While gold continues to rally, a number of precious metals analysts are turning their focus on silver, provoking investors to wonder: Can silver outperform gold in 2025?
Many investors are looking for a haven from the global economic storm of geopolitical unrest, inflation, rising debt and uncertainty. Precious metals — especially gold and silver — can provide an anchor. Some analysts predict that the recent bull market on gold, driven by investors seeking shelter, will usher in a surge in the price of silver by the end of the year.
Here’s a look at what’s happening in the gold and silver markets and why silver might outperform gold.
Recent Market Trends in Gold and Silver
A look at the historical and recent performance of each precious metal can provide clues.
So far this year, silver has performed well, rising more than 20% through the first part of 2025 and breaking through $36 on June 5 — its highest price in 13 years. Meanwhile, gold has notched two all-time highs since the beginning of last year. It peaked at $3,500 in April and has risen about 28% year to date.
Taking a close look at gold vs. silver as an investment, both precious metals remain on an upward trajectory as investors seek safety amid uncertainty. From June 2024 to June 2025, gold jumped more than 47%. While silver lagged, as it has historically done during gold runs, it still rose nearly 23% for the same period.
Both metals have made significant price gains since mid-2023, as you can see in the charts from GoldPrice. Gold has broken several records, and silver has followed its lead, as it generally does.
However, some market watchers looking at this year’s performance and the precious metals outlook believe silver is closing the gap and may even overtake gold by the end of the year.
Why Silver Could Outperform Gold in 2025
Why might silver outperform this year? Here are the key drivers:
Industrial Demand Growth
Industrial demand is on the rise. More than 50% of silver’s demand comes from industrial applications including electronics and semiconductors, solar panels, medicine and dentistry, brazing and soldering, water purification, and chemical production.
Supply Constraints
While supply for the precious metal is expected to grow by 3% to an 11-year high, the silver market is projected to remain at a deficit for the fifth year in a row as demand continues to outstrip supply.
Monetary Hedge With Leverage
Like gold, silver can benefit from investors seeking a safe haven during inflation or when the U.S. dollar weakens. However, silver’s price swings may be bigger because of its smaller market and larger industrial demand.
Gold Already Priced In
Analysts debate the degree to which central bank demand and investor hedging are priced into gold’s rally, but they agree that the surge in gold prices correlated with the increase in central bank buying of gold and investors seeking out safety in precious metals as inflation grew.
Silver’s unique position as both a monetary and industrial metal could push its percentage price gains past gold’s later this year.
Expert Predictions and Analyst Commentary
Metals market analysts across the spectrum are calling out silver as a better investment than gold by the end of 2025 and into 2026. With the gold-to-silver ratio continuing to hover around 90:1 or 100:1, silver is relatively cheaper, and historically, its price has gained at a higher percentage than gold during a bull run.
As reported by the website Scottsdale Mint, Bank of America raised its metals forecast in June to $40 per ounce for silver and $4,000 per ounce for gold. Peter Krauth of Silver Stock Investor told the Investing News Network he expects silver to hit $40 by the end of the year.
Silver price prediction from other analysts has been even more aggressive. David Morgan of The Morgan Report told the podcast “Capital Cosm” that this is the breakout for silver and the price could go to $40 or higher. InvestingHaven, which analyzes the metal markets, predicts silver could reach $49 per ounce by the end of 2025, $50 in 2026 and $77 in 2027.
If gold goes to $4,000 by the end of 2025, silver would have to hit $44.48 per ounce in 2025 to keep pace, according to the news site Finbold.
Investment Strategies for Silver Bulls
If you’re a “silver bull” and believe the price of the white metal will climb higher, you have several ways to invest in the precious metal.
- Silver bullion: Physical silver in bars, coins, ingots or rounds
- Silver exchange-traded funds (ETFs): For example, iShares Silver Trust (SLV) or Aberdeen Standard Physical Silver Shares ETF (SIVR)
- Silver mining stocks: Investing in companies that mine silver like Couer Mining (NYSE: CDE) or Hecla Mining (NYSE: HL)
- Leveraged silver funds or futures: Suitable for more experienced investors
Investing in silver can diversify your investment portfolio and hedge against inflation.
Risks to the Bull Case
While a weakened U.S. dollar and technical signals indicate silver has turned bullish, the climb up the price chart is not without risks. Several factors could negatively impact the silver bull case.
Among the potential headwinds would be a global recession dampening industrial demand, which accounts for at least half of global silver consumption, and that could lead to lower silver prices.
Silver has an inverse correlation to the U.S. dollar. If the dollar strengthens, demand for silver will weaken. Another macroeconomic factor to keep an eye on is whether the Federal Reserve reverses course on interest rates and puts off further cuts in 2025. Silver pays no interest or dividend, and continued high rates could pressure precious metals overall.
Finally, keep in mind that the price of silver is volatile.
Can Silver Outperform Gold in 2025?
Will silver outperform gold in 2025? This is a question only time can answer. However, technical analysis and a weakening U.S. dollar coupled with a continued gold bull run point to potential higher silver prices in the future. Now that you know the recent market trends and why silver could outperform gold this year, you can decide if investing in silver might be right for you.
Frequently Asked Questions
Is silver expected to outperform gold?
Silver historically has outperformed gold during a bull run, and many analysts believe that to be the case in 2025 and for a few years to come. In early June, silver broke through $36 per ounce, still well below an all-time high of $49.45 in 1980, and watchers of the precious metal believe demand for silver in industrial uses and as a safe haven could push its performance past gold by the end of the year.
Could silver become more valuable than gold?
Gold has always been more highly valued than silver, stretching from being worth 2.5 times more in ancient Egypt to averaging a ratio of 47:1 (it would take 47 ounces of silver to equal one ounce of gold) in the 20th century. The gold-to-silver ratio stands at about 80:1, and silver would need to grow about 3,200% just to reach $1,000 — less than a third of gold’s current price.
What could silver be worth in 10 years?
Analysts and those in the precious metal trade predict silver could rise above $70, potentially hitting $80, in the next 10 years. Some silver watchers are even forecasting the precious metal ringing up triple digits within 10 years, potentially topping $100.
