Silver has jumped to fresh all-time highs as the final month of 2025 gets underway, a year that has seen an explosive rally for the metal after lagging behind gold for years.

An incredible 15% gain in the price of silver in USD last week has added to silver’s already stellar performance in 2025, and now leaves the metal up by an incredible 98% year-to-date at the time of writing.

011225 USD Silver Chart

Trading was extremely volatile on Friday as the combination of the US Thanksgiving holiday, and a reported outage at the CME left prices moving up and down in very irregular ways. After scoring a record weekend close of $57.35 per ounce, price feeds have returned to normality for the most part, and silver has held onto the gains.

The current spot price high stands at $58.27 per ounce, and the metal continues to trade in the mid-to-high $57 range at the time of writing. In GBP, silver has jumped to a new high of £43.74 and in euros to €49.90 at its peak.

After several years of new gold records, investors have been eagerly waiting for silver’s turn, and 2025 has impressed. Silver initially enjoyed strong gains as the US introduced trade tariffs, and US markets quickly transported silver to America in case tariffs were applied to the metal. Although silver remained tariff-free, concerns over the possibility lingered, and silver’s inclusion on strategic metal lists only helped cement its importance in the US.

This mass shift in silver’s appeal has led to supply shortages in London and Asia, with the LBMA market in particular left with long delays for physical silver delivery, and lease rates soaring. Vaults have been reduced to multi-year lows as people take delivery of physical metal rather than settling in fiat currency.

Coupled with long-term structural deficits in silver thanks to its growing industrial demands in energy supply, electrical products, and AI data-centres, and silver is becoming more and more scarce. Extremely low supply, and high demand leaves silver in a very strong position, even after essentially doubling in price in one year.

Not to be forgotten, gold is also testing all-time highs, and is trading above $4,200 per ounce once more. Market’s still expect the Federal Reserve to cut US interest rates at next week's FOMC meeting, and gold also remains well positioned heading into 2026.

The gold-silver ratio is now around 74, an impressive drop from April’s high of 105, and some analysts believe silver could still make further gains and bring the ratio back towards the historical average around 50. At current gold prices that would see silver above $80 per ounce.