Silver will surge, gold reserves eclipse Euro, and Wheaton Projects major growth

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Silver is trading near $36.40 an ounce, up roughly 27% year-to-date, and could be on the verge of a significant breakout. “Silver still has more room to move,” said Randy Smallwood, CEO of Wheaton Precious Metals. “We should see $40 before the end of this year.” Smallwood pointed to a resurgence in investor demand as the next leg higher. “We’re starting to see the silver ETFs pick up. That’s my argument behind silver,” he said. According to the Silver Institute, global silver demand is expected to hit a new record in 2025, led by industrial use in photovoltaics and electronics, as well as a recovery in jewelry and silverware. At the same time, total supply remains constrained, with mine output expected to fall 2% this year, extending what the Institute says will be the fifth consecutive annual deficit in the silver market. Gold, meanwhile, remains steady above $3,390 after reaching a record $3,454 earlier in June. According to the European Central Bank’s newly released 2025 Reserve Asset Allocation report, gold now accounts for 19% of global foreign exchange reserves - surpassing the euro for the first time, which fell to 16%. The U.S. dollar remains the largest reserve currency at 58%.