Silver Took Off In 2025 — Does The ‘Devil’s Metal’ Still Have Room To Run? Analysts Weigh In

The resurgence of silver has been one of the biggest market stories in 2025, with the 'Devil's Metal' outpacing gold and rally as much as 71% so far in this calendar year. And experts say the rally is far from over.

While gold indeed has been slouch, climbing past $4,000 an ounce and rising as much as 54% year-to-date, analysts believe silver has room for upside thanks to structural dynamics. Many even believe that the ongoing run in silver is different compared to previous spikes driven by market manipulation or debt crises.

According to Invesco's head of EMEA ETF Fixed Income and commodity product management, Paul Syms, silver prices are likely to sustain this higher price momentum going into the future.

“While we’ve seen the spike up, we’ve seen the price come down a little bit. Longer term, there’s a different dynamic this time that could keep silver at reasonably high prices and maybe continuing to go up for some time to come,” he said, as quoted by CNBC International.

Meanwhile, London’s vaults, a primary global storage hub, saw holdings drop by roughly a third between June 2022 and March 2025, which indicates that the squeeze on physical silver has been acute.

In fact, the scarcity even led to overnight borrowing costs for the metal hitting as much as 200% on an annualised basis by October.

“What isn’t necessarily so visible to people is what’s happening in the vaults,” said Rhona O’Connell, head of market analysis EMEA and Asia at Stone X. “And that had reached a point where there was basically no available metal left in London.”

The demand was further exarcebated by Indian markets, where silver prices gained as much as 85%. The metal was a favoured investment for farmers and families during the Diwali season.

But in the long run, silver has a role to play in technology, including the development of AI infrastructure, photovoltaics, and electric vehicles (EVs).

“Silver crosses over that bridge between precious and industrial metals,” Syms said. “It’s got some great use cases as we move into a more electrified world.”