Silver’s relentless surge in 2025 will be remembered as one of the most dramatic revaluations in modern precious metals history. Having spent much of the past decade oscillating between being perceived as a monetary metal and an industrial input, silver finally resolved that identity crisis this year by being both at the same time—just as supply constraints became impossible to ignore. What drove silver to a record high in 2025? The doubling in price did not happen in isolation. It began with gold. When the gold–silver ratio spiked above 105 in April—an extreme rarely sustained—silver increasingly looked mispriced. ... (full story)