Silver prices surged to a historic peak on Wednesday, hitting $61 per ounce for the first time, supported by strong industrial demand, rising expectations of U.S. interest-rate cuts, and persistent supply pressures, according to a new report by the Safe Haven Hub.
Silver has now gained 110% since the start of 2025, outperforming gold and most major industrial commodities. The gold-to-silver ratio has fallen to 69, its lowest level since July 2021, reflecting silver’s sharp outperformance.
The report noted that local gold prices rose by EGP 1 during Wednesday’s trading, with 800-carat gold increasing from EGP 74.5 to EGP 75.25 per gram. Silver prices strengthened in parallel, with 925 silver reaching EGP 87 per gram, 999 silver rising to EGP 94, and the silver pound coin steady at EGP 696.
Globally, silver climbed from $58.27 to $61 per ounce amid heavy buying and rising investor positioning in metals markets.
The report highlighted several factors underpinning silver’s rally, including expanding industrial demand in electronics, solar energy and semiconductor manufacturing. Ongoing global supply-chain disruptions since August have further tightened supply, while renewed investor interest in silver as a hedging asset continues to add support.
According to the Safe Haven Center, London Bullion Market Association (LBMA) inventories have increased by 1,447 tonnes since the beginning of the year, while COMEX stocks have risen by 4,311 tonnes. Global silver holdings remain heavily concentrated in London at a ratio of 1.91 to COMEX—the highest level since January.
ETF holdings now represent 78% of silver stored in LBMA vaults, up from 65% in November 2024.
Silver-backed exchange-traded funds recorded their strongest inflows since 2020, adding 487 tonnes in November and over 475 tonnes since early December, signalling robust institutional interest.
Standard Chartered Bank said silver still has room for additional gains but warned of short-term volatility as the market seeks a new equilibrium following the recent surge. Analysts expect a limited correction before prices attempt new highs, particularly amid uncertainty surrounding the Critical Minerals S232 report, which could further tighten regional supply.
International outlets, including Reuters, The Wall Street Journal and the Financial Times, report that silver is undergoing a “strategic transformation,” functioning both as a core industrial metal and a major investment asset. Forecasts suggest prices may trade within the $55-$70 range in the near term.
Despite its strong performance, analysts caution that silver prices could retreat if U.S. economic indicators strengthen or if major mining regions significantly increase production.
