Overview
- Silver more than doubled in 2025, outpacing major indexes and even high-flying tech names, while gold also logged strong gains.
- Investors sought a hedge as concerns over inflation, record U.S. debt and a large federal deficit supported demand for precious metals.
- Industrial use remains a key pressure point, with electronics manufacturers consuming a large share of yearly silver supply.
- China announced new restrictions on shipping silver beginning Jan. 1, 2026, raising the risk of tighter near-term availability for international buyers.
- The rally enriched mining executives and investors, with Canadian gold and silver stocks among the year’s top performers and sector indexes posting outsized returns.