Prices surged nearly 150% last year, with a further 40% increase year‑to‑date, significantly outperforming gold. This strength reflects both resilient safe‑haven flows and robust industrial demand, pushing the gold-silver ratio to just above 50 - its lowest level since 2011. Silver’s higher volatility relative to gold, driven by its smaller market size and dual role as both an industrial and investment metal, has amplified recent moves. Support for silver has been reinforced by a weaker US dollar, lower real yields, and stronger investor appetite for hard assets amid heightened policy uncertainty. Silver has also ... (full story)