Silver is up 33% in 2025, with favorable prospects due to supply shortages and macroeconomic conditions.

In 2025, silver is proving to be one of the best-performing commodities, with a price near $38.5 per ounce and up 33% since the beginning of the year. The silver shortage, estimated at 170 million ounces, and the unique production structure are contributing to this growth. The favorable economic backdrop, including expectations of lower interest rates and a weakening dollar, is supporting silver demand. However, price volatility and economic risks pose challenges for investors. In the long term, demand will be boosted by the energy transition and technological innovations, while supply constraints will exacerbate the supply-demand imbalance.