Silver has continued its winning streak this year, with the metal more than doubling in value, breaking multiple records and outperforming gold. Since the start of the year, the so-called “devil’s metal” has gained 114.6%, with physical silver last trading around $61.96 an ounce after hitting a record high of $62.88 in early trading on Wednesday. The day before, silver broke above the $60 per ounce mark for the first time. XAG= YTD Line Spot Silver Prices Silver futures also soared, rising 113% through 2025 and topping $61 for the first time this week. Supply constraints, demand for safe-haven assets, and silver’s prominence as an industrial metal have all fueled a rally in stocks for the metal, which has outperformed gold so far this year. 100 dollars in silver coins? Paul Williams, managing director of gold and silver supplier Salomon Global, told CNBC that one reason silver is becoming more attractive is because of its expanding role in key industrial sectors. He noted that the metal also offers investors a store of value amid uncertainty and volatility. “Silver’s dual identity as both a vital industrial resource and a store of value continues to attract retail and institutional investors,” Williams said. “For those who believe gold is becoming increasingly unaffordable, but wish to ride the ongoing precious metals boom cycle, we believe silver has proven to be, and continues to be, an attractive alternative. All major tailwinds for silver remain, but increased volatility should be expected.”Silver is a key ingredient in products across a variety of industries, and is used to make electrical switches, solar panels, and mobile phones. It is also used in the hardware and infrastructure driving the AI boom. “Silver’s excellent electrical and thermal conductivity is becoming increasingly essential to the technological changes driving the global economy,” the Silver Institute said in a report released Wednesday. “As a result, demand for the global silver industry is expected to increase further as demand from key technology sectors accelerates over the next five years. Sectors such as solar energy, electric vehicles and their infrastructure, data centers and artificial intelligence ”Solomon Global’s Williams first called for $100 for silver in October, when gold was approaching the $50 mark, saying he believed it would more than double by the end of 2026. “Silver is now above $60 and up about 25% in a month, so its trajectory remains firmly intact,” he told CNBC. “The mismatch between silver demand and supply continues to push silver prices higher, (and) the long-term fundamentals supporting the so-called devil’s metal are only getting stronger. Given the structural tightness in the market, any pullback is likely to be a pause rather than a reversal. The outlook for silver in 2026 is positive.” Philippe Gissels, chief strategy officer at BNP Paribas Fortis, is also bullish on silver. “When undervaluation, sweeping deficits and a new industrial revolution meet, market magic happens,” Gissels told CNBC. “That’s the story of silver in 2025 in a nutshell.” Asked if silver would rise further next year, Gissels struck an optimistic tone, but predicted there could be more volatility along the way as profit-taking could cause a “hard sell-off” before gold reaches $100 an ounce. “We’ve already been talking for a while now…this sleeping beauty land that has been in the red for years will finally wake up and the $50 (price) that has been around for decades will double,” he said, referring to economist Cohen de Reus, co-author of the 2023 book “Five Trends in the New World Economy.” “It’s clear we’re in a secular bull market right now, and there’s a good chance we’ll see triple-digit growth in 2026. This is not the end, but the beginning of what could be a very great story.” Silver has outperformed gold this year, even as gold maintains its own record-breaking momentum. Spot gold, widely seen as a safe-haven asset, has risen about 60% since the beginning of the year. The gold-silver ratio, which measures how many ounces of silver you buy for one ounce of gold, has fallen significantly from its peak in April, when gold prices soared amid widespread declines prompted by President Donald Trump’s tariff announcements. Russ Mould, investment director at AJ Bell, told CNBC that the latter continues to look cheap relative to gold, even though gold’s premium over silver has narrowed further. The gold-silver ratio is currently at its lowest level since 2021, but was last hovering around the 68 level. “The average gold-silver ratio since 1971 is about 66,” Mold said. “In previous silver bull runs, this number has been below 40.” How to trade silver Mold said those looking to invest in silver have options other than owning physical coins and bars, which can have high storage and insurance costs. “There is an option to purchase an exchange-traded product (ETC) that is designed to track the performance of silver and provide investors with the performance minus the running costs of the ETC,” he said. He added: “Investors could also consider buying shares in silver miners that are likely to be linked to the price of silver. Their large fixed costs mean that their profits and cash flows (and potentially dividends) are likely to rise faster than the price of silver. However, all else being equal, if silver falls, they are likely to fall faster.” London is home to Fresniro and Hochschild Mining, both of which have performed well this year, Mold noted, but cautioned that investing in mining stocks requires examining a company’s financial strength to assess risks such as geology, weather and political instability. Mold also pointed to passive tracker funds like the Global
