Silver has burst into the spotlight in 2025, surging past US $52 per ounce (about C $72) in October – up roughly 67 per cent year-over-year. That gain has outpaced many expectations, especially when compared with gold, which has also posted striking gains.
As of mid-October, gold was trading north of US $4,150 per ounce (about C $5,720), representing approximately a 56 per cent increase from a year earlier.
Silver’s performance is riding on a mix of factors. Analysts point to tightening supply, robust demand from technology and clean-energy sectors, and a squeeze from speculative positions forcing short sellers to cover. Meanwhile, gold continues to benefit from central-bank accumulation and its safe-haven appeal in uncertain markets.
That said, many market analysts caution that silver’s upside comes with greater volatility. Unlike gold, silver lacks significant backing from sovereign buyers, and its heavy reliance on industrial demand makes it more vulnerable to global economic swings. Goldman Sachs, for example, warns of “more volatility and downside price risk” even as it acknowledges silver’s strong rally.
Looking ahead, forecasts for silver remain mixed but generally bullish. HSBC recently raised its 2025 average silver price projection, expecting continued momentum. Some forecasters suggest silver may trade between US $45 and US $53 per ounce (about C $62 to C $73) through the remainder of the year. Still, many expect gold to retain its relative strength, especially if central banks continue to buy or if macroeconomic risks push investors toward safer assets.