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Silver (XAG/USD): A major top or a correction before new highs?
2025 was a banner year for both precious and industrial metals, where gold and silver doubled/quadrupled their typical moves, while copper hit multi-year highs on a mix of supply shocks and Chinese demand expectations. Silver emerged as the top performer among the major cross-assets in 2025, with an annual gain of 159%, its best performance since the inflationary crisis period of 1979, according to data from the London Bullion Market Association (LBMA) (see Fig. 1). Silver’s powerful rally has been underpinned by its dual appeal as both a safe-haven asset and a critical industrial metal, with robust demand from ... (full story)