Overview

• Spot gold climbed to roughly $4,078–$4,096 per ounce on October 13, with futures near $4,093, while silver set fresh highs around $51.7–$51.85.
• Year to date, silver has gained about 70–80% versus roughly 50–56% for gold, marking silver’s stronger 2025 performance.
• Analysts cite expectations of Federal Reserve rate cuts, dollar softness, renewed tariff escalations between the United States and China, and safe-haven demand as key drivers.
• Traders point to ETF inflows, short-covering, tighter spreads and a London physical liquidity squeeze as accelerants for silver’s rally, alongside robust industrial demand.
• Goldman Sachs warns silver faces greater short-term volatility and downside than gold due to its smaller market and lack of central-bank support, even as the broader uptrend continues; some commentary also reports Chinese silver buying, which remains less independently verified.