Silver has staged one of its most impressive rallies in years, with the price of the so-called “devil’s metal” soaring more than 115% since the start of the year. The metal recently moved above 60 dollars per ounce, touching new record levels and outpacing even gold in percentage terms. For many investors, a market that had long been overshadowed by other assets has suddenly become the star performer of 2025.
Why the “devil’s metal” is soaring
At the core of silver’s rapid rise lies an unprecedented convergence between investment demand and industrial needs. Silver is widely utilized for use in solar panels, electric vehicles, batteries and electronic components – making it a key raw material in energy transition and new technologies. Governments and corporations working on green initiatives have incited an upsurge in demand while supply has faltered over time.
Silver differs from gold in that much of its production stems from by-product mining of other metals such as lead, zinc or copper and therefore its production cannot quickly adjust with changes to price fluctuations; yet investors’ anticipation of interest rate cuts, inflation concerns and global uncertainty has driven precious metal investors toward precious metal investments, fuelling further increases.
Market risks and sharp volatility
The speed and scale of the rise have revived the old nickname “devil’s metal”, a reference to silver’s tendency for violent price swings. Traders warn that such steep gains can easily be followed by deep corrections, especially if some investors decide to lock in profits or if macroeconomic conditions change suddenly.
Analysts also point out that silver’s dual nature — both as an industrial metal and a store of value — can amplify volatility. A slowdown in manufacturing or renewable projects could temporarily dampen demand, even if long-term prospects remain positive. As a result, specialists describe the current environment as highly attractive but also risky for those who do not tolerate strong market fluctuations.
How far silver could go
Forecasts for the coming period vary widely. More cautious voices argue that the metal may stabilise around current levels or give up part of its gains if the market cools. Others, more optimistic, believe that if industrial demand remains strong and monetary policy turns more supportive, silver could gradually move closer to the symbolic threshold of 100 dollars per ounce.
What is certain for now is that silver has returned to the centre of attention for both professional and retail investors. After years in the shadow of gold, the “devil’s metal” has become one of the most closely watched assets in global markets — and its next moves will be followed very carefully.
