP.US)$ ) is ↑ 153% YTD. This is the best performing silver ETF (not including leveraged ETFs)
Gold keeps hitting new records. The gates are open for more records
Gold hit a new all-time high of US$4,100 overnight, up 57% year-to-date. Newmont $Newmont (NEM.US)$, the world’s largest gold miner, has jumped 143%, ranking as one of the best-performing stocks globally. It's the 4th best performing stock in the S&P500 this year.
The catalyst? Fed Chair Jerome Powell signalled ongoing labour-market weakness, reinforcing bets for rate cuts on October 29 and again in December, a classic trigger for gold rallies.
Final takeaway? Consider $SIL, $SLVP $NEM remain key beneficiaries of the precious-metals breakout. And seem poised for further upside if you believe the above thesis will play out. For more on gold breaking above US$4,000 what's next. Click the article - Will it be US$5,000 in 12 months?
Will silver keep rallying this year?
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Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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Jessica Amir
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102533508 : how about SLV ETF?
Maleman : Silver is dirt cheap. It is still trading near 1980s price. It's historical high was $50 in 1980. After 45 years in 2025, only $53? Something is not right. Silver should be $200 now
102533508 : should we buy option or shares on SLV?
Slay2dudes : ok
151453268 witso : as you point out in theory supply/demand alone should keep a steady trajectory up let alone the other factors.
1016551418 : wow
105462010(cctcitot) : ok