Since the beginning of the year, silver, also known as the "devil's metal", has increased in price by about 114.6%.
Tightened supply, increased safe-haven demand and the growing role of silver in industrial production are the main factors driving this strong price increase. As a result, silver has surpassed gold in terms of profit this year.
According to Mr. Paul Williams - CEO of Solomon Global gold and silver suppliers, the appeal of silver comes from the fact that this metal is increasingly widely used in key industries.
Silver is also a valuable storage channel favored by investors in the context of instability and increased fluctuations in the financial market.
The dual role of silver as both an essential industrial raw material and a valuable preservation asset is attracting both individual and institutional investors, said Mr. Williams.
According to him, for those who think gold is increasingly difficult to access but still want to participate in the price increase cycle of precious metals, silver is emerging as an attractive alternative and this trend will continue.
The major supporting factors for silver remain. However, the market will fluctuate more strongly, he added.
In a report published this week, the silver Institute said that demand for silver in the global industry is expected to continue to increase strongly in the next 5 years, as key technology fields accelerate. Demand from solar energy, electric vehicles and related infrastructure, data centers and artificial intelligence will be the main drivers, lasting at least until 2030.
Solomon Global CEO Paul Williams had predicted that silver could reach $100 an ounce by October last year, as the metal approached the $50 an ounce mark. At that time, he said that silver prices would more than double by the end of 2026.
Currently, silver has been trading above $60/ounce, up about 25% in just one month.
Experts say this price increase trajectory remains completely unchanged. Mr. Williams pointed out that the imbalance between supply and demand continues to push up silver prices. The long-term foundation factors of the silver market are increasingly solid.
If the corrections happen, they are likely to be temporary, not a reversal of trends, because the market is in a state of structural scarcity. The outlook for silver prices in 2026 is very positive, he added.
Similarly, Philippe Gijsels - Chief Strategist of BNP Paribas Fortis - is also optimistic about the outlook for silver.
When the market is underrated, the deficit is prolonged and a new industrial revolution is born, the market will create a miracle, he said, saying that this is the story of the silver market in 2025.
Although Gijsels assessed that silver prices still have room to increase next year, he warned that the market will fluctuate strongly. Profit-taking could see silver prices fall sharply in the short term, before reaching the $100/ounce mark.
