The “devil’s metal” is shining in 2025 - Silver is predicted to rise further, due to increased demand
Silver, known for its volatility, has reached record levels this year and is expected to rise further, due to increased demand from various industries, such as electric cars, artificial intelligence and photovoltaic panels.
Silver, often called the "devil's metal" due to its high volatility, has hit record highs this year and is set to continue rising, according to experts. The metal's value has been in line with that of gold, which has climbed to over $4,200 an ounce this year.
Silver prices hit an all-time high of $54.47 an ounce in mid-October, up 71% year-on-year. Since then, there has been a correction, but in the past week, the price has started to trend higher again, due to low supply levels. “Some people have had to transport silver by plane rather than by cargo ship to meet demand,” said one expert.
October marked the third time in 50 years that silver prices have peaked. Past highs include January 1980, when the Hunt brothers amassed a third of global supply while trying to control the market, and 2011, after the US debt ceiling crisis, when silver and gold were preferred as safe-haven assets. Unlike previous waves of investment, the 2025 silver boom was based on a mix of low supply and high demand from India. Another factor was rising industrial demand and tariffs imposed by Donald Trump.
India is the world's largest consumer of silver, with about 4,000 metric tons used each year, mostly for jewelry, kitchenware and ornaments. The silver surge this fall also coincided with Diwali, a five-day festival of lights in India that celebrates prosperity and good fortune.
While gold is traditionally a favorite asset, silver has overshadowed other metals this year. About 80% of India's silver is imported, mainly from the United Arab Emirates, the United Kingdom, and China.
Market supply is an ongoing problem for silver, as it is for other rare metals. A global survey by the Silver Institute in 2025 estimates that mine production has been declining over the past 10 years, especially in Central and South America. Over the past 12 months, the surplus has begun to turn into a deficit for three reasons: the impact of electrification of the vehicle fleet, artificial intelligence and photovoltaics. Currently, a standard electric vehicle contains about 25 grams of silver, while larger vehicles contain about 50 grams of silver.
And with silver having high thermal conductivity and electrical conductivity, as well as growing demand for electric vehicles, artificial intelligence, and renewable resources, the metal's value is likely to continue to shine.
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