Silver Soars to 14-Year High

Silver soared above $45 an ounce as 2025’s third quarter came to a close, its highest level in 14 years. The precious metal’s gain for the year stood at 54 percent, making it one of the best performing investments of the year.

Perhaps most astounding is that for the first three months of 2025, the price of silver had done nothing. On April 4, the spot price of silver in New York settled at $29.23, a penny less than it started the year. Meanwhile, gold was off and running. The huge disparity in price between gold and silver that month was reflected in the gold-silver price ratio which rose to 105. As the Nationwide Coin & Bullion Reserve blog pointed out at the time, a gold-silver ratio of 80 normally indicates silver is underpriced relative to gold. (The average ratio over the past three decades has been 68.)

Silver has benefited from many of the same factors as gold—a declining U.S. dollar, rising inflation, concern about overpriced equity markets, and growing geopolitical conflict. In addition, demand for silver continues to be strong relative to supply; demand is expected to outweigh supply in 2025 for the fifth year in a row as manufacturers snap up the metal for production of solar panels, electric vehicles, and electronics.

Of note, as silver passed the $45 mark, the gold-silver price ratio was 83 implying that the silver rally may still have more room to run.