Silver, often called the “Devil’s metal” due to its volatility, has surged to record levels in 2025 and continues to show potential despite tight supply, experts say. Mirroring gold’s rally—which has crossed $4,000 an ounce—silver peaked at $54.47 per troy ounce in mid-October, a 71% year-on-year increase. Although prices eased slightly afterward, they are climbing again amid low availability.
“In some cases, silver had to be flown rather than shipped to meet delivery demand,” noted Paul Syms of Invesco, adding that the metal could remain elevated for the foreseeable future. Historically, silver price spikes are rare, with only three such peaks in the past 50 years, including 1980 and 2011. Unlike previous surges, the 2025 boom is driven by limited supply, high industrial demand, and strong buying from India, especially around the harvest season and Diwali.
India, the world’s largest silver consumer, imported about 80% of its supply, straining global stocks. London vaults have fallen sharply, pushing borrowing costs for traders to extreme levels. Declining mine production, coupled with rising demand from electrification, AI, and solar technology, is expected to sustain silver’s upward trajectory.
