Is Silver The New Gold? Why Experts Are Betting On 'The Devil's Metal' In 2025
Silver prices are expected to go up by as much as much as 25-30% in the medium term, a Motilal Oswal analyst said.

Gold, with its stellar returns, has been the top choice among precious metals in recent times, but experts are also increasingly shifting their focus towards silver, dubbed by traders as "the devil's metal" or "the poor man's gold".
Gold surpassed multiple record peaks in 2024 and 2025 and broke through the $3,000 per troy ounce for the first time in March, as investors weighed the risks of tariffs and heightened geopolitical risks.
Concerns around tariffs and geopolitical uncertainties have also underpinned a healthy recovery in silver prices since the start of 2025. Still, silver investment has faced several challenges, according to a note by the Silver Institute.
For example, ongoing concerns about the prospects for the Chinese economy have weighed on silver, which helps explain the elevated gold: silver ratio that has persisted, the institute explained.
Global silver demand is expected to remain broadly stable in 2025 at 1.2 billion ounces, as gains in industrial applications and retail investment will be mitigated by weaker jewelry and silverware demand, according to estimates by the Silver Institute. The silver market is forecast to remain in a deficit in 2025 for the fifth year running, the institute stated, although this year’s deficit is expected to be lower but remain sizeable historically.
The best commodity to be in right now, as far as momentum is concerned, is silver, said Kishore Narne, director - head of commodity at Motilal Oswal Financial Services Ltd. Silver is expected to go up by as much as much as 25-30% in the medium term, Narne said, in a conversation with NDTV Profit.
Looking ahead, silver's technical posture remains constructive despite the recent pullback, with strong support established at around the $32.65-$32.80 zone, where previous fair value gaps and Fibonacci retracement levels converge, said Nitin Kedia, founder and national general secretary at All India Jewelers & Goldsmith Federation. The daily chart continues to display a clear uptrend with higher highs and higher lows, while all major moving averages maintain a bullish alignment, he said.
While gold saw outsized returns over the past 12-18 months, silver prices are still far from their life highs of $50 per troy ounce, said Viral Shah, president - head of brokerage at 360 One Asset Management Ltd. Along with the under pricing and underperformance seen in silver, the pull factor from gold, and the current gold-silver ratio indicates that silver could likely breach $40 per troy ounce in the mid-term, Shah said.
Gold Vs Silver: Will Silver's Returns Trump Gold?
Kunal Shah, head of commodities research at Nirmal Bang, also believes that silver looks promising compared to gold in 2025. Apart from the gold-silver ratio being in favour of silver, the fundamentals of silver — such as the demand from clean energy, and the demand-supply deficit, indicates that silver has better potential than gold and can yield returns of 15-20% over a one-year time period.
Gold, on the other hand, is likely to continue its safe haven status for the mid-term, but those looking to invest in the yellow metal at current levels should wait as most positives might have been factored in prices in the near term, he explained.
At $3,200-3,250, we should see some profit taking, though there is little reason to believe in the end of the rally in gold, Narne also said. Gold will continue to provide more stable returns, akin to an insurance policy that investors should have in their portfolios, he added.
However, Edward Yardeni, president of Yardeni Research, expects gold to also continue to breach fresh highs, crossing $4,000 by the end of the ongoing year. He expects gold to climb to $5,000 by the end of next year and $6,000 by the end of the decade, he told NDTV Profit in an interview last week.
“Central banks have been net gold buyers for the past 15 years, but purchases have surged in the past three years, with over 1,000 tonnes bought each year since 2022, reaching 1,045 tonnes in 2024," John Reade, Senior Market Strategist, Europe and Asia, World Gold Council, said.
Geopolitical factors have driven this increase – including de-dollarisation, sanctions, and inflation concerns. As global fragmentation continues, central bank buying will remain a strong pillar of demand and shape the market’s long-term dynamics, he said.
At the same time, emerging market investors too are playing a bigger role. Adding to this longer-term trend, the recent rally has been the result of uncertainty around US tariffs and the developing trade war, which has been amplifying economic risks and market volatility, further driving investor interest in gold as a key diversifier.
“The big question now is whether gold can hold above $3,000. Heightened risk and uncertainty will certainly help sentiment, but this will need to be translated into stronger buying from investors, especially western buyers, or another step-up in central bank buying," Reade said.
To be sure, potential headwinds to silver too remain, including the US Federal Reserve's projected timeline of only two rate cuts in 2025, that falls short of previous market expectations, Kedia cautioned. The metal may find additional support from geopolitical risk premium if Middle East tensions continue to escalate, potentially driving safe-haven demand in the coming weeks, he added.