Historic Surge in Silver: A Record High of 169% in 2025
Precious metals markets have been the center of attention, with silver soaring to an unprecedented high of over $77 per ounce on December 26, 2025. This marked an astounding 169% surge within the year. Gold and platinum were not left behind, with gold hitting fresh records of over $4,540 per ounce, a 73% increase year-to-date, and platinum gaining 172%.
The extraordinary rally has been fueled by a combination of factors. These include the Federal Reserve’s interest rate cuts, increased central bank purchases, strong ETF inflows, and escalating geopolitical tensions. Precious metals, which do not pay interest, particularly benefit from lower borrowing costs. The surge also mirrors the so-called “debasement trade”, as fears over ballooning government debt loads steer investors away from sovereign bonds.
Silver’s exceptional performance can be attributed to supply deficits, its status as a U.S. critical mineral, and robust industrial demand, especially from the electrical and electronics sector. Analysts are optimistic that silver could reach $80 per ounce by the end of the year, with some retail investors projecting prices above $100 per ounce in 2026. The metals are poised for their best annual performances since 1979.
Source: CNBC