That milestone is not merely psychological. It is the result of several long-running trends that met in an unusually powerful constellation in 2025.

The most prominent factor is a persistent global deficit of physical silver, which multiple analyses indicate has continued for a fifth consecutive year. Inventories available in key trading hubs — London, New York and Shanghai — have fallen sharply, creating upward pressure on prices. This shortage is reflected in record-high silver lease rates, which financial analysts say are at their highest levels in a decade.

Silver today is no longer supported just by investment demand. On the contrary, technological and industrial end-uses now play a central role. Silver is essential for solar panels, batteries, semiconductors, electric vehicles, data centers and infrastructure connected to artificial intelligence. The rapid expansion of AI and next-generation energy solutions has driven a massive increase in consumption of the metal. In certain industrial segments silver is almost irreplaceable, so demand growth is both necessary and structurally stable.

Macro conditions also contribute. Expectations of further interest-rate cuts by the U.S. Federal Reserve, a weaker dollar and growing concerns about the sustainability of public debt have pushed investors toward physical assets. Silver therefore benefits not only as an industrial metal but also as an alternative inflation hedge and store of value.

The result? While gold gained roughly 60% on the markets in 2025, silver doubled in price over the same period. Experts note that the unique combination of industrial necessity, investment demand and constrained supply makes silver a singular asset that can respond to economic cycles differently than gold.

It should be added, however, that silver remains the more volatile asset and, unlike investment-grade gold, is subject to VAT. The road to $60 was not straightforward, but marked by sharp rallies and corrections. That has not stopped investors, many regard each correction as a temporary cooling before further upside.

 

Silver price trend

 

Many analyses, including predictions from investment houses and financial media, agree: 2025 was a breakthrough year for silver, but it may not be the end of the story. If current industrial and macro trends persist, prices could continue to rise in the coming years. Conversation is already turning to whether $70 or $80 per ounce might be attainable within 12–24 months.

Silver is in this way shedding its image as the “cheaper alternative to gold” and building its own identity and strategic role in modern portfolios. For investors seeking growth, diversification and long-term potential, the message from 2025 is clear: silver above $60/oz may well be the beginning of a new chapter, not the final act.