Overview

• Silver has advanced roughly 24% in 2025, outperforming most industrial metals and narrowing its gap with gold, which is up about 29%.
• The gold-silver ratio has declined to around 94 from 105 in April, marking its lowest level since mid-2020 and reflecting growing demand for silver relative to gold.
• Industrial uses now represent over half of global silver consumption, driven by strong uptake in solar panel production and electrification projects.
• The market is set for a fifth consecutive annual supply deficit after 2024’s shortfall of about 15%, with the Silver Institute forecasting continued tightness in 2025.
• Some analysts project that persistent industrial demand and safe-haven buying could propel silver toward $40 to $50 per ounce over the long term.