Heightened geopolitical and economic uncertainties, along with positive price expectations, spurred silver investment in first half 2025. This action primarily drove the precious metal’s price in June to its highest level in 13 years, according to The Silver Institute.
The average annual silver price rose 25 percent through the first six months of 2025, only marginally lower than the average gold price, which increased by 26 percent during the same period.
The elevated gold to silver ratio in April and May also made silver appear undervalued from a long-term perspective. Meanwhile, improving sentiment in the industrial metals sector, following the start of trade talks between China and the United States, provided additional price support.
With net inflows of 95 million ounces in first half 2025, silver ETP investment has already surpassed the total for all of 2024. This surge reflects increasingly bullish price expectations.
By June 30, global silver ET
