Chart of the day - SILVER (14.07.2025)

Following its recent breakout, silver prices are at their highest level in nearly 14 years, reflecting strong demand on the London commodities exchange. Record-high gold prices and ongoing uncertainty regarding the “global trade order” are prompting investors to seek safe alternatives to shield capital from market volatility.

Currently, silver stands out as the main winner amid prolonged trade tensions and anticipation around the final shape of U.S. tariff policy. Since June, the metal has gained nearly 18.5%, and since the beginning of the year, it has even outpaced gold (35% vs. 28%). Despite gold’s status as the flagship safe-haven asset, its historically high valuation (currently $3,367 per ounce) is starting to deter some investors.

Institutional investors played a major role in silver’s recent rally – according to Bloomberg estimates, silver ETFs have increased their holdings by nearly 2,550 tonnes. In addition to its safe-haven appeal, silver also plays a key role as an industrial metal, particularly in the solar panel sector. Growth in China’s solar industry could support long-term enthusiasm, though the main risk remains a rise in risk appetite, which would likely impact silver more than gold.

Since April, silver futures have been trading between the 30-day exponential moving average (light purple) and two standard deviations from the 100-day period (black). Recent consolidation ranges have spanned $1.5–$2. Source: xStation5

Silver has started to catch up with gold as investors search for assets that are both safe and effective hedges against geopolitical risk. While silver’s recent rally is indeed record-breaking, the gold-to-silver ratio remains above its 10-year average, suggesting room for further gains. Conversely, a sudden de-escalation in global trade tensions—particularly between the U.S. and the rest of the world—could abruptly halt silver’s climb toward historic highs. Source: XTB Research (data: Bloomberg Finance LP)